Bernie Sanders “Will Do Away With Loopholes”

February 12, 2016

Bermuda got a mention during last night’s U.S. Presidential Democratic Debate, with Senator Bernie Sanders saying he will “do away with the outrageous loopholes” that allow “corporations to stash billions of dollars in the Cayman Islands and Bermuda.”

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Bernie Sanders said, “So yes, I will do away with the outrageous loopholes that allow profitable multinational corporations to stash billions of dollars in the Cayman Islands and Bermuda and in a given year pay zero, zero in federal income tax.

“Yes, I’m going to do away with that. We will use those proceeds, a hundred billion a year, to invest in rebuilding our infrastructure.”

Senator Sanders’ opponent Hillary Clinton has already brought up Bermuda in this election season, saying “high-income money managers have used loopholes related to foreign reinsurance – often located in Bermuda – to avoid paying their fair share,” adding that she would “end the Bermuda reinsurance loophole.”

Audio of Senator Sanders comments mentioning Bermuda:

It is not unusual for Bermuda, and other jurisdictions, to be brought up during elections overseas, with President Barack Obama’s campaign targeting Republican candidate Mitt Romney’s connection to a Bermuda company in the 2012 election, and during last year’s election in the UK, then-Labour leader Ed Miliband made public statements about the British Overseas Territories as it pertains to a beneficial ownership register.

In a recent column on Bernews, Bermuda Business Development Agency CEO Ross Webber said, “It didn’t take long for 2016 to deliver a blunt reminder this is the year of a US presidential election.

“Despite our well-acknowledged and mutually supportive relationship with America, a combative federal election shaping up in our giant neighbour to the west is bringing with it some unsavoury political finger-pointing in our direction as we build up to November 8.

“Offshore jurisdictions seem to be expedient targets for political agendas heading into elections—on both sides of the Atlantic,” added Mr Webber.

The 2016 United States presidential election is scheduled for Tuesday, November 8, 2016. Hillary Clinton and Bernie Sanders are seeking the Democratic nomination; Jeb Bush, Dr Ben Carson, Ted Cruz, John Kasich, Jim Gilmore, Marco Rubio and Donald Trump are all running on the Republican side.

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Comments (46)

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  1. Interesting, to say the least.One thing is for sure…..evil deeds do manifest themselves OVER TIME!!!Escape from them only lasts for a moment.Transparency reveals ALL.

  2. aceboy says:

    You all say that Bernie. Right up until someone taps you on the shoulder and reminds you that Bermuda allows huge US Insurers to compete globally and that destroying Bermuda would destroy that ability. Win or lose this issue gets quietly forgotten about until the next election.

    • Contrary to what many wish to believe, Bermuda will not be influenced by “Bernie”. Exempt Companies are far too influential in the U.S.A / Worldwide. So, not to worry “u”lot”…
      Now, on the other hand, if he(Bernie)is successful then “u’lot” better stick your heads between your legs as far as possible and “kiss your bottoms good bye” :-(

    • hmmm says:

      He is on about over capitalized hedge fund vehicles with a ceded book of insurance.

      I think reinsurers themselves wouldn’t be too unhappy for those Hedge Fund capital players to have income on excess capital on hedge fund above a threshold subject to some sort of tax…
      Although I think that should be a Bermuda tax, not a US tax.

    • Happy Onion says:

      Not to mention Vermont is an insurance loophole state too!

  3. Jus' Askin' says:

    :-D

  4. Bermuda is portrayed like a Lady of the night !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    • hmmm says:

      It’s like kissing babies, it is a cheap, fake political stunt (PLP and race card the local equivalent) to garner an emotional vote. Sleazy politicians that can’t run on own merits.

      • Truth Teller says:

        Hmmm” you have spoken like a true Reagan era style racist with your invocation of the term “Race Card”.

        “Hmmm” don’t you get it that when a white person uses the term “race card” they reveal themselves as harbouring deep and entrenched racial animus toward black people.

  5. Well this would be interesting, due to the fact that every presidential campaign, there is always a candidate that makes the same claim, the interesting point is when will it happen and if it does are we ready.

    Bermuda don’t think yourself so blessed that you won’t see the end of our luxury wealth stream from the international sector, and as a Christian I won’t be the least surprise if this will go through as a result of what is about to take place in our legislation locally.

    God is not asleep!

    • serengeti says:

      What has this got to do with you being a “Christian”? Sanders is pandering to the mass left-of-bellcurve voters base. Nothing more. he has no interest in what happens here. He will say what he needs to say if he thinks it gets him more votes.

    • Fundamentals says:

      Good grief. So Bernie Sanders closing what he perceives as a loophole is a direct result of same-sex marriages?

      You need a check up from the neck up.

    • Ed Case says:

      In order to be asleep, god would have to actually exist. Harry Potter is not asleep. The tooth fairy is not asleep. Peter Pan is not asleep. All fictional characters in books.

      They don’t actually sleep. They’d have to be real to sleep.

      Why would god sleep anyway? How could he sleep if he’s going to creepily look at everything anybody ever does all around the world?

      Think man!

    • CoffeeCoffee says:

      Our lord, God, mighty hedge fund of the heavens, divest this island of reinsurance profit for it has allowed civil unions!

      /sarcasm

    • IslandTeacher says:

      I think it refers to the Bible passage that says, Righteousness exalts a nation, Sin is a reproach. Basically, go against God, as a nation and you are by your selves. That is what the above comment refers to.

      • Come Correct says:

        I believe if “god” punishes all for the actions of a few, he’s an a**hole.

  6. Public says:

    All the people who think that they should have a democratic president take note of what they always say. One day they will do it.

  7. Poof Daddy says:

    Yeah Bernie you old coot you are not in the race anymore so keep on dreamin. Maybe you will take your head out of the Sanders and realize your own government robs its own people in a devious fraternal and systematic process.

  8. Beep Blip says:

    This is goign to backfire. If [Google] would be forced to pay billions a year in tax to the US, but would cost them just million to pack up shop and move their ENTIRE system elsewhere, then they would do so.

    US tax is so backwards – corps based in the US should pay tax on US revenue fine, but anything they earn overseas leave alone.

    • hmmm says:

      Unless is it repatriated of course. that is reasonable. Although repatriation should be lower than domestic rates.

      The US wants to tax the world for its own pockets. They can’t afford to pay their own way.

  9. jt says:

    Did he mention coming down on the States that engage in similar ‘loophole’ practices? Not likely….those people might vote for him.

  10. Sue sanders says:

    So it doesn’t look good at the horizon but I wonder if OBA will still go on with the population plan in mind

  11. jono says:

    Obama said and continues to say the same thing.

  12. Truth is killin' me... says:

    They need to clean up their own backyards FIRST!!!

  13. San George says:

    Unlike Bermuda, the U.S. has a system of checks and balances. Bernie can make proposals but he will need the congress to draft the legislation and secure sufficient votes prior to him signing it into law.

    In Bermuda the Legislative and Executive branches of government are seamless.

    There is no protection of law in Bermuda; everything is at the discretion of the Minister. Tyranny!

    The civil service is the main tool in this tyranny. They carry-out tyranny without consequence.

  14. Triangle Drifter says:

    Obama wants to do the same thing. Shut Bermuda down. Look at how many Bermudians love Obama. Incredible! They support a President who would make Bermuda look like Haiti. We are not the smartest group of students in the school.

    Gotta love politicians though. It is real easy to pick on prople who don’t have a vote. Make them look like the bad guys.

    • Fundamentals says:

      Obama is black, that’s why so many Bermudians love him. They conveniently ignore that he’s trying to screw them.

      You can also replace “Obama” with “PLP”

      • Loquat Juice says:

        HELLO!!

      • Triangle Drifter says:

        How black is he? He had a white mother. Father disappeared shortly after birth. Hmmmmm. Was raised by white grandparents after mother passed at an early age.

        Minor facts that many choose to ignore. Father was a sperm donor. That is about it.

  15. Oh,I see now says:

    Heh heh presidential hopefuls have known all along the U.S. Money machine makes financial booty calls with us at night yet they still want to talk s*** about us in the daylight.Bernie, Cliton and the like, y’all are the quintessential bull**** politicians we’ve seen come and go on this subject.Those that have the gold have yrs ago made the rule my friend.

    Rock the boat and you may be the only one needing a life vest.

  16. JMAX says:

    I LOVE IT! Bernie is honest and is trying to help clean up the world. He has started with his own backyard as well people in stopping GMO foods and making sure our foods are labeled as they should be. The US has TONS of corruption happening from the FDA to the big Pharma companies and why should we not just add the “loop holes” to the pot?!

    He speaks to the millennial who actually care where the future is going because we are the ones who will be here to deal with irresponsible leadership in the future. We forget how blessed we are to live here in Bermuda and enjoy the beautiful island life. So what if big companies leave, maybe then the infrastructure of Bermuda can be turned around and we can focus on tourism, dropping the insane hotel rates, and bring people to Bermuda to share this island.

    Always follow the money, money, money. Greed, greed, greed. Companies should be paying taxes…people do. Why are we defending companies. Why are we so dependent on big companies to make our lives full. Do we all need that much to be happy in life. And even if you don’t believe in God, you certainly will not be taking it with you when you leave this earth…so live in your mean, live to be happy and healthy.

  17. swing voter says:

    Good sound bite Burnie…..Obama said the same thing lol

  18. Walter Burgess says:

    While many Democratic politicians have addressed this issue while canvasing for the US presidency over the years, few if any perused the issue when the became president. But, I believe Bernie would give it try if elected president.

  19. young-n-misinformed says:

    QUESTION:

    If Bernie is successful, how will it effect Bermuda?

    • JMAX says:

      Well I would love to see Bernie as President of the US. Most likely it would take a while for any kind of ripple effect be felt here in Bermuda, if that were to happen. As far as I understand, Bernie just wants big companies to pay their taxes if they are US based. I honestly do not see a problem with that. I don’t agree with them “working the system”. IF he does come after the companies, they will most likely up and move to possibly Switzerland, places where laws are flexible.

      That is where it will affect Bermuda. People will either have to move with the companies, which we have seen happen slowly with some. Or people will need to find other work..meaning more unemployed. These big companies provide many with reasonable salaries. In effect, in has changed the infrastructure in Bermuda with rent prices, private schooling prices, etc etc. Because people make more money, other businesses charge more money for services or products.

      I think it’s okay if this happens. Sorry if you are employed by big companies here who skirt taxes. What kind of company is that anyway? Most of them break up the family and require major travel of a parent or spouse to be gone for 1-2 weeks if not more from their kids. Hours of business roll late into the nights. Many demand long work days. Is it really worth it? Is a lifestyle like that really worth it?

      I think before it’s too late and you’re getting the boot from a big corporation, think of ways you can start up a company and take your life into your own hands. Become independent!

      So…that’s my opinion.

    • Longtail says:

      Actually a good question y-n-m……..
      Obama was swept into power on a wave of promises but no follow up. Perhaps he meant well, and maybe his hands have been tied by the American political system and his administration has been a huge disappointment to those who looked for the promised changes.
      Two terms later Guantanamo Bay – to cite just one example – STILL exists despite all the the pre-Obama political rhetoric.
      So will Bernie or Clinton have any impact on Bermuda…… probably not.

  20. Ed Case says:

    You cannot simply ‘do away with loopholes’. It is impossible. There are points of law which you can argue one at a time and perhaps be successful sometimes. Simply saying you will do away with loophoples is as dishonest as saying, “I will solve all our problems”.

    Political BS at its worst. I would expect it from Trump but not Sanders. he must be desperate, next he’ll start personally insulting Hillary – oh, too late for that.

  21. Imjustsayin says:

    BLAH BLAH BLAH BLAH BLAH BLAH BLA!

  22. Cranberry says:

    Just “vote bait”…

  23. puma says:

    Bernie boobie….your my favourite candidate…please restructure this mindset….you are the way forward but look closely at how Bermuda benefits U.S. Particularly after and during insurance claims for natural disasters and events requiring immediate funding.Seriously….you will wait for months for your govt red tape to respond….our funding is within one two and three days…providing immediate relief…old son…

  24. puma says:

    Hint…utilise that sense of humour… It reminded me of Samuel Clement.

  25. aceboy says:

    Here’s what “Mr. Change” had to say back in 2008:

    http://thesovereigninvestor.com/government-politics/obama-says-shut-down-all-tax-havens/

    But, nothing changed. Same old US politics.

  26. Keepin' it Real!...4Real! says:

    Of course they wanna shut down the overseas tax havens…haven’t you heard the the USA is now rated as the #1 tax haven in the world..? They want money from outsiders…trying to become another Switzerland.

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