Video: US President Biden Mentions Bermuda

April 17, 2021 | 11 Comments

Speaking during a recent press briefing, U.S. President Joe Biden said he has “proposed a global minimum tax” which means “companies aren’t going to be able to hide their income in places like the Cayman Islands and Bermuda, in tax havens.”

President Biden said, “I’ve also proposed a global minimum tax, which is being proposed around the world for U.S. corporations, of 21 percent. Let me tell you that means.

“It means that companies aren’t going to be able to hide their income in places like the Cayman Islands and Bermuda, in tax havens. We’re going to also eliminate deductions used by corporations for offshoring jobs and shifting assets overseas. They offshore the jobs, shift the assets overseas, and then don’t have to pay taxes on all they make there.”

Extract from the President’s speech where he mentions Bermuda:

“And we’ll significantly ramp up IS — IRS enforcement against corporations and the super wealthy who either failed to report their income or underreported. Estimated, that would raise tens of billions of dollars. It adds up to more than what I proposed in just 15 years. It’s honest. It’s fair. It’s fiscally responsible. And it pays for what we need and reduces the debt over the long haul,” he added.

Update: As a note, we asked the Government for comment on this yesterday and will update if able.

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Comments (11)

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  1. STFU says:

    Would love to see true tax returns! The work of fiction! Throw stones but remember you live in a glass house!

  2. LOL (original) says:

    And most people thought Trump was a bad president. Look at this guy.

    LOL

  3. Will says:

    Funny how he mentions Bermuda et al but doesn’t mention his State of Delaware which is considered a domestic corporate tax haven….

  4. greyhound says:

    Sounds ominous, but could be great for Bermuda. Exempt co’s would pay 21% corp tax (currently 0%), but payroll and other taxes could be reduced, maintaining Bermuda’s attractive competitive advantages (no income tax, business friendly regulatory framework). Gov would collect more tax revenue to reduce gov debt and provide additional gov spending – a win/win?

  5. Fisherman says:

    Wonder if that is why Mr Gates is settling here.

  6. Andrew Paul Scaife says:

    Bad news can be considered good news in many cases…#keepingthefaith

  7. Smile says:

    This President talks out of his AZZ. The $$$$$$$$$$ controls the World economy he’s not going to mess with the money. Didn’t he say before the election he would allow immigrants in the USA. Now everyone is sending their children to the borders and the USA is in deep s@%t.

    It’s like they have to hold back a wave with a spoon. Now all of a sudden there’s no more photo ops, no more nonstop media coverage, and no more crisis at the border now that the numbers are at all time highs and a DEMOCRAT administration is in control.

    The people are revolting because of all the broken promises the USA is so divided among white, black, brown, Chinese and now my country is screwing around with Russia.

    The public complain about the Bermuda Government, but I will tell you this as a EXPAT…. this island where I work on a work permit is heaven compared to the rest of the World!!!!!

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