McCain Sold His Position on the Bermuda Tax Loophole for $50,000

ImageToday, VP candidate Joe Biden accused McCain of changing his position on the Bermuda tax loophole for $50,000 in campaign contributions. On the floor of the US Senate, McCain spoke out against the Bermuda tax loophole, but he also went to Bermuda and promised to protect the $4-7 billion a year tax loophole.

“I want to give you one example that recently that came to our attention. Take the example of the most notorious tax loophole that exists in our law today. It’s this offshore deal – the Bermuda insurance loophole. Now what happens here is that big insurance companies say their headquarters are in Bermuda when in fact they’re in the United States of America, but by doing that they are able under the law to send the money that they earn in America off shore to Bermuda where they don’t pay any taxes on it. Now by the way folks this is no small loop hole these companies are evading between 4 and 7 billion dollars a year in tax liability. 4 to 7. They’re skipping out on billions of dollars of taxes. That money could be going to insure our children who lack health care, to make sure that our veterans as they come back to the VA that the VA is not underfunded, to rebuilding bridges that are crumbling around the nation – rebuilding our infrastructure,” Biden said.

He said that although McCain spoke out against the loophole in the Senate, he promised business leaders that he would protect it, “On the floor of the United States Senate, John spoke out against these offshore tax breaks not long ago. Then while he was in Bermuda, according to the Bermuda World Gazette the newspaper, he started singing a very, very different tune. He told local business leaders with whom he meet – covered by the paper- that he would oppose any efforts to close this loophole that exists allowing insurance companies to evade 4 to 7 billion dollars in taxes a year. And now, now we learn that shortly after he made these statements to these leaders and executives from those very companies. They held a fundraiser and contributed $50,000 to his campaign.”

Biden said that McCain should put America first,”You know folks, maybe John should be asking those companies that he promised not close this loophole for – maybe he should be asking those companies to put America first.”This is the problem with promoting the image of McCain as a reformer who cares about the common man. Biden pointed out what most people already know. McCain’s words and actions rarely match up. McCain has no principles that aren’t for sale. He sold his position on the Bermuda tax loophole for $50,000. This is the type of leadership that we can expect from a President McCain.

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9 Replies to “McCain Sold His Position on the Bermuda Tax Loophole for $50,000”

  1. I probably want Obama to win overall, but let’s think about these companies in Bermuda for a minute. Does Obama realize that they employ thousands of Americans, many of those American employees actually live in Bermuda to work for the company? Does he realize that by closing this law and effectively shutting down these companies that he would in fact put thousands of Americans out of jobs? He’d force thousands of Americans to uproot their families and move their entire life?

    Offshore taxes aren’t the problem. If companies aren’t saving on taxes here, they’d save on them somewhere else. I’m sure companies would find plenty of writeoffs if forced to move out of Bermuda. This is not the answer, and it’s such a petty catch phrase to use in this war for the white house.

    Check your history, Bermuda has been an important ally since before the Revolution. During the Revolution the British would store arms here, and Bermudians would turn around and give those arms to the colonists. Don’t mess with Bermuda.

  2. I think Biden’s point really wasn’t about Bermuda itself. He was talking not only about the tax problem, but McCain’s habit of saying one thing in the Senate and the opposite when someone is writing him a check. This behavior makes it seem like the Straight Talk Express is for sale.

  3. Biden’s not speaking out against the tax loophole as much as he’s bringing attention to the fact that McCain continues to talk out of both sides of his mouth. He’s turned into a very different person since he began his campaign in his efforts to appeal to the conservative republican base.

  4. I agree with most here. McCain was so different 5-10 years ago that he would have probably been in a position to win this election. I would have considered voting for him and I’m a moderate liberal. He was what most people in this country want. Someone who isn’t to far left and someone who isn’t to far right. Today, McCain has turned into someone who is willing to tell the far right crowd anything they want to hear in order to get elected.

    I don’t know what’s worse him saying it or the crowd actually believing him. He’s been very creative with the truth on a number of occasions during his stump speeches and the people in the crowd knowing full well he’s full of it keep cheering him on. I can’t do anything but shake my head.

    He has allowed one inaccurate smear ad after another even when he swore this would be a clean respectable campaign. When he saw there were some disappointed Hillary supporters out there he went and found the first woman he could (regardless to background and experience) to try to capture Hillary’s voters. I think he completely missed out on the fact that the women who supported Hillary did so because of her principles, ideals, and where her vision was for this country not just because she is a woman.

    Biden has just pointed out one more thing on a long long list of things McCain has changed his view on since this election cycle started. To bad John; I think most will agree that the old McCain was much much better.

  5. When all is over it is the special interests that expect their agendas to be done. The candidates are not under oath and promise anything they want. I ask a few questions. 1. Who does the enemies of America, like Iran, Syria, Cuba, Russia want to see as President? Whom ever is best for them is NOT best for us. Look at the people that influenced the candidates values. Do these people represent your values. Do we want checks and balances between the Administration and Congress or do we want a runaway left wing Congress that found Hillary not Liberal enough.

  6. I couldn’t agree with you more, Tony…….except that I’m not a moderate liberal; rather, I’m a moderate Republican. Or at least, I was…. Today’s Republican party doesn’t represent me in the least and although I, too, would have liked to see McCain run for president 8 years ago, I’m afraid he’s not the same man with the same principles. And if his first executive decision is to choose his running mate, well, I’m beginning to question his competence if not his integrity.

  7. Politician = sellout. There is no true politician that will only put their country first as they swore to in oath when they took office. This great nation of ours is not being properly cared for by Washington. It’s time to start voting out incumbents and any others who have sat back and watch this country deterioate into a developing nation status.

  8. Joe Biden has been pimping for the credit card companies who reside in Delaware his tax haven state.
    His son was a lobbist for the credit card companies and they are one of Biden’s larget supporters $$$$

    What about that Joe? Every time he opens his mouth he puts his foot in it.

    Obama real picked a winner in Biden did he realize Biden was an old boy loose cannon, and could get elected dog catcher outside Delaware.

    He was a great choice for change for this country. A slightly younger old white man than McCain. what a joke!

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