ICYMI: What is Hovde Hiding?

Jul 04, 2012

$50 Million Banker With Offshore Cayman Island Fund Won’t Release Tax Returns

After dodging financial disclosure laws for months, the Milwaukee Journal Sentinel is reporting that Washington D.C hedge fund banker Eric Hovde’s net worth is estimated at more than $50 million and that his finances are contained within “a complex web of investment firms, holding companies, and stock portfolios,” including holdings in a fund based in the Cayman Islands — a popular tax haven. 

The financial disclosure forms do not answer questions about how or whether Hovde has taken advantage of government subsidies and tax loopholes at the expense of middle class taxpayers.

That information can only be determined from Hovde’s tax returns, which he has continually refused to release. Tammy Baldwin spokesman John Kraus said, “Voters deserve to know how he would personally benefit from his own tax cut proposals for the wealthy,” and whether he is taking advantage of government subsidies or loopholes.

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