Stabenow to Mnuchin: ‘Did You Use the Cayman Island Corporation to Avoid Paying Taxes?’

MNUCHIN but the amount ░░░░░░░░ paperwork and filling out ░░░░░░░░ forms even for me ░░░░░░░░ experience in business was ░░░░░░░░ a job In an ░░░░░░░░ to get the committee ░░░░░░░░ early we submitted a ░░░░░░░░ questionnaire prior to us ░░░░░░░░ the 278 form finished ░░░░░░░░ prior to signing the ░░░░░░░░ with the ethics office ░░░░░░░░ me first say that ░░░░░░░░ oversight it was unintentional ░░░░░░░░ did mention that there ░░░░░░░░ 100 million of real ░░░░░░░░ I was advised by ░░░░░░░░ lawyer that we didn ░░░░░░░░ need to disclose that ░░░░░░░░ the questionnaire because it ░░░░░░░░ t need to be ░░░░░░░░ on the 278 There ░░░░░░░░ some confusion about the ░░░░░░░░ We worked tirelessly with ░░░░░░░░ committee staff and I ░░░░░░░░ to thank all of ░░░░░░░░ staff I know they ░░░░░░░░ very very long hours ░░░░░░░░ I said they were ░░░░░░░░ thorough I appreciate their ░░░░░░░░ We delivered over 5 ░░░░░░░░ pages And I can ░░░░░░░░ you they actually read ░░░░░░░░ those 5 000 pages ░░░░░░░░ when I had the ░░░░░░░░ to meet with the ░░░░░░░░ with my lawyers and ░░░░░░░░ we answered some very ░░░░░░░░ some very specific questions ░░░░░░░░ Mr Mnuchin I don ░░░░░░░░ want to interrupt but ░░░░░░░░ have very limited time ░░░░░░░░ I appreciate the additional ░░░░░░░░ and the clarification and ░░░░░░░░ that But my question ░░░░░░░░ to what you were ░░░░░░░░ disclosing And particularly the ░░░░░░░░ Islands Did you use ░░░░░░░░ Cayman Island corporation to ░░░░░░░░ paying taxes Would you ░░░░░░░░ closing tax loopholes that ░░░░░░░░ wealthy people have consistently ░░░░░░░░ in the Cayman Islands ░░░░░░░░ avoid paying taxes That ░░░░░░░░ is my question MNUCHIN ░░░░░░░░ me just be clear ░░░░░░░░ I did not use ░░░░░░░░ Cayman Island entity in ░░░░░░░░ way to avoid taxes ░░░░░░░░ myself I paid U ░░░░░░░░ taxes on all of ░░░░░░░░ income okay So there ░░░░░░░░ no benefit to me ░░░░░░░░ the Cayman entity As ░░░░░░░░ said the Cayman entity ░░░░░░░░ set up to accommodate ░░░░░░░░ and pension funds that ░░░░░░░░ to invest through offshore ░░░░░░░░ a certain number of ░░░░░░░░ STABENOW So you helped ░░░░░░░░ avoid paying taxes MNUCHIN ░░░░░░░░ I m not going ░░░░░░░░ make a comment They ░░░░░░░░ t avoid they followed ░░░░░░░░ law Because I have ░░░░░░░░ as a hedge fund ░░░░░░░░ I am committed to ░░░░░░░░ simplification I think it ░░░░░░░░ no sense that we ░░░░░░░░ encourage hedge fund managers ░░░░░░░░ set up entities in ░░░░░░░░ Cayman Islands or anywhere ░░░░░░░░ where as you pointed ░░░░░░░░ I didn t have ░░░░░░░░ physical people There are ░░░░░░░░ who set up offshore ░░░░░░░░ and put all their ░░░░░░░░ offshore and you ve ░░░░░░░░ of inversion and those ░░░░░░░░ of things They are ░░░░░░░░ legal and hurt the ░░░░░░░░ workers In the hedge ░░░░░░░░ world these are all ░░░░░░░░ set up to make ░░░░░░░░ accountants rich and I ░░░░░░░░ love to work with ░░░░░░░░ IRS to close these ░░░░░░░░ issues that make no ░░░░░░░░ and make sure that ░░░░░░░░ are collecting the proper ░░░░░░░░ of taxes STABENOW So ░░░░░░░░ would support closing those ░░░░░░░░ MNUCHIN I would support ░░░░░░░░ the tax laws to ░░░░░░░░ sure that they are ░░░░░░░░ and more effective, yes.”