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Indiana Democrat Claims “There’s Nothing To” His Offshore Tax Haven

Reporter tells Evan Bayh, “It seems to be every day, something new…”

Evan Bayh (D-IN) said in 2004 that it was “unpatriotic” of companies to use offshore accounts to avoid paying “their fair share of taxes.” Yet that’s exactly what he did when he invested between $1 million and $5 million in an account in Bermuda, as reported by the Indianapolis Star on Wednesday.

When asked by the Star why he may have chosen to invest there, Bayh claimed he didn’t know. That didn’t pass the smell test of tax experts:

“Iowa is a popular place for insurance companies. Bermuda is a popular place for insurance companies,” Bayh said. “Why? I don’t know.” 

But tax experts say the reasons are obvious.

“Bermuda has no income tax,” said H. David Rosenbloom, director of the international tax program at the New York University School of Law. “It is certainly a tax haven by any definition and for anyone.”

Bayh was asked again about the offshore tax haven on Wednesday, and claimed there wasn’t anything to the story.

“There’s nothing to that,” Bayh claimed. “Just like there’s nothing to the other charges as well. [Bayh opponent Rep. Todd Young] thinks the only way he can win this election is by tearing me down. I want to build the people of the state of Indiana up.”

The “other charges” Bayh is likely referring to include: the Star’s earlier report – based on Bayh’s schedules obtained by the paper – that he never spent a night in his Indianapolis condo in 2010, CNN’s report about Bayh listing his DC home as his primary residence, or CNN’s report that Bayh was listed as an “inactive” voter in Indiana as recently as August.