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PRESS RELEASE FROM AMERICANS FOR TAX REFORM
Contact: John Kartch ( jkartch@atr.org or 202-785-0266)

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10/11/04

Hypocrite! John Kerry Invested in Overseas Tax Shelter
Candidate shipped own money offshore to duck United States taxes

WASHINGTON, D.C. – Papers released today reveal that John Kerry purchased as much as $30,000 in stock through an intermediary offshore company to circumvent the United States code. The documents, obtained by Kerry’s hometown Boston Globe, show that Kerry paid between $25,000 and $30,000 to purchase 2,470 shares of Peabody Commodities Trading Corporation through Sytel Traders, a broker registered in the Caymans Islands.

Kerry seems to be caught in another contradiction. During his presidential campaign, John Kerry has routinely attacked companies for shipping profits overseas and avoiding American taxes, but he now appears personally guilty exactly the same practice.

“John Kerry is demonstrating an astounding level of hypocrisy,” said Grover Norquist, President of Americans for Tax Reform (ATR). “He wants to criticize companies with offices in multiple countries when he actively sought investment through the Cayman Islands’ for the sole purpose of evading his own taxes.”

Despite his personal behavior, Kerry has insisted during his campaign that investment of foreign profits is critical for job creation on the United States. He has proposed a one time tax holiday rate of 10 percent on any foreign profits that are re-invest in the U.S. Ironically, Kerry voted against the same provision just last year when it was sponsored by Republicans and called the Invest in America Act.

“John Kerry doesn’t seem to have any ideals outside of whatever is best for him, personally, financially or politically,” Norquist continued. “When it was convenient for the politics of the moment, Kerry opposed legislation that is now a key component of his platform. When it benefited him financially, he found a way to dodge taxes, but now decries multi-national corporations for similar practices. John Kerry is a tremendous, flip-flopping hypocrite.”

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Americans for Tax Reform is a non-partisan coalition of taxpayers and taxpayer groups who oppose any and all federal and state tax increases.  For more information, or to arrange an interview with Mr. Norquist please contact John Kartch at (202)785-0266 or by email at jkartch@atr.org.