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Friday, May 3, 2013

Obama's Commerce Secretary Nominee Draws Fire Over Use of Offshore Tax Shelters

ObamaForbes:  Pritzker Family Baggage: Tax Saving Offshore Trusts, by Janet Novack:

With President Barack Obams's nomination today of Chicago businesswoman and Forbes 400 member Penny Pritzker to be the Secretary of Commerce, her family’s legendary use of hundreds of offshore trusts to protect its wealth from taxes and the prying eyes of the IRS will  be in the spotlight.

Or at least it will if Iowa Republican Senator Chuck Grassley has anything to say about it. In a memo to reporters Thursday afternoon, Grassley wrote:  “Every nominee’s offshore tax avoidance activities should be examined as part of the nomination process.  If the Commerce Committee doesn’t explore these questions with the nominee, I plan to do so, but I hope the committee will give the tax history a serious look.”

http://taxprof.typepad.com/taxprof_blog/2013/05/obamas-secretary-of-commerce-.html

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