LOOK at What This Democrat Has Hidden in Cayman Islands


As Democrats contact the abundant to “pay their reasonable share” in taxes, North Carolina congresswoman Kathy Manning (D.) has more than $1 million stowed away in a Cayman Islands-based fund. Among the most affluent members of Congress, Manning and her spouse hold more than $1 million in Seven Bridges Multi-Strategy Fund Ltd., her financial disclosure shows.

The personal fund lies in the Cayman Islands, a well-known tax sanctuary for America’s elite, according to SEC filings. Manning in 2020 made as much as $100,000 from the fund, which feeds into another mutual fund that holds approximately $350 million from 144 financiers. A financier needs to set up a minimum of $1 million to sign up with.

The discovery might present intraparty issues for Manning as her Democratic associates in Congress increase their rhetoric versus the very same tax sanctuaries that Manning and her partner have actually utilized. In March 2021, Texas Democratic Congressman Lloyd Doggett presented the Stop Tax Haven Abuse Act, which he said would “shut down the complex shell games that allow corporations and the super-rich to hide their profits in island tax havens, forcing working families and small businesses to make up the difference.”

Manning did not return an ask for remark. Her stake in the Cayman Islands fund is held through her hubby’s charitable trust, a method that is typically utilized to defer paying capital gains taxes. Ethics professionals informed the Washington Free Beacon that Manning’s disclosure of the overseas holding reveals the Democrat has a monetary interest in the property.

“If the member reports an investment on their financial disclosure, that is because there is an interest or relationship there that serves to benefit the member,” Foundation for Accountability and Civic Trust executive director Kendra Arnold told the Free Beacon. “So we know that—no matter the type of investment—if the member is reporting it, it’s because they’re required to because there’s an interest or relationship that could influence them. There is no distinction between a member and their spouse’s investments in regards to a conflict of interest.”

Manning’s husband, Randall Kaplan, served as CEO of real estate marketing firm Elm Street Technology and has contributed almost $17,000 to Manning’s projects. The Cayman Islands-based fund in which the couple invests is handled by financial investment advisory company Seven Bridges Advisors. Manning has received $16,000 in project contributions from Seven Bridges creator, partner, and CEO Laurence Cohen, project financing disclosures reveal.

Manning signed up with Congress following an effective project in 2020, which came 2 years after she stopped working to unseat Rep. Ted Budd (R., N.C.) in a race that saw her spend $250,000 of her own money. According to Business Insider, she is worth more than $27 million, making her among Congress’s 20 wealthiest members. She will contend with Republican entrepreneur and Army veteran Christian Castelli in November.

H/T The Washington Free Beacon

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