For the Wealthiest, a Private Tax System That Saves Them Billions
The very richest are able to quietly shape tax policy that will allow them to shield billions in income.
WASHINGTON — The hedge fund magnates Daniel S. Loeb, Louis Moore Bacon andSteven A. Cohen have much in common. They have managed billions of dollars in capital, earning vast fortunes.
They have invested large sums in art — and millions more in political candidates.
Each has exploited an esoteric tax loophole that saved them millions in taxes. The trick? Route the money to Bermuda and back.
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