September 23rd, 2008
01:30 PM ET
14 years ago

Biden hits McCain on overseas tax loopholes

[cnn-photo-caption image= caption="Sen. Biden took aim at McCain on overseas tax loopholes."]
WOODBRIDGE, Virginia (CNN) – Joe Biden Monday followed up on an ad released that morning by his campaign that criticized John McCain for protecting insurance companies that evade taxes by sending their earnings offshore to Bermuda, accusing the Republican nominee of saying one thing in public and another in private, remarking “maybe he should be asking those companies to put America first.”

“This continues something that has been a disturbing trend lately with John McCain,” said Biden. “Claiming the mantle of reform in public, but promising business as usual in private.”

Biden argued that domestic insurance companies are dodging $4-7 billion in taxes by claiming a headquarters in Bermuda. He pointed to a June article in the island’s Royal Gazette that says McCain “spent three days on the Island last year meeting business and political leaders and claiming he understood the concerns of the insurance sector about draft legislation proposing a clampdown on US business operations in tax havens.”

“On the floor of the United States Senate, John spoke out against these offshore tax breaks not long ago,” said Biden .“Then, while he was in Bermuda, according to the Bermuda Royal Gazette, the newspaper, he started singing a very, very different tune.”

Echoing the ad, Biden charged that McCain had taken $50,000 in campaign contributions from insurance company executives who profit from the tax haven.

“Maybe he should be asking those companies to put America first. Maybe it’s time to ask them,” said Biden.

McCain campaign spokesman Tucker Bounds responded to the ad by pointing to the office space the Obama-Biden campaign leases in Chicago from the consulting company Accenture. That firm enjoys lower taxes because it is based in Bermuda.

“Whether he is opposing additional oil drilling while decrying high gas prices or blasting earmarks despite his requests for a billion dollars in pork barrel spending for his home state, Barack Obama has a stronger record of hypocrisy than he does making change in Washington,” said Bounds.

Filed under: Joe Biden • John McCain
soundoff (223 Responses)
  1. Alice Brinkley

    Obama wants to socialize corporations; the America of the Constitution will be just a memory.

    September 23, 2008 04:19 pm at 4:19 pm |

    Obama and Biden are ready to lead NOW......what a great team!!

    September 23, 2008 04:21 pm at 4:21 pm |
  3. Jill, Cleveland

    Joe who?

    I heard 2,000 people showed up to see Joe Who speak. About 1,000 were Dem. staffers and the other 1,000 were a bunch of drunks they pulled off the street with offers of free beer.

    Sarah Barracuda on the other hand drew 50,000 over the weekend in Central Florida. Not much of a contest here.

    September 23, 2008 04:21 pm at 4:21 pm |
  4. Funny

    I find it funny that a bunch of idiots keep suggesting that Obama will take care of Hillary by giving her a Cabinet position!! Are you guys for real or are you just plain retarded? Who would want a cabinet position when they could be president. Taking a cabinet position one would end up like the LOSER Bill Richardson. That nincompoop from New Mex.

    September 23, 2008 04:21 pm at 4:21 pm |
  5. ET

    I do not beleive him, and most of what he says.

    September 23, 2008 04:21 pm at 4:21 pm |
  6. Sanders

    I find it funny that the Senator from DELAWARE is complaining about Coproate tax havens when it is common knowledge that DELAWARE is widely considered the friendliest state to COPROATIONS. Its tax and litigation structure make it the number one location for corporate headquarters...not Burmuda.

    Nice try.

    September 23, 2008 04:22 pm at 4:22 pm |
  7. Jill

    You'll never find more of a Washington insider than John McCain. It's amazing how so many Americans are fooled but even more amazing how eaily they are led.

    September 23, 2008 04:23 pm at 4:23 pm |
  8. Otis

    You do know that neither major party candidate will do well, right?

    Bob Barr 2008. It's time for real change.

    September 23, 2008 04:24 pm at 4:24 pm |
  9. Jane, Winnetka, Il

    Well, let's see-who do the people like for VP?

    Sarah Palin drew 45,000 last week in Florida and Biden's biggest draw to date is about 2,000.

    Nuff said.

    September 23, 2008 04:24 pm at 4:24 pm |
  10. Karen

    If you're losing your home, think of McCain and his 8.
    If you can't fill your gas tank, think of McCains 13 cars
    If you've lost your job, think of the support McCain has given to off-shore jobs.
    McCain is out-of-touch with the American public.
    Time for a change...GO OBAMA!

    September 23, 2008 04:25 pm at 4:25 pm |
  11. MD, TX

    True. As most US companies protect themselves against their own shareholders by incorporating in DELAWARE.

    September 23, 2008 04:25 pm at 4:25 pm |
  12. The Nightingale Sings in Berkley Square

    Hey Biden

    I guess I am patriotic, since I pay income tax. I think you called those 40% of Americans who do not pay any taxes unpatriotic.

    You Mr. Biden are pathetic, I wonder how come you are so poor when you son is a federal lobbyist? I wonder if he pays taxes. Is your son patriotic Mr. Biden?

    Why do you democrats have to label everyone? Why does Obama call women pigs and people in the Mid West bitter people. Why to you lie and say McCain can't use a computer?

    You Mr. Biden and Mr. Obama belong in the pig pen with all the big pigs. I am sure Obama and his wife are first in line at the trough.

    September 23, 2008 04:26 pm at 4:26 pm |
  13. JC

    I love that Joe Biden is out on the stump discussing real issues, showing his toughness, and attacking the policies of McCain. It is now 2 against 1, with Palin out avoiding the media and talking about nothing but how she is being unfairly attacked and how she should avoid her administration being investigated. She is fluff and propaganda. Obama, Biden, Clinton (both Bill and Hillary) are out discussing the substance of Obama's policies, attacking the realities of McCain and Bush's policies, and the American people are listening.

    Go Dems! Obama/Biden '08

    September 23, 2008 04:27 pm at 4:27 pm |
  14. Meagan

    McCain is looking much older and more and more confused.

    September 23, 2008 04:28 pm at 4:28 pm |
  15. Susan

    I have one question to all you people blogging in comments in support of McCain/Palin–Do you listen to what they stand for at all, or do you just talk to hear the sound of your own voice?

    September 23, 2008 04:29 pm at 4:29 pm |
  16. Willy Brown

    Je you need to smell the stink in the democrats back yard. Ask Senator Dodds and Franks

    September 23, 2008 04:30 pm at 4:30 pm |

    Considering Biden's close tie with lobbyist.....he should be the last one talking about inappropriate financial deals.

    Inappropriate would be what his son did....and YOU know what that is....

    September 23, 2008 04:30 pm at 4:30 pm |
  18. Nicole

    You have to question everything McCain and Palin say anymore. Neither of them can be trusted. Don't they know the things they say can and have been verified? Desperation has definately kicked infor mcCain and Palin. The Republican ticket is unrepiarable.

    September 23, 2008 04:31 pm at 4:31 pm |
  19. Enlightened Voter

    Jane, Winnetka, Il – they are coming because the newness has not worn off and most people don't know what she is (especially since she doesn't do interviews, but that's another topic). What I find fascinating is that Barack can and does draw more and he's been around for over 2 yrs. Hahahahaha

    September 23, 2008 04:31 pm at 4:31 pm |
  20. ZANE

    The Republican ticket has become unrepairable.

    September 23, 2008 04:32 pm at 4:32 pm |
  21. Darryl

    ANCHORAGE, Alaska - The investigation into Gov. Sarah Palin's firing of Walt Monegan is looking into whether Palin influenced a workers' compensation claim from her former brother in-law.

    Alaska State Trooper Mike Wooten had his benefits denied three months after an injury forced him out of work. It became part of the probe after the adjuster who handled Wooten's case tipped off the Legislature's investigator.

    The Governor Sarah Palin and Todd Palin both had a hand in causing his workers copmpensation denied..

    September 23, 2008 04:32 pm at 4:32 pm |
  22. America think for you

    As usual blaming the democrats it will not work this time. John McCain party created this wall street mess and they cannot just hand them a blank check to bail out the rich boys in wall street without having a package in that $ 700 billion to bail out main street as well.

    September 23, 2008 04:32 pm at 4:32 pm |
  23. Susan

    This ain't a popularity contest or a contest for homecoming queen. Get real Jane from Winnetka, Il. You sound like a Moron.

    September 23, 2008 04:32 pm at 4:32 pm |
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