From Dan Malloy:
MALLOY CAMPAIGN SAYS FOLEY SHOULD ‘COME CLEAN ABOUT YACHT TAXES’
Dan Kelly, Campaign Manager for the Dan Malloy for Governor Campaign, today released the following statement in response to news that Tom Foley’s 116-foot steel-hulled yacht is “registered out of the port of Bikini in the Republic of the Marshall Islands, which statutorily exempts nonresident yacht-owning corporations from taxes.” The article also says registering under a foreign flag allows its owner to not be “subject to minimum wage requirements and state withholding for employment taxes.” Said Kelly:
“Does Tom Foley really think Connecticut’s going to buy this? Is anyone going to believe that he registered his private yacht in a small foreign republic for any reason other than to skip out on paying his taxes?
“Here’s what Tom should do: he should come clean about the yacht by laying out exactly what he paid for it, and exactly how much he would’ve paid in taxes had he registered it in the United States – where he bought it, and where he lives.
“Connecticut continues to learn more and more about the real Tom Foley, and the real Tom is a far cry from the character he’s been playing in his ads. You know, the one who’s swapped his yacht and private jet for a pickup truck and a pair of blue jeans. I’m sure your average working-class Connecticut resident can relate to purchasing a 116 foot yacht, registering it in a small, tax-free foreign republic, and then setting up a special ‘holding company’ whose only asset is the massive yacht itself. That’s something we’ve all gone through, right?
“Hasn’t Connecticut seen enough shady financial tricks in recent years? Do we really need this kind of behavior coming from someone who wants to be Governor?”