John Sununu’s political career and subsequent corporate engagements have drawn attention to his stance on tax shelters. Sununu, who served New Hampshire in both the U.S. House and Senate from 1997 to 2009, is currently eyeing a Senate return.
Tax shelters, which can either be legislative-approved arrangements or abusive methods akin to tax evasion, play a significant role in corporate financial strategies. Notably, Sununu opposed legislative efforts in 2002 aimed at curbing such practices. He voted against bills that would have restricted profit-shifting by corporations to places like Bermuda, which would have impacted their eligibility for Homeland Security contracts and imposed penalties unless profits were repatriated.
Massachusetts Rep. Richie Neal criticized Sununu, suggesting his stance favored businesses in Bermuda over local New Hampshire companies. In 2004, Sununu was among a minority of senators who opposed the JOBS Act. This tax reform sought to increase penalties for tax-shelter violations, enhance corporate transparency, and equip the IRS with better enforcement tools. Although the bill did not pass, the American Jobs Creation Act, signed later that year, included diluted elements of these measures.
Post-Senate, Sununu joined several corporate boards, including Afiniti, a company incorporated in Bermuda but headquartered in Washington, D.C. A recent minor controversy involved Sununu not disclosing his board position with BlueRiver Acquisition, incorporated in the Cayman Islands, on his financial disclosures. Despite his campaign’s statement that he did not benefit financially from the company, records show Sununu holds 30,000 shares.
Sununu faces Democratic contender Rep. Chris Pappas in the upcoming election. Recent polling from The New York Times and Siena University indicates Pappas leads Sununu by five points.
The post Sununu opposed crackdowns on corporate tax shelters appeared first on American Journal News.
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