As Democrats call on the rich to "pay their fair share" in taxes, North Carolina congresswoman Kathy Manning (D.) has more than $1 million stashed in a Cayman Islands-based fund.
One of the wealthiest members of Congress, Manning and her husband hold more than $1 million in Seven Bridges Multi-Strategy Fund Ltd., her financial disclosure shows. The private fund is located in the Cayman Islands, a notorious tax haven for America's elite, according to SEC filings. Manning in 2020 earned up to $100,000 from the fund, which feeds into another investment fund that holds roughly $350 million from 144 investors. An investor must put up at least $1 million to join.
The revelation may pose intraparty problems for Manning as her Democratic colleagues in Congress ramp up their rhetoric against the same tax havens that Manning and her husband have used. In March 2021, Texas Democratic congressman Lloyd Doggett introduced 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 a request for comment. Her stake in the Cayman Islands fund is held through her husband's charitable trust, a tactic that is often used to defer paying capital gains taxes. Ethics experts told the Washington Free Beacon that Manning's disclosure of the offshore holding shows the Democrat has a financial interest in the asset.
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