Paradise Papers: Mercer Funded Steve Bannon by Avoiding US Taxes in Bermuda

Robert Mercer, the billionaire hedge-funder who has been catapulted into the highlight as the cash behind Breitbart and different right-wing organizations that roiled the 2016 election, options prominently within the newly leaked Paradise Papers.

According to the Guardian, public filings present the Mercer household “built a $60m war chest for conservative causes inside their family foundation by using an offshore investment vehicle to avoid US tax.”

The car was primarily based in Bermuda, a famed tax haven within the Atlantic, and concerned eight corporations all directed by Mercer, which “appear to have been used to legally avoid a little-known US tax of up to 39% on tens of millions of dollars in investment profits ambaded by the Mercer family’s foundation.”

That basis used its huge conflict chest to fund a lot of Steve Bannon’s media tasks — from Breitbart to his books attacking Hillary Clinton — in addition to President Donald Trump’s 2016 marketing campaign.

Mercer was thrown into an unflattering limelight just lately, after a Buzzfeed exposé detailed how his funds had been utilized by Breitbart and its former tech editor Milo Yiannopoulos to primarily launder and promote white supremacist and nationalist concepts.

Since, Mercer has denounced Yiannopoulos, distanced himself from Bannon, and bought his stake in Breitbart to his daughter, Rebekah. He additionally stepped down as co-CEO of his hedge fund, Renaissance Technologies LLC.

Read the complete Guardian report right here.

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