He shook his head in reaction to the revelations of Pandora Papers revealing over 100 billionaires were shielding their wealth from scrutiny in offshore financial centers A famous patriotic billionaire Steven Lyle reiterated to reporters Monday that he invests only in tax havens that are American-made.
“These billionaires who hide their money in places like Switzerland and Monaco make me sick–I vow to continue only sheltering my vast fortune from taxation right here in the good old U.S. of A.,” Lyle said the agribusiness chief, adding that nothing that a foreign tax shelter such as Jersey or Cayman Islands could provide billionaires that they couldn’t discover at American tax havens such as Delaware, South Dakota, or Nevada.
“When I come across something like what I saw in Pandora Papers, I wonder what happened to our patriotic values. Each and every one from the $3.2-billion-dollar fortune is protected from capital gains and regulatory taxation in countries that are more relaxed than in America and it’s likely remain this way for the foreseeable future.
It’s difficult to imagine an excellent American currency going abroad to benefit a Swiss banker , or British shell company while it’s benefiting an American banker or an American Shell company.” As of the time of writing, following the news of an inquiry into his finances, the billionaire transferred his entire wealth to the British Virgin Islands.