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Bermuda Criticizes Proposed Tax Bills; Mounts Lobbying Effort

Bermuda Correspondent

U.S. Congressional proposals to force the repatriation of American companies that have moved overseas–notably to Bermuda–have been met with a mix of disappointment and outrage here in Bermuda.

Insurers and other business leaders, who normally remain silent on such matters, have joined a lobbying campaign against the proposals, which is being led by Bermuda Finance Minister Eugene Cox. Their argument, in a nutshell, is that companies that have abandoned their U.S. domicile have broken no laws, at home or overseas, and that the Congressional proposals are misinformed and could have a significant dampening effect on world trade.

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