The Truth about Vern Buchanan's Record on Taxes

Vern Buchanan has used controversial strategies to shield his own money from taxes, while taking votes that would raise taxes on middle-class families while keeping open tax loopholes.

The truth is that Buchanan voted twice against bills to provide tax relief to middle class taxpayers.

• Buchanan voted against the Alternative Minimum Tax patch bill (HR 6275) to provide tax relief to 21 million taxpayers nationwide, while eliminating specific tax breaks for private equity managers, certain foreign corporations and the oil and gas industry and strengthening IRS audit tools against merchants who underreport income. (HR 6275, Jun. 2008).
• Earlier, he voted against the Alternative Minimum Tax Adjustment package, which would have provided tax relief to 50,000 people in Florida’s 13th Congressional District alone, while closing the loophole that taxes hedge fund managers at a lower rate than their secretaries. (HR 3966, Nov. 2007)

Buchanan has allegedly practiced tax avoidance strategies, including structuring real estate deals to evade taxes.

• “It took eight years of court battles, but by 2002 the parties had settled and Buchanan paid the $1.2 million he always insisted was the real amount he owed. But during the time he fought the tax, penalties and interest piled up and the IRS charged him another $1.3 million.” [Sarasota Herald-Tribune, 6/14/08]

Buchanan also uses “controversial” “offshore tax havens” for the “wealthy” that the IRS Commissioner wanted to eliminate.

• “Congressional candidate Vern Buchanan uses offshore reinsurance companies in Bermuda and the Turks and Caicos Islands to reduce taxes on extended warranties sold by his auto dealerships…These tax avoidance strategies are controversial. The Internal Revenue Service has stepped up efforts in recent years to investigate offshore reinsurance companies, and IRS Commissioner Mark Everson has urged lawmakers to change laws that help the wealthy benefit from these offshore tax havens.” [Sarasota Herald-Tribune, 10/31/06]