John Sununu, a Republican, has come under scrutiny for his voting record on corporate tax shelters during his time as a U.S. legislator, before moving into roles that benefited from such practices.
Sununu held office in New Hampshire, serving in the U.S. House from 1997 to 2003 and the Senate from 2003 to 2009. He is currently seeking a return to the Senate.
Tax shelters, which can either be legitimate or abusive, are mechanisms that reduce tax obligations for individuals and companies. Some controversial examples involve relocating profits to low-tax regions such as Bermuda, or creating financial maneuvers that falsely depict tax losses.
In 2002, Sununu voted against two legislative proposals: one aimed at preventing corporations that move profits overseas from obtaining Homeland Security contracts, and another that would have imposed penalties unless those profits were brought back to the U.S.
This stance led Massachusetts Rep. Richie Neal to criticize Sununu for allegedly favoring Bermuda-based businesses over those in his own state.
In 2004, Sununu was notably one of five senators who opposed the JOBS Act. This bill sought to impose stricter penalties on tax-shelter violations, enhance corporate transparency, and empower the IRS with new enforcement capabilities. Although it did not pass, elements of the bill were integrated into the American Jobs Creation Act, signed by President George W. Bush later that year.
After his Senate tenure, Sununu held board positions at various corporations, including Afiniti, an AI and software company incorporated in Bermuda but headquartered in Washington, D.C.
Earlier this year, Sununu encountered a minor controversy after omitting his board role at BlueRiver Acquisition in his financial disclosures. This company, established in the Cayman Islands in 2023, is situated in a well-known tax haven.
Sununu’s campaign clarified he did not earn income or benefit financially from BlueRiver Acquisition, despite the company reporting his ownership of 30,000 shares.
His Democratic challenger, Rep. Chris Pappas, is currently leading in the race, with a New York Times/Siena University poll from last month showing Pappas ahead by five points.
The post Sununu opposed crackdowns on corporate tax shelters appeared first on American Journal News.
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