Mo. senator’s husband invested in hedge fund tied to Caymans
KANSAS CITY, Mo. — Four years after Democratic Sen. Claire McCaskill co- sponsored legislation targeting tax havens such as the Cayman Islands, her husband began investing in a hedge fund tied to the Caribbean nation — an investment that has paid off handsomely.
The Kansas City Star reported Wednesday that Joseph Shepard has invested $ 1 million in Matrix Capital Management and that it has earned him between $ 230,000 and $ 2.1 million in income. The Star cited McCaskill’s financial disclosure forms, which only show a range of income.
Shepard declined the newspaper’s request for comment. He and McCaskill file their taxes separately.
McCaskill is running for re- election this year. Campaign spokeswoman Meira Bernstein said the senator has no involvement in her husband’s investments.
“Claire does not make decisions on public policy based on what’s best for her husband; she makes decisions based on what is best for the people of Missouri,” Bernstein said in a statement. “That’s why she voted against the recent tax bill that primarily benefited large corporations and the wealthy. And it’s why she supported the Stop Tax Haven Abuse Act.”
If Shepard declares his investment on his taxes, the earnings would be subject to capital gains tax in the U. S., though the capital gains rate is lower than the income tax most working Americans have to pay.
But the National Republican Senate Committee said in a statement that while McCaskill’s family “uses clever tax avoidance schemes to lower their own bill, the Senator continues to champion higher taxes for Missourians,” citing her opposition to last year’s tax cut bill.