(Source: Eric Hovde on Facebook)

According to a Politico newsletter, Wisconsin Republican Senate candidate Eric Hovde avoided paying corporate taxes by investing tens of millions of dollars in insurance companies based in Bermuda.

The analysis by Caitlin Oprysko found that Hovde Capital, an asset company now known as Hovde Group that is run by his Eric’s brother Steven, reported investments worth $74 million in companies based in Bermuda. Until a recent piece of legislation in the British territory, Bermuda had been a tax haven for the ultra-wealthy due to country previously having no corporate income tax rate.

Hovde specifically bemoaned this strategy during an economic forum in 2021, saying, “This is one I really agree with them on [a corporate tax rate] because I’ve always hated it. Companies like Goldman Sachs or Apple can put all their technology in offshore places in pay no taxes. Most of our top corporations pay little to no taxes.”

Hovde has yet to release his financial disclosures for 2024, but he has vowed to donate his entire $174,000 Senate salary if elected. Financial disclosures from Hovde’s U.S. Senate bid in 2012 showed at least $50 million in assets at the time.