Murphy invested in profitable corporations that paid no taxes


Goldman Sachs billionaire Philip D. Murphy has corporate connections that make him unqualified to lead in government, according to a vocal critic who charged that his campaign for governor would be “a hostile Wall Street takeover of the Democratic Party and New Jersey” because he invested in corporations that stashed profits in offshore accounts so they could pay no taxes.

“I am very disturbed by the stock selections in which this greedy billionaire has invested,” said Murphy detractor Lisa McCormick. “Tobacco companies, polluters, ‘too big to fail’ banks, military contractors, and companies that are known for cheating workers and robbing taxpayer subsidies, such as Walmart, make up a large part of Phil Murphy’s stock portfolio and it reflects shameful greed.”

“Perhaps most alarming, greedy Phil Murphy owns stock in 15 of the 18 profitable tax-dodging corporations that paid no federal income tax at all from 2008 to 2015,” said McCormick. “The same greedy corporations President Donald Trump wants to reward for evading their responsibility to pay taxes and paying dividends to Phil Murphy. He owns stock in many of the 258 corporations that paid no federal income tax in one or more years despite showing big profits.”

“Phil Murphy invested in profitable corporations that paid no taxes,” said McCormick. “These tax-dodging corporations stashed about $2½ trillion in overseas accounts so they can cheat everyone else in America. Understand that a trillion is a million times a million, so we are talking about a lot of money and Phil Murphy, as a former Goldman Sachs partner and top level Wall Street executive, he knows they are putting profits ahead of patriotism.”

McCormick said a financial disclosure statement filed with the Election Law enforcement Commission reveals hundreds of companies in which Murphy has stock holdings.

Also, McCormick said corporate tax cheaters, billionaires buying elections and the resulting economic inequality that is distressing so many Americans demands a cure that is not going to come from someone among the richest one-percent of the population.

“The time has come to consider new, bold ways to make our economy work again for all Americans. In a time of immense wealth, no one should live in poverty, nor should the middle class be consigned to a future of permanent stagnation or anxiety,” said McCormick, who is supporting Senator Raymond Lesniak for the Democratic nomination. “Handing power to a greedy Wall Street billionaire is not going to accomplish the economic justice for which Americans are starving, no matter what poll-tested rhetoric he utters in expensive TV commercials.”

“There are some wonderful investment opportunities in socially conscious businesses, but greedy Phil Murphy did not put his money where his mouth is, he bought stock in companies that have shafted working Americans and decimated this nation’s middle-class,” said McCormick.

 

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