Mitch McConnell and his wife, Elaine Chao, recently attended a ceremony in honor of a new building for Harvard’s Executive Education program, which was named The Ruth Mulan Chu Chao Center after Chao’s mother.
The Chao family $40 million donation for the new building for Harvard’s Executive Education program was funds that should have been taxed.
Millions of dollars have been funneled to the Ruth Mulan Chu Chao Foundation via offshore tax havens.
The Marshall Islands, which are “known as one of the world’s most secretive offshore havens for firms seeking to avoid taxes and a preferred foreign locale for the Foremost Group, the Chao family’s New York-based shipping business”, are home to two of the entities which have transferred funds to the foundation.
The U. S. Secretary of Transportation, Elaine Chao, is a vociferous supporter of the president and his economic policies, including the rewrite of the tax code. That change is expected to reward firms like the Chao family foundation which use offshore tax havens.