Senators Say Lawyers Helped Wealthy Clients Dodge Taxes in Puerto Rico
The Senate Finance Committee has accused lawyers of helping wealthy Americans avoid taxes by relocating to Puerto Rico and exploiting tax incentives. Individuals like Dan Morehead, who moved in 2021, reportedly benefited from significant tax breaks after generating large capital gains. The probe highlights legal strategies that allow U.S. citizens to reduce federal tax liabilities through Puerto Rico's territorial tax laws.
- ▪The Senate Finance Committee found that lawyers assisted wealthy clients in using Puerto Rico's tax incentives to avoid federal taxes.
- ▪Dan Morehead, founder of Pantera Capital, relocated to Puerto Rico in 2021 and realized over $1 billion in capital gains tax-free.
- ▪Puerto Rico offers tax exemptions to attract investment, but the program is now under scrutiny for enabling tax avoidance by the wealthy.
- ▪The investigation focuses on legal structures that allow U.S. citizens to claim tax breaks on gains accrued before their move.
- ▪Committee leaders argue that such practices undermine tax fairness and may require legislative reform.
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#masthead-section-label, #masthead-bar-one { display: none }Trump AdministrationliveUpdatesApril 30, 2026, 3:53 p.m. ETGas PricesD.H.S. Shutdown EndsJerome PowellNew Comey IndictmentApproval RatingAdvertisementSKIP ADVERTISEMENTYou have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load.Supported bySKIP ADVERTISEMENTSenators Say Lawyers Helped Wealthy Clients Dodge Taxes in Puerto RicoRich Americans are writing off taxes they owed before they moved to Puerto Rico, the Senate Finance Committee says.Listen · 5:48 min Share full article3Dan Morehead, founder of the cryptocurrency investment firm Pantera Capital.
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