The gloves are definitely off in the Tennessee Republican Primary for Governor. Diane Black has unleashed a vicious television hit on Randy Boyd based upon a Tennessean story claiming that Boyd has used the location of his company’s foreign operations in order to avoid U.S. taxes.
“From 2014 to 2016, the company sheltered millions of dollars in European profits from any taxes because of this corporate structure, according to two experts who analyzed Radio System’s Irish tax records obtained by the USA TODAY NETWORK – Tennessee,” The Tennessean reported on Monday.
One of two “experts” quoted by the Tennessean was a California-Irvine School of Law Professor. “Analyzing the company’s tax records, University of California-Irvine School of Law professor Omri Marian estimated the company paid an effective tax rate of a little more than 1 percent,” The Tennessean said.
However, as The Tennessee Star has reported, whatever documents were provided by the Tennessean for review by the professor could not have been obtained from public records, raising questions about the legality of the means by which The Tennessean procured them. The Tennessean has refused to make the “tax records” they obtained available for review by the public or other news media outlets, nor have their reporters been willing to disclose how they obtained them.
The new Black ad relies on headlines from The Tennessean and Nashville Post to attack Boyd for not paying taxes. The new ad, “Raises Our Taxes,” says:
“Seen the headlines about Randy Boyd? Randy Boyd disavows Donald Trump. So said the Nashville Post. And now: ‘Randy Boyd’s company avoided paying millions in taxes.’ How’d he do it? The paper calls it a corporate shell game. Put a company headquarters in Europe, use the tax haven of the Cayman Islands. Boyd admits he built a tax avoidance structure, even while Randy Boyd himself pushed a big tax increase on people like you in Knoxville. Randy Boyd raises our taxes and doesn’t pay his own.”
According to earlier reports in The Tennessean, Boyd and his wife have paid millions in state and federal taxes in the last several years.
Watch the ad: