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Wed Jul 9, 2014, 12:38 AM

Welcome to Puerto Rico, Mr Neugebauer! (and fishy PAC funding for Perry presidential campaign)

By Carol Morgan

For almost a year, story after story has been written about the exodus of wealthy Americans to Puerto Rico. Because of laws enacted in 2012, a move to the island guarantees that personal investment income (i.e. capital gains, dividends) will be completely tax-free.

Because Puerto Rico has a unique legal status, American can escape most U.S. taxes without renouncing U.S. citizenship to do so. The only requirement is to be a physical resident for 183 days out of the year.

With a dismal economy and 14% unemployment, Puerto Rico’s Department of Economic Development and Commerce has been recruiting America’s billionaires to come aboard. The list of new immigrants includes names like John Paulson, Peter Schiff and Rob Rill. It probably meant nothing to South Plains residents until Bloomberg reported on Puerto Rico’s newest resident two weeks ago: Toby Neugebauer, the son of District 19 Congressman Randy Neugebauer.

According to Katherine Burton’s article, Neugebauer denies he moved his family to Puerto Rico to evade taxes.

From the article: “Not every émigré from the states is motivated solely by tax savings. One of the wealthiest recent arrivals is Toby Neugebauer, co-founder of Quantum Energy Partners, a Houston private-equity firm that oversees more than $7 billion. He’s opening a family office and recently bought a house at Dorado Beach, where he lives with his wife and two teenage sons. Neugebauer, who arrived in March, cited the chance for his sons to learn Spanish and attend a top school, along with better-priced investment opportunities than in Texas as his main incentives. ‘I wouldn’t have moved for the taxes, but it is an interesting proposition,’ he says.”

So there you have it, Toby Neugebauer moved to Puerto Rico ONLY so his sons could learn Spanish and attend a top school.

Sorry, I’m not buying that…and you shouldn’t either.

More recently, the Honorable Congressman audaciously chastised the President on immigration and demanded economic sanctions against Mexico to stop the crisis.

Like every good GOP congressman, he blames Obama. He conveniently forgets he voted in favor of the 2008 law that protects trafficking victims against deportation, which is known as the TVPRA.

Six days ago, the President requested that Congress amend this law in a way that would allow Border Patrol agents to render a deportation decision themselves and quickly deport the children back to their home country.

Unsurprisingly, Congress has done nothing to grant O’s request.

In addition to the TVPRA, Neugebauer conveniently forgets some well-publicized facts: That more deportations have occurred under Obama’s presidency than at any other time and that more money is being spent on border security than ever before. It’s the law that Neugebauer voted for that prevents any action.

But for Neugebauer and his supporters, it makes for better politispeak to blame Obama, rather than to find a GOP solution or to amend the law.

It’s ironic, isn’t it? People from Honduras, El Salvador and Guatemala come to America to better their lives and American businessmen migrate to Puerto Rico to better their lives (to them, this means the avoidance of taxes).

The only difference between the two groups is that one is more-well-received than the other because of economic status.

Perhaps the Congressman’s tax returns and annual financial statements need a bit more scrutiny. We wouldn’t want Toby Neugebauer to make his new home in Puerto Rico with some of Daddy’s money, would we?

We’d rather Daddy would join him in Puerto Rico in November instead.

http://lubbockonline.com/interact/blog-post/carol-morgan/2014-07-08/welcome-puerto-rico-mr-neugebauer#.U7zRQ7EjroE

Posted with permission from Ms. Carol Morgan.

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There were two interesting comments also posted with Ms. Morgan's blogs:

The first:

Randy's wealth

According to Open Secrets, Neugebauer's wealth has tripled between 2004 and 2012. Numbers for 2013 don't seem available.

His 2004 Net Worth was $5,172,075 and his 2012 Net Worth was $17,933,997.

In a different category. Neugebauer's assets in 2004 were $7,237,075 and were $18,959,000 in 2012.

In wealth in Congress, Neugebauer ranks 33rd.

If you review the "Transactions" section of this site, you will see purchases of stock to a ticker of QR aka Quantum Energy Partners--aka his son. The list of transactions does not go beyond 2010.

https://www.opensecrets.org/pfds/CIDsummary.php?CID=N00026043&year=2010

Without more research into those transactions, it cannot be determined at this time if Neugebauer, is shifting his wealth to his son in Puerto Rico. But, I would make book on it......


The second:

Hmmm.....

This is interesting:

"Rick Perry boosted by mysterious corporate cash" By KENNETH P. VOGEL | 12/30/11

"A mysterious Houston company with links to a major Rick Perry donor helped kick-start the Texas governor’s presidential campaign this summer by quietly directing $100,000 into a super PAC that aired statewide ads in Iowa touting Perry as “a better option” for president — even before he announced his candidacy.

The contribution — from a company listed as Blackstone Limited I — accounted for most of the $136,000 taken in by a super PAC called Jobs for Iowa, which quickly spent all of its cash and folded up shop, according to a report filed this week with the Federal Election Commission.

There’s not a lot of public information available on Blackstone Limited, such as a corporate website or public list of directors, but Texas state corporations filings suggest it’s linked to an energy investment firm called Quantum Energy Partners, which was co-founded in 1998 by major Perry donors S. Wil VanLoh Jr. and Toby Neugebauer.

After this story posted, Neugebauer, who is the son of Rep. Randy Neugebauer (R-Texas), contacted POLITICO to explain that Blackstone is wholly owned by his immediate family. The contribution to Jobs for Iowa was given through Blackstone “based on convenience,” Toby Neugebauer said, and not to conceal the source..."

Read more: http://www.politico.com/news/stories/1211/70972.html#ixzz36wfMhonH

2 replies, 4880 views

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Reply Welcome to Puerto Rico, Mr Neugebauer! (and fishy PAC funding for Perry presidential campaign) (Original post)
TexasTowelie Jul 2014 OP
hobbit709 Jul 2014 #1
white cloud Jul 2014 #2

Response to TexasTowelie (Original post)

Wed Jul 9, 2014, 02:58 PM

1. Will the West TX yacht owner take his boat with him?

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Response to TexasTowelie (Original post)

Thu Jul 10, 2014, 03:53 PM

2. Wow He just keeps giving

K&R

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