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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forumsnytimes: Offshore Tactics Helped Increase Romneys’ Wealth
Buried deep in the tax returns released by Mitt Romneys presidential campaign are references to dozens of offshore holdings with names like Ursa Funding (Luxembourg) S.à.r.l. and Sankaty Credit Opportunities Investors (Offshore) IV, based in the Cayman Islands.
Mr. Romney, responding to opponents barbs about his use of overseas tax havens, has offered a narrow defense, saying only that the investments, many made through the private equity firm he founded, Bain Capital, have yielded him not one dollar of reduction in taxes.
A review of thousands of pages of financial documents and interviews with tax lawyers found that in some cases, the offshore arrangements enabled his individual retirement account to avoid taxes on its investments and may well have reduced Mr. Romneys personal income tax bills.
But perhaps a more significant impact of Mr. Romneys offshore investments has been on the profit side of the ledger in the way Bains tax-avoidance strategies have enhanced his income.
more...http://www.nytimes.com/2012/10/02/us/politics/bains-offshore-strategies-grew-romneys-wealth.html?pagewanted=print
Angry Dragon
(36,693 posts)and he has had the nerve to say he loves this America that the people love this America that Americans' love, that is the America that he loves
Willard is the biggest ass that has ever run for president,
spanone
(135,844 posts)Frustratedlady
(16,254 posts)Vulture is a good name for Mitt and his merry band. We wouldn't be in such bad financial shape if these clowns had paid their fair share of taxes.
These loopholes must be removed.