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Re: Romney Parks Millions in Offshore Tax Haven

By: oldCADuser in FFFT | Recommend this post (0)
Thu, 19 Jan 12 4:25 AM | 49 view(s)
Boardmark this board | Food For Further Thought

Msg. 38162 of 65535
(This msg. is a reply to 38160 by clo)
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Clo,

If this proves to be true, does Mitt actually think that he'll be able to spin this in such a way as to make it acceptable to those middle-class independent voters who are barely keeping up with there mortgages?

It's one thing to leverage the US tax codes so as to legally reduce your tax liability. It's quite another to avoid paying any taxes whatsoever on the cash you've managed to stash in overseas bank accounts.

OCU

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The above is a reply to the following message:

Romney Parks Millions in Offshore Tax Haven
By: clo in FFFT
Thu, 19 Jan 12 2:56 AM

Msg. 38160 of 65535

Romney Parks Millions in Offshore Tax Haven

....
But tax experts tell ABC News there are other reasons Romney may not want the public viewing his returns. As one of the wealthiest candidates to run for president in recent times, Romney has used a variety of techniques to help minimize the taxes on his estimated $250 million fortune. In addition to paying the lower tax rate on his investment income, Romney has as much as $8 million invested in at least 12 funds listed on a Cayman Islands registry. Another investment, which Romney reports as being worth between $5 million and $25 million, shows up on securities records as having been domiciled in the Caymans.

Official documents reviewed by ABC News show that Bain Capital, the private equity partnership Romney once ran, has set up some 138 secretive offshore funds in the Caymans.

more:

http://abcnews.go.com/Blotter/romney-parks-millions-offshore-tax-haven/story?id=15378566

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