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Romney Parks Millions in Offshore Tax Haven
ABC News ^

Posted on 01/18/2012 2:20:16 PM PST by Sub-Driver

Romney Parks Millions in Offshore Tax Haven

By MATTHEW MOSK, BRIAN ROSS (@brianross) and MEGAN CHUCHMACH (@megcourtney) Jan. 18, 2012

Although it is not apparent on his financial disclosure form, Mitt Romney has millions of dollars of his personal wealth in investment funds set up in the Cayman Islands, a notorious Caribbean tax haven.

A spokesperson for the Romney campaign says Romney follows all tax laws and he would pay the same in taxes regardless of where the funds are based.

As the race for the Republican nomination heats up, Mitt Romney is finding it increasingly difficult to maintain a shroud of secrecy around the details about his vast personal wealth, including, as ABC News has discovered, his investment in funds located offshore and his ability to pay a lower tax rate.

"His personal finances are a poster child of what's wrong with the American tax system," said Jack Blum, a Washington lawyer who is an authority on tax enforcement and offshore banking.

(Excerpt) Read more at abcnews.go.com ...


TOPICS: Breaking News; News/Current Events; Politics/Elections
KEYWORDS: bishopromney; caymanislands; offshoreromney; romney; romney4romney; taxes; taxshelter; vulturecapitalism
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The left will have a field day with this.......
1 posted on 01/18/2012 2:20:23 PM PST by Sub-Driver
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To: Sub-Driver
The left will have a field day with this.......

So will the right.

2 posted on 01/18/2012 2:22:07 PM PST by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: Sub-Driver

“...investment funds set up in the Cayman Islands, a notorious Caribbean tax haven.”

####

“Notorious” my ass.

The Commies don’t like it when the affluent find ways to defeat their thieving money traps.


3 posted on 01/18/2012 2:24:03 PM PST by EyeGuy (2012: When the Levee Breaks)
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To: Sub-Driver

If I had millions, I would do the same. There’s nothing illegal about it, and with our tax laws, high corporate taxes, and questionable bank security, it’s a good idea. If the Dims use this, then it can easily be turned against them because they all do it, too.


4 posted on 01/18/2012 2:25:22 PM PST by ChocChipCookie
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To: Sub-Driver

It will be fun seeing him dance around this at next debate, coming up thursday.


5 posted on 01/18/2012 2:25:31 PM PST by vortigern
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To: ChocChipCookie

Me, too!

But not if you’re running for President. No way!


6 posted on 01/18/2012 2:28:28 PM PST by CainConservative (Newt/Santorum 2012 with Cain, Huck, Petraeus, Parker, Watts, Duncan, & Bachmann in Newt's Cabinet)
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To: Sub-Driver
Romney is nearly my last choice. But I guess I'd like to know if this is his money. I'd also like to know if any of it was obtained by illegal means.

If the answers are yes and no, respectively, then I would say it is none of my business or anyone elses business what he does with his money.

Hey ABC! Have a great time with Obama Day at Walt Disney World, you scumbags.

ML/NJ

7 posted on 01/18/2012 2:29:09 PM PST by ml/nj
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To: EyeGuy

It’s a tax haven only if you cheat on your taxes. Just because the money is in a Caymen Island fund doesn’t mean you are allowed to pay less in taxes. It just means it’s easier to cheat.


8 posted on 01/18/2012 2:29:56 PM PST by Brilliant
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To: Sub-Driver
A spokesperson for the Romney campaign says Romney follows all tax laws and he would pay the same in taxes regardless of where the funds are based.

I call, "Bullshit." If this was true, the funds would be based in the U.S.

9 posted on 01/18/2012 2:32:15 PM PST by SeaHawkFan
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To: Sub-Driver

Romney also made money off investing in a company that disposed of the bodies of aborted babies, calling them “waste”

http://www.huffingtonpost.com/2012/01/17/mitt-romney-bain-capital-stericycle_n_1211228.html


10 posted on 01/18/2012 2:41:50 PM PST by TexasFreeper2009 (Go Newt!)
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To: Sub-Driver

Charlie Rangel has a government paid condo in the Caymans where he stays when he goes to deal with the bank where his money is parked.


11 posted on 01/18/2012 2:46:18 PM PST by Baynative (The penalty for not participating in politics is you will be governed by your inferiors.)
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To: dfwgator
Everybody with a 401(k) who is withdrawing money for retirement expenses will certainly pay attention to the fact that Mitt's "investment income" is taxed at the lowest possible rate of 15%, and all 401(k) withdrawals are taxed at the highest possible income tax rate.

Most of your retirees pay higher taxes than Mitt.

12 posted on 01/18/2012 2:48:12 PM PST by muawiyah
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To: ChocChipCookie

Well sure it’s legal. I’d do the same thing too. But that’s not the point. This is one of about 20 good, solid reasons why a Romney Nomination is an Obama landslide.

The Elite, yet again, are hurtling us toward disaster.


13 posted on 01/18/2012 2:48:12 PM PST by RIghtwardHo
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To: Sub-Driver

so does huckabee

this is a big “so what”

The real question should be why does this have to exist for anyone. The USA should be INviting to money, not exclusionary.


14 posted on 01/18/2012 2:49:58 PM PST by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: SeaHawkFan

>>>”A spokesperson for the Romney campaign says Romney follows all tax laws and he would pay the same in taxes regardless of where the funds are based.”

I call, “Bullshit.” If this was true, the funds would be based in the U.S. <<<<

There is a decent chance the part about “following all tax laws” is true. Whatever tax avoidance scheme he might be involved in is probably legal, or at least hasn’t been deemed illegal yet.

The part where he says he would pay the same taxes regardless of where the funds are based smells like bs. If there is no tax benefit, there would seem to be no reason to keep the funds in the Caymans, unless they were from illicit activities.

Another possibility, what if Willard parked the cash there to hide it from the LDS tithe police?

At any rate, millions in offshore accounts is not going to look good for someone running for POTUS.


15 posted on 01/18/2012 2:50:41 PM PST by Above My Pay Grade
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To: Sub-Driver
ROMNEYS TAX, ROMNEY'S TAX RECORDS
16 posted on 01/18/2012 2:52:01 PM PST by FrankR (What you resist...PERSISTS!)
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To: Sub-Driver
Romney Parks Millions in Offshore Tax Haven

According to Rush Limbaugh on his show today, so do the Clintons. I'd guess that most of the elected criminals in DC have offshore accounts unless they have a freezer the size of a house.

17 posted on 01/18/2012 2:53:07 PM PST by drypowder
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To: EyeGuy

Romney says he pays 15% income tax, but pushes for a 35% tax rate for the “wealthy.” Then hides his own wealth offshore in tax havens?


18 posted on 01/18/2012 2:54:35 PM PST by Jim Robinson (Rebellion is brewing!! Impeach the corrupt Marxist bastard!!)
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To: Sub-Driver
This is why Obama fundraising is really an afterthought. The media will do most of the work for him. Romney - most likely to be electable, uh, yeah.
19 posted on 01/18/2012 2:57:19 PM PST by throwback ( The object of opening the mind, as of opening the mouth, is to shut it again on something solid)
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To: Jim Robinson

I wasn’t defending Romney’s two-faced socialism, just attacking the LeftMedia’s characterization of offshore tax havens.

Entities that owe their existence to the unfair, convoluted and anti-productivity US tax system.


20 posted on 01/18/2012 2:58:50 PM PST by EyeGuy (2012: When the Levee Breaks)
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To: Jim Robinson
But it's different when you're a member of the political elite. Plebians like us just wouldn't understand.
21 posted on 01/18/2012 3:04:02 PM PST by Cato in PA (GO NEWT!)
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To: throwback

” Romney - most likely to be electable, uh, yeah.”

I remember when John McCain. Was the most electable. Oh, I forgot Bob Dole was the most electable also.


22 posted on 01/18/2012 3:04:28 PM PST by Lurkina.n.Learnin (The democratic party is the greatest cargo cult in history.)
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To: EyeGuy

Gingrich, Santorum, and Perry should bring this up in tomorrow’s debate and ask “Is this why you don’t support a serious reform of the tax code, Governor Romney?”

Let him dance around that. Let him dance around everything in the Romney Book. Let’s see how Willard likes it when the electability myth crumbles around him.


23 posted on 01/18/2012 3:06:35 PM PST by Cato in PA (GO NEWT!)
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To: Sub-Driver

So what if this is legal. David Axelrod will have a field day with is. Plus was Romney paying only 15% taxes during his working years at Bain? Paying the 15% carried interest rate that hedge fund guys pay?Lots of speculation on this one

If so this will also help out Jug Ears and Axelrod


24 posted on 01/18/2012 3:06:56 PM PST by dennisw (A nation of sheep breeds a government of Democrat wolves!)
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To: Sub-Driver

Rush was great on this issue today.....talked about the richest man to have been a presidential candidate - John Kerry (who served in Vietnam) and the Clintons with their fortune and the lack of coverage of any of these grifters by the MSM.


25 posted on 01/18/2012 3:07:35 PM PST by Churchillspirit
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To: EyeGuy

“The Commies don’t like it when the affluent find ways to defeat their thieving money traps.”

Sure. But the average American, regardless of political stripe, isnt going to like the idea of their president using offshore tax havens.


26 posted on 01/18/2012 3:09:20 PM PST by VanDeKoik
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To: Sub-Driver

So, who cares, as long as it’s legal. I have no problem with a Republican doing this but a RAT that does this is hypocritical because they are always decrying that the rich should be paying more.


27 posted on 01/18/2012 3:13:57 PM PST by Conservativegreatgrandma
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To: Sub-Driver

DOWN goes Romney! Stick a fork in him.


28 posted on 01/18/2012 3:15:20 PM PST by don-o (He will not share His glory and He will NOT be mocked! Blessed be the name of the Lord forever.)
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To: VanDeKoik

“Sure. But the average American, regardless of political stripe, isnt going to like the idea of their president using offshore tax havens.”

####

Understood and agree.

I’m not defending Romney, just attacking the hypocrisy of a CommieMedia that, citing just one example, looked the other way when the Clintons used a surrogate to cheat in the commodities market.


29 posted on 01/18/2012 3:15:37 PM PST by EyeGuy (2012: When the Levee Breaks)
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To: Jim Robinson
Then hides his own wealth offshore in tax havens?

Not hidden from the IRS. All offshore accounts must be declared. I assume Romney has declared these accounts. Of course many American have secret undeclared off shore accounts in Switzerland, Cayman and other places. David Axelrod will do his best to make this all seem sleazy and illegal. Legal accounts like this might be beyond the reach of scummy divorce lawyers and other lawyers

Romney is once more proving himself to be a lot less delectable than Newt. Here's praying Newt heads him off at the pass and gets the nomination

30 posted on 01/18/2012 3:16:57 PM PST by dennisw (A nation of sheep breeds a government of Democrat wolves!)
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To: Jim Robinson

Romney doesn’t pay 15% income tax. He pays 15% capital gains tax. The company where the gains occured paid tax prior to going to Romney’s wallet. I’m no fan of Romney, but this is not a road conservatives wish to travel.


31 posted on 01/18/2012 3:17:35 PM PST by cornfedcowboy (Trust in God, but empty the clip.)
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To: Sub-Driver

Not that I care for Romney, but if he’s keeping his ALREADY TAXED money out of the hands of our cheating, thieving, P.O.S. government. Good for him.


32 posted on 01/18/2012 3:19:49 PM PST by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: Sub-Driver

Right or wrong, legal or illegal, in presidential politics, like it or not, the electorate demands a notion of financial purity and perception matters. The ordinary voter has no access to Cayman Island tax havens. If this report is true, then it explains why Romney has not brought this up before- because he would be toast.


33 posted on 01/18/2012 3:21:41 PM PST by Steelfish (ui)
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To: Sub-Driver
ABC if you are reporting this, then it is not hidden.
34 posted on 01/18/2012 3:25:12 PM PST by Chgogal (WSJ, Kristol, Krauthammer, Rove et. al., STFU. Thank you.)
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To: Sub-Driver

I’m curious as to why the MSM is having this conversation now, when there is still a chance to stop Romney from getting the nomination. I figured all this info was out there but I didn’t expect it to be released until next summer or fall. Are they so sure he’ll get the nod that they are releasing the hounds early to prop up their boy Barack?


35 posted on 01/18/2012 3:27:43 PM PST by VikingMom (I may not know what the future holds but I know who holds the future!)
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To: Sub-Driver

I’m curious as to why the MSM is having this conversation now, when there is still a chance to stop Romney from getting the nomination. I figured all this info was out there but I didn’t expect it to be released until next summer or fall. Are they so sure he’ll get the nod that they are releasing the hounds early to prop up their boy Barack?


36 posted on 01/18/2012 3:27:49 PM PST by VikingMom (I may not know what the future holds but I know who holds the future!)
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To: Sub-Driver

What do Al Gore, Bill Clinton, George Soros, the Kennedys, John Kerry, Nancy Pelosi, Jane Harman etc do with their money?


37 posted on 01/18/2012 3:31:16 PM PST by PghBaldy (War Powers Res: http://avalon.law.yale.edu/20th_century/warpower.asp)
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To: cornfedcowboy

Oh yeah, I forgot. Romney says he’s unemployed just like millions of other unemployed Americans. Hope he was able to get his 99 weeks of unemployment insurance that he had coming.

Well, I’m in favor of keeping him unemployed.


38 posted on 01/18/2012 3:31:22 PM PST by Jim Robinson (Rebellion is brewing!! Impeach the corrupt Marxist bastard!!)
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To: Sub-Driver
“A spokesperson for the Romney campaign says Romney follows all tax laws and he would pay the same in taxes regardless of where the funds are based.”

Sounds like these are funds that are HQ’d in the so called “Off-shore Tax Havens”. Romney would still be paying taxes on any capital gains. What's the problem?

39 posted on 01/18/2012 3:33:38 PM PST by Chgogal (WSJ, Kristol, Krauthammer, Rove et. al., STFU. Thank you.)
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To: Sub-Driver

I despise Romney, but not for this!

I despise him for being a flip-flopping rino
who supports abortion when it’s convenient.
He’s a loathsome ahole.


40 posted on 01/18/2012 3:36:06 PM PST by Bobalu (Newt is just the a-hole we need at a time like this)
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To: Jim Robinson
LOL

But still MSM should know the difference between income tax and capital gains tax. They are confusing the two and it annoys the heck out of me.

41 posted on 01/18/2012 3:37:15 PM PST by Chgogal (WSJ, Kristol, Krauthammer, Rove et. al., STFU. Thank you.)
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To: Chgogal

And I’m in favor of reducing Romney’s capital gain tax to zero! Go, Newt!!

Keep Romney wealthy, unemployed and paying NO taxes!!


42 posted on 01/18/2012 3:42:20 PM PST by Jim Robinson (Rebellion is brewing!! Impeach the corrupt Marxist bastard!!)
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To: Jim Robinson
Romney says he pays 15% income tax, but pushes for a 35% tax rate for the “wealthy.” Then hides his own wealth offshore in tax havens?

But, according to many FReepers that's perfectly all right. I think it morally sucks!

43 posted on 01/18/2012 3:44:05 PM PST by greyfoxx39 (When GOP wants to guarantee a loss, they pick from MA: Dukakis, Kerry and now Romney.)
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To: Sub-Driver

I don’t have a problem with anyone legally avoiding taxes.


44 posted on 01/18/2012 3:47:32 PM PST by Terry Mross (AN)
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To: Jim Robinson
You should be running for POTUS. Can you imagine the economic growth this country would witness if the Capital Gains Tax went to 0?.

Since you are not, I will go for Newt as well. I am looking for the whipping Obama will experience at Newt hands.

45 posted on 01/18/2012 3:52:27 PM PST by Chgogal (WSJ, Kristol, Krauthammer, Rove et. al., STFU. Thank you.)
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To: Sub-Driver

It used to be illegal for Americans to deposit money with some of these things, because they were basically tax scams, although I don’t believe it’s illegal anymore. And while I think taxes are way too high, if I have to pay them from my modest income in the US, I think somebody who made his huge income here in the US should have to pay them, too...but the Cayman Islands were where you went not to pay them. This is the reason Romney does not want to release his returns.

It’s all perfectly legal, but offshoring your huge fortune sure doesn’t make you look good.


46 posted on 01/18/2012 4:07:12 PM PST by livius
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To: Jim Robinson

Great way of putting it! I love it!


47 posted on 01/18/2012 4:11:13 PM PST by livius
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To: Sub-Driver
Politics is a blood sport. Regardless whether what he did was legal, moral or ethical to do, if this can be used to destroy Romney's chances, then good. I want him out.

Mitt would use any lie or smear to destroy Conservatives.

48 posted on 01/18/2012 4:20:13 PM PST by sand88 (Hey Rove et al, I will, with great pleasure, NOT cast a vote for the Statist Mitt.)
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To: Jim Robinson
Romney says he pays 15% income tax, but pushes for a 35% tax rate for the “wealthy.” Then hides his own wealth offshore in tax havens?

Not likely, my guess the income is coming from Bain partnerships set up offshore to avoid regulation, likely given relatively small numbers of investors. My guess the issue which will be raised is that of carried interest. You and I work and pay 35%. Not just Mitt, but many who manage not just venture capital but also real estate partnerships accumulate their wealth from performance incentives, typically in the 20% to 30% range, which is taxed at 15%, as though it were capital. Intellectual capital I suppose, fully taxed for everyone else. Nothing illegal or hidden, nothing to do with tax havens. Just the tax code as written. IMO, labor shouldn't be taxed more than capital, quite possible under a flatter tax code, but that's just me. This will be a problem in the general, he's not John Theresa Heinz Kerry who I think paid at about a 12% rate. There's a reason so many of the mega wealthy are on the left, just ask Warren Buffet.

49 posted on 01/18/2012 4:22:40 PM PST by SJackson (The Pilgrims¬óDoing the jobs Native Americans wouldn't do !)
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To: livius
It used to be illegal for Americans to deposit money with some of these things, because they were basically tax scams, although I don’t believe it’s illegal anymore.

With minor exceptions, Americans pay taxes on earnings everywhere in the world under American law. I suspect this is more a function of bypassing security regulations. You're correct, it doesn't look good.

50 posted on 01/18/2012 4:24:44 PM PST by SJackson (The Pilgrims¬óDoing the jobs Native Americans wouldn't do !)
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