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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

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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—Doing 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—Doing the jobs Native Americans wouldn't do !)
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To: VikingMom
The MSM is not reporting this, only ABC.

Could be an attempt to try to seem neutral given the fact they are about to unleash a hell on Gingrich not seen since CBS and Dan Rather forged documents to try and destroy Bush.

The media engages in political assassination, and get off scott free, in the USA.

In Russia, it's a two way street, and the twerps in the "newsrooms" think twice before they try to take someone out, lest something unfortunate happen to them.

51 posted on 01/18/2012 4:26:07 PM PST by Rome2000 (OBAMA IS A COMMUNIST CRYPTO-MUSLIM)
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To: Sub-Driver

Romney’s taxes are, apparently on capital gains and interest. Of course many Democrats have demanded up to 38% taxes on these income sources. Social justice some say. Now I and many other retirees pay rates similar to Romney and would be totally destroyed by the higher rates. Not to mention the negative impact on an economy in recession or depression that the “more fair” higher tax rates would have in drying up investment potential. The fair thing here is to demonize Romney on the one side and bankrupt retirees for social justice on the other side. Something to love for everyone here.


52 posted on 01/18/2012 4:32:43 PM PST by JimSEA
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To: All
It doesn't mean anything unless he can be connected to fraud itself. If he is paying tax on all his income including any profits made from this fund - then it no big deal. If Coca Cola headquarters are in the islands and I own stock - does that mean im a tax dodger now? Sorry this is a none starter.
53 posted on 01/18/2012 4:37:28 PM PST by cdnerds
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To: Sub-Driver
Bain's funds are domiciled in Cayman, in my view, to permit foreign investors to evade (a) tax obligations, (b) currency controls, or (c) creditors in their home jurisdictions, should they decide against reporting their holdings in or their income from those funds. I doubt that there was any intention of permitting their U.S. resident beneficiaries to evade U.S. taxation on income from their interest in these funds. A U.S. resident would legally avoid some, but not much, taxation, resulting in a lower effective tax rate, by holding their assets through a Cayman entity. If the object is to lower the effective tax rate, however, there are more favorable jurisdictions for U.S. residents. The primary attraction of Cayman is its secrecy law.
54 posted on 01/18/2012 4:44:15 PM PST by Praxeologue
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To: Sub-Driver

Now, would that be the money that he made off of the dead babies?


55 posted on 01/18/2012 4:50:13 PM PST by Grunthor (I am a conservative, neither half of the one party represents my views.)
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To: drypowder

Good point. Not common knowledge but regardless....OF course the MSM will not report on that aspect. Nor where Nancy Pelois’s $$ is stashed.....

The Federal Government at this juncture doesn’t deserve our rewards.......it’s his money and he can do with what he wishes.


56 posted on 01/18/2012 4:56:47 PM PST by Sub-Driver (Proud member of the Republican wing of the Republican Party)
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To: cdnerds

“Sorry this is a none starter.”

Ok, how about this;

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

Does THIS mean anything to you?


57 posted on 01/18/2012 4:56:56 PM PST by Grunthor (I am a conservative, neither half of the one party represents my views.)
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To: muawiyah

It is interesting to see how some get their talking points from MSNBC. We all pay 15% on our investment income (you, Biden, Mitt, Newt, Obama, etc.) so comparing it your 401K withdrawal, which is not investment income, is truly bogas. Second, you put your 401K monies in tax free. You could convert the 401K monies to a Roth IRA then your investment income would be zero. Now what.

When making statements like this, it would best to be correct with the logic versus repeating what Joe on MSNBC said.


58 posted on 01/18/2012 4:59:22 PM PST by bobsunshine
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To: Sub-Driver

“a notorious Carribean tax haven...”

Or a perfectly legal tax haven that I would expect a smart money manager like Romney to employ.

WHERE ARE OBAMA’S SCHOOL RECORDS INCLUDING HIS APPLICATION AND GRADES?


59 posted on 01/18/2012 5:02:17 PM PST by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: Sub-Driver

How convenient.


60 posted on 01/18/2012 5:18:23 PM PST by Boardwalk
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