Posted on 01/19/2012 9:04:05 AM PST by svcw
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.
(Excerpt) Read more at abcnews.go.com ...
As if Barry and the dems haven’t stashed billions of dollars of TARP money into THEIR offshore accounts.
He probably has more friends in foreign countries than Zer0.
Yaaaaawn. So what? As long as US tax policy punishes people for financial success, the wealthy will find legal ways to protect their wealth from taxation. What he has done is legal, ethical, moral and smart...so what’s the story?
http://www.powerlineblog.com/archives/2012/01/another-romney-financial-scandal.php
Romney campaign officials and those at Bain Capital tell ABC News that the purpose of setting up those accounts in the Cayman Islands is to help attract money from foreign investors, and that the accounts provide no tax advantage to American investors like Romney. Romney, the campaign said, has paid all U.S. taxes on income derived from those investments.
“The tax consequences to the Romneys are the very same whether the fund is domiciled here or another country,” a campaign official said in response to questions. …
Bain officials called the decision to locate some funds offshore routine, and a benefit only to foreign investors who do not want to be subjected to U.S. taxes.
Tax experts agree that Romney remains subject to American taxes.
Your tax obligations are the same whether your banking is done in the Caymans or in the US.
Haiti, on the other hand, provides secrecy typically associated with foreign bank accounts.
And guess who has accounts in Hait?
Why, that would be Bill Clinton and maybe his wife.
Oh, I don’t care actually.
I found it interesting, just wondered if that’s why he has been insistent in releasing his tax records.
Personally the whole candidates releasing tax forms is idiotic, I don’t care how much money they have.
The Cayman Islands (been there many times) is where you hide it when in SOME cases you practice shady or vulture capitalism WHICH Willard obviously did in a FEW deals.
If I earned millions of dollars, I’d be stupid not to stash at least some of it off-shore.
Smear words. Nothing notorious or illegal about it. And if there is any suspicion of wrong-doing, US authorities can get access to your information. Clinton went after banking secrecy there back in the nineties.
Never went after Saudi banks on banking secrecy, so I assume thats where his money is.
RE: 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.
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Has anybody ever asked themselves this question -— WHY SHOULD DOING THIS BE AGAINST THE LAW IF YOU EARNED THE MONEY LEGITIMATELY?
I’m no fan of Willard, but I agree with your comment.
I don’t have, nor will I probably ever see millions.
But under the current taxation system we suffer under, I’d more than likely be doing the same thing if I did have that kind of wealth.
It’s not the government’s money, it belongs to those who earned it.
If they find a way to keep it, good for them.
I guess this line of attack? persuades a few wishy washy liberal independents away from Romney?
It’s funny how the same people who argue that the rich won’t do things to avoid the higher taxes also complain about the rich who move money overseas.
When people on other sites argue for raising taxes on the rich, I point out that this will cause the rich to move money overseas. They say raising taxes won’t have any negative effect and I’ve even been told that “offshore tax havens are a myth” (a direct quote from one liberal but many other response argue pretty much the same thing).
RE: Your tax obligations are the same whether your banking is done in the Caymans or in the US.
The issue then is not WHERE you deposited your money, the issue is WHAT CAN THE US GOVERNMENT LEGITIMATELY CLAIM?
Consider this — If youa re a German ex-pat living and working in the US, the money you make is TAXED ONLY IN THE US, not in Germany.
However, if you are an AMERICAN ex-pat living and working in Germany, the money you make is TAXED BOTH IN THE US AND GERMANY.
Who has the better tax system in this case?
The USA and Eritrea are the ony two countries that taxes you based on your residency and citizenship, not based on where you made your money.
Hence, if you are an American immigrant from say, Japan and inherited substantial money from a recently deceased parent in Tokyo, THE US LAYS CLAIM TO PART OF THAT MONEY EVEN WHEN IT WAS NEVER MADE OR ENTERED AMERICA.
If you made money BEFORE coming to the USA as an immigrant in say, South Korea and deposited that money in a Korean Bank, and you are follish enough to become a permanent American resident, IT IS A CRIME UNDER US LAW NOT TO DECLARE INTEREST FROM THAT BANK IN YOUR TAX FORMS !!
Is that fair?
The rich are wise with their money. Is that news?
They probably have.
What Romney did is not illegal, what they done most certainly is.
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