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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 ...
Year 1 ~ put in own cash, not taxed, and matching funds, also not taxed.
Year 2 ~ retain earnings on earlier deposits in 401(k).
Doggone, the earnings in year 2 look exactly like "investment income". If all that money was in stocks (held by the account, or an investment vehicle) and it increased in value you'd say, "why doggone boss, it's a capital gain" and it wouldn't be taxed at all until it was realized as income in let's say Year 30.
So, the first year you put in $10 tax free. The second year you retain the earnings in put them into stocks, and thevalue increases, dividends are paid, etc., and by the time you get to Year 20, you've got an account that's still got that $10 that wasn't taxed initially, but you have all this other stuff that looks exactly like any investor's equity, and earnings.
The federal personal income tax should only apply to the initial deposits made in a tax free status. Everything else should benefit from the quite beneficial treatment given capital gains.
Good on him. I am trying to find ways to offshore my wealth. Not for tax avoidance, but to protect it in case America is destroyed.
Please correct me if I am in error, but didn’t Joe “the booze runner” Kennedy set up his finances in an off-shore tax haven so his trust fund children could enjoy a lavish lifestyle without having to earn it?
EODGUY
The Cayman Islands is where major drug cartel leaders hide their dirty money. UGH! Perhaps this may be what stops Romney in his tracks.
GO SANTORUM!!!!!
As my Dad (RIP) the stereotypical Irish Catholic used to say:
“A Kennedy is somebody who wants to give YOUR money to the poor and get credit for doing it.”
Ping
I have no problem with people using all legal means to minimize their taxes. I do it myself.
So Mittens, did you declare to the IRS these 'Cayman Island' and foreign bank accounts on your tax returns? The OBots surely would like to know.
So Mitt, when did you say you were going to release your tax returns again?
I dislike questions that start with "So". ;-)
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- Newt Lautenberg just told Rick Santorum and Rick Perry that they must quit now and he will handle everything as he sweeps VA and MO
- So much for “the more the merrier” and “vetting” now Sarah - Go make a huge pot of moose stew and then speedread “Contact With The Earth”.....
Then watch “Breakfast At Tiffany’s” and relax
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Didn’t Romney say in the latest debate that he was concerned about “exposure”? Exposure of what to what? Something shady going on here? Everything about this guy should be exposed before it’s too late and he’s the nominee and the skeletons are tumbling out of his closet.
Fact is, I’ll bet all the top Leftie politicians have accounts right alongside his, including ODrama
Good for him. If I could keep my money from Hussein’s greedy fingers....
Romney is in real trouble.
Newt has the momentum now! and his train is basically
unstoppable.
Newt has a lot of nerve telling others to drop out. He’s already declared himself ‘the candidate’ twice - lots of chutzpa! Many here have talked of moving their money and even themselves away from the U.S.
I’m sure not “for” Mitt but I believe most super wealthy people put money in offshore or Swiss accounts.
[I have not read through the thread at all...]
“Many here have talked of moving their money and even themselves away from the U.S.”
I was just thinking about suggesting that to one of my relatives. Seriously. I don’t know how he’s going to keep a hold on his financial position.
As for all in this house, we’re dug in like ticks.
[Seriously. I don’t know how he’s going to keep a hold on his financial position.]
Not sure if you mean Newt or Mitt but doubt Mitt has to worry. I worry about ‘my’ savings and what could happen but if worse comes to worst I doubt money will have much value.
We all worry and this leadup to elections is a big mess...
That’s a stupid comment that makes us look bad. If you are purposely avoid taxes you are breaking the law. Do you want to get into a conversation about what laws we should obey and should not obey? It might be fun but entirely unproductive.
Nothing wrong IMHO. I Wish I could do that.
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