Mediaite is reporting that ABC News has uncovered information indicating Mitt Romney has over $8 million dollars invested in the Cayman Islands, a location notorious for being a tax dodge for the wealthy. Romney's people admit the former Governor has investments in the Caymans, but deny that those investments in any way gamed the U.S. tax system.
But the story also contains this snippet of news:
…Tax experts agree that Romney remains subject to American taxes. But they say the offshore accounts have provided him — and Bain — with other potential financial benefits, such as higher management fees and greater foreign interest, all at the expense of the U.S. Treasury. Rebecca J. Wilkins, a tax policy expert with Citizens for Tax Justice, said the federal government loses an estimated $100 billion a year because of tax havens.
When your net worth is in the (very nice) neighborhood of a quarter of a billion dollars, and your opponents are hitting you for being out of touch with the economic stresses of average Americans, news of massive investments in the Caymans probably won't go over all that well.
Stay tuned. This should be one interesting debate this evening.