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Thursday, January 19, 2012

ABC NEWS REPORTING MITT ROMNEY AND WIFE HAVE $8 MILLION INVESTED IN CAYMAN ISLANDS (whoo boy... that'll go over well with the commoners...)

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         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.




3 comments:

the yellow fringe said...

I read reports it is much more than 8, but maybe only mittens knows. Cayman does not report to the US income of his investments that pass through their post office box. Their tax is whale crap low, and the only tax he would pay on it here is if he reported it here, which if he does I would bet all the magic undies he owns would be underreported like a mother fucker. You don't put money in the Caymans to pay normal tax rate on it, that's the whole draw, no taxes, fuck over the middle class of America by making them pay your taxes.

Melanie said...

i loathe that man.

Sarge said...

With wealth/income inequality becoming a major issue - this will be a hard thing for Romney to overcome - picures of his homes, the Caymen Islands money - $374K and "It's not that much" - will hurt him and hurt him bad...


Ron