Mitt Romney: Cayman Islands Accounts Used By Foreign Investors To 'Not Be Subject To' U.S. Taxes
WASHINGTON -- Some tax experts are alarmed by Mitt Romney's apparent admission that Bain Capital set up offshore accounts in the Cayman Islands to help wealthy investors avoid paying U.S. taxes.
During an interview with the National Review's Robert Costa, Romney said that offshore sub-companies in the Cayman Islands help foreign investors avoid paying taxes on investments in the United States. Bain Capital currently has 138 such sub-companies headquartered in the Cayman Islands.
"The so-called offshore account in the Cayman Islands, for instance, is an account established by a U.S. firm to allow foreign investors to invest in U.S. enterprises and not be subject to taxes outside of their own jurisdiction," Romney said. "So in many instances, the investments in something of that nature are brought back into the United States. The world of finance is not as simple as some would have you believe. Sometimes a foreign entity is formed to allow foreign investors to invest in the United States, which may well be the case with the entities that Democrats are describing as foreign accounts."
By taxes "outside of their own jurisdiction," Romney is referring to taxes imposed by the U.S. government.
"He's basically admitting here that the Bain funds are set up in the Cayman Islands to help people avoid tax," said Rebecca Wilkins, senior counsel for federal tax policy at Citizens for Tax Justice, a nonprofit tax reform group. "If you want to cheat on your taxes, boy, they're making it really easy."
Well, at least Doofus admits it... He set them up to avoid taxes...and for other foreign investors to avoid taxes...
Of course, if you're enough of a moron to think that tax-avoidance, tax-cheating and tax-fraud is "okay" because "taxes are too high", then there's not much to be said. But one of the reasons the budget is so screwed is because of tax-cheating. You can scream all you want about spending, but the other side of the ledger is revenue...
Did he really think he was going to keep his shady finances under wraps while running for president? Now, we KNOW that there is stuff that he not only doesn't want people to see, but that may be illegal, and criminal.
If Romney's tax returns were illegal, wouldn't Obama's IRS be able to look into it and audit him?
I do agree he is being evasive and it's a political problem for him. This is also why few good candidates run for President, the political media meat grinder is too much of an obstacle for most.
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
FredHayek wrote: Most Congressman don't release their tax returns either. Obama release your transcripts!
Why is that you are not demanding Romney release his transcripts? Or is it only black liberals that need to release them?
And since you are demanding records, why not demand the police reports on the car accident in which Mitt was driving where his passenger was killed? Would that not be pertinent as well?
"Remember to always be yourself. Unless you can be batman. Then always be batman." Unknown
FredHayek wrote: Most Congressman don't release their tax returns either. Obama release your transcripts!
Why is that you are not demanding Romney release his transcripts? Or is it only black liberals that need to release them?
And since you are demanding records, why not demand the police reports on the car accident in which Mitt was driving where his passenger was killed? Would that not be pertinent as well?
Never miss your chance to insinuate racism. The reason we all want to see his transcripts is because he came to office with no real world experience in anything other than academics and community organizing. It wouldf have been nice to know if he learned anything at all that would be useful for being an executive.
The left is angry because they are now being judged by the content of their character and not by the color of their skin.
FredHayek wrote: Most Congressman don't release their tax returns either. Obama release your transcripts!
Why is that you are not demanding Romney release his transcripts? Or is it only black liberals that need to release them?
And since you are demanding records, why not demand the police reports on the car accident in which Mitt was driving where his passenger was killed? Would that not be pertinent as well?
Never miss your chance to insinuate racism.
Don't have to insinuate it. Why are conservatives demanding to see only President Obama's transcripts and not the other candidates? Why just President Obama? Hmm?
"Remember to always be yourself. Unless you can be batman. Then always be batman." Unknown
FredHayek wrote: And if Romney was breaking the rules on taxes why isn't the IRS investigating?
Still did not answer my question as to why you only demand President Obama release his transcripts. I am really interested in why conservatives are only demanding President Obama's transcripts and not the other candidates?
In regard to Romney, no said that he was breaking the rules, but if were, how do you know the IRS is not investigating? In fact that is one of the possibilities why he will not release them. He may have been caught in the Swiss bank tax evasion case back in 2009 or so involving UBS, the bank where Romney has his Swiss accounts. Maybe that is why he also would not release his 2010 FBAR report that gives the details on his Swiss, Cayman Islands, Bermuda and other tax evasion jurisdiction.
"Remember to always be yourself. Unless you can be batman. Then always be batman." Unknown
FredHayek wrote: Most Congressman don't release their tax returns either. Obama release your transcripts!
Why is that you are not demanding Romney release his transcripts? Or is it only black liberals that need to release them?
And since you are demanding records, why not demand the police reports on the car accident in which Mitt was driving where his passenger was killed? Would that not be pertinent as well?
Never miss your chance to insinuate racism.
Don't have to insinuate it. Why are conservatives demanding to see only President Obama's transcripts and not the other candidates? Why just President Obama? Hmm?
Because he had zero executive experience prior to the election, never ran a lemonaid stand, and it would be nice to have learned if he ever took courses in college that would give him even a tiny understanding of economics. So far, he has demonstrated that he knows absolutely NOTHING about business.
The left is angry because they are now being judged by the content of their character and not by the color of their skin.
