Bain Capital Dodged $102 Million In Taxes By Using Loophole

Mitt Romney's Bain Capital Dodged $102 Million In Taxes By Using Dutch Tax Loophole, Newspaper Writes

Bain Capital evaded about €80 million (or $102 million) in taxes by using a financial loophole in the Netherlands, according to a HuffPost translation of an article in the Dutch newspaper De Volkskrant Monday.

De Volkskrant and the website Follow the Money claim that by routing its 2004 investments in the Irish pharmaceutical company Warner Chilcott through the Netherlands, Bain was able to dodge dividends and capital gains taxes. Financial adviser Jos Peters estimates that the loophole allowed Bain to save about $102 million.

In 2009, 4 years after investing in Warner Chilcott, Bain moved the company's seat from Bermuda to the Netherlands to evade possible stricter tax laws on the island, De Volkskrant explains.

Radio Netherlands Worldwide summarized what happened next:

Then two years ago, Bain registered its interest in Warner Chilcott with the private Dutch company Alter Domus, which provides administrative services for multinational corporations and investment funds. If a Dutch company owns more than five percent of the shares in another company, then that other company is exempt from paying taxes on all capital gains.

Through exemptions like that and a host of other complicated tax treaties, the Netherlands offers huge tax breaks to companies like Bain, which is reported to have evaded 80 million euros in dividend taxes by running through the Netherlands.

http://www.huffingtonpost.com/2012/11/0 ... 77754.html

Wow... Governor Mitt-Flop evading taxes... Imagine my surprise....

Imagine my surprise to see another garbage topic.

Romney left Bain in 1999 and has not had any managerial control since.

http://factcheck.org/2012/07/factcheck-to-obama-camp-your-complaint-is-all-wet/

So what does he have to do with 2004 or later?

If you are really upset about corporate loopholes, why didn't you post about Apple paying just 1.9% on overseas profits? Does this mean you will never vote for anyone that ever managed at Apple (you can throw in Starbucks, Facebook, Google, and Amazon too)?

http://news.sky.com/story/1006814/apple-paid-just-2-percent-tax-on-overseas-profits

The issue is really about our tax laws, and they need to be changed.

Should we elect a guy with the smarts to evade taxes or the current idiot who doesn't know how to negotiate with Congress?

Oh... I guess you missed the part about:

Follow The Money explained that Mitt Romney had left Bain in 1999 to run the Olympics in Salt Lake City, but his retirement package allowed him to participate in Bain deals and thus share in the profits. (It's also not clear that he did, in fact, leave in 1999.)

We already KNOW that RMoney LIED on the SEC forms and continued to list himself as CEO and Managing Director for years after 1999... Don't you hate it when that happens?

FredHayek wrote: Should we elect a guy with the smarts to evade taxes or the current idiot who doesn't know how to negotiate with Congress?

I think I'll pass on the tax-cheat, tax-evader... But thanks for asking.

pineinthegrass wrote: If you are really upset about corporate loopholes, why didn't you post about Apple paying just 1.9% on overseas profits? Does this mean you will never vote for anyone that ever managed at Apple (you can throw in Starbucks, Facebook, Google, and Amazon too)?

Gee, I've posted about Apple, G.E., and any number of tax-avoiding firms... Please try to pay attention.

Democracy4Sale wrote: Oh... I guess you missed the part about:

Follow The Money explained that Mitt Romney had left Bain in 1999 to run the Olympics in Salt Lake City, but his retirement package allowed him to participate in Bain deals and thus share in the profits. (It's also not clear that he did, in fact, leave in 1999.)

We already KNOW that RMoney LIED on the SEC forms and continued to list himself as CEO and Managing Director for years after 1999... Don't you hate it when that happens?

You quote from a clearly biased left leaning source. I guess you didn't read my factcheck.org link which makes it clear what Romney did was normal and there were no lies. Regardless, I haven't seen anyone claim Romney had any managerial role at Bain by 2004.

And if you think it's a big deal that Romney gets a retirement package from Bain, I've got bad news for you. Obama's retirement package will include Cayman Islands and China investments. Too bad it's too late for you to change your vote! lol

http://www.politifact.com/wisconsin/statements/2012/oct/17/mitt-romney/romney-says-obama-also-has-investments-chinese-com/

Anyway, this is just a dumb political game. I know neither of them have any control over these particular retirement accounts. But you seem to think only Romney does. Go figure...

Democracy4Sale wrote:

pineinthegrass wrote: If you are really upset about corporate loopholes, why didn't you post about Apple paying just 1.9% on overseas profits? Does this mean you will never vote for anyone that ever managed at Apple (you can throw in Starbucks, Facebook, Google, and Amazon too)?

Gee, I've posted about Apple, G.E., and any number of tax-avoiding firms... Please try to pay attention.

So answer the question. Will you vote for people that managed other firms, even far larger than Bain, that also used loopholes to avoid taxes?

I don't think I know of any Dems that were sleazy enough to do that...

Since that seems to be province of the (R)'s, ...and since I know I'll never vote for an (R)... I guess my answer would be NO.

This is a tired topic. No one cares. It was a business.