Romney is VULNERABLE on issue He Has Huge $$ in Overseas Bank Accts --DING! DING!

[Blackhatjack]

Last edited Thu Jan 19, 2012, 05:28 PM - Edit history (1)

The Quarter Billionaire Kid has a problem. He's got so much $$ that he has to stash a lot of it in overseas bank accounts --and by the way not pay taxes on it while it is there.

Hmmmm .... he wants to be President, wants to help reign in the huge debt and NOT raise taxes on the wealthiest Americans and corporations. So you would think he would want to pay his fair share right?

The Gingrich film may touch on this, but really there is fertile soil to till here against Romney.

And the gist of it is that Romney really has no defense to raise against these attacks.

DEMS ? Are you paying attention?

[FreakinDJ]

1. Same Corporate Tax Loop hole that Outsources American Jobs to China

Glad to see Mittens is putting his Money where his mouth is

[Angry Dragon]

2. Willard is going to get bloody trying

to defend himself with all those skeletons in his closet

[Avalux]

3. That's why he wont release his tax returns. n/t

[Blackhatjack]

5. I agree! There's gold in them thar tax returns!

And if Newt wants to really twist the knife he ought to make it an issue in South Carolina.

[Blackhatjack]

4. Questions like this ....

"Mr. Romney, why do you have huge amounts of $$ in overseas bank accounts that you do not pay any tax on in the U.S.?"

"Do you think all Americans should keep their $$ in overseas bank accounts like you do?"

"Do you think you pay so much in taxes that it is alright for you to put part of the money you earn in overseas bank accounts so that it won't be taxed by the US?"

[swishyfeet]

6. Is there a link or some evidence?

I just logged in. Maybe I'm missing something?

[MattSh]

7. Yeah, I'm wondering the same thing.

Until I see more, it's just pure speculation.

[Blackhatjack]

8. Here is one source ....

It is mentioned at the end of the Gingrich SuperPac film, "When Mitt Romney Came to Town."

And I understand the financial disclosure form that Romney signed disclosing his net worth as being in the neighborhood of $264 million references holdings outside the country.

But until someone posts a link that you can read with your own two eyes by all means remain skeptical.

[Liberal_in_LA]

9. link?

[Blackhatjack]

10. OK Here You Go .... Brian Ross of ABC NEWS Shows The Form

http://www.brasschecktv.com/videos/campaign-2012/mitt-romney-and-his-offshore-bank-accounts.html

You're Welcome!

[Blackhatjack]

11. OF course this dovetails with his refusal to release tax returns...

Those tax returns will come out, and when they do everyone is going to see that Romney and his wife have huge amounts of $$ overseas..

Brian Ross of ABC News says that some are in the Cayman Islands, and that when Bain Capital opened up they used the overseas accounts to lure investors looking for tax benefits.

[Blackhatjack]

12. Good explanations as to why Romney doesn't want to reveal "old tax returns" LINK

So back when it was still legal to "shelter" income in the Caymans and avoid paying taxes Romney may have participated in this practice, and if he waits until April of this year he may try to avoid releasing past tax returns that would show he avoided paying those taxes before the law changed in 2008-2009.


http://tpmdc.talkingpointsmemo.com/2012/01/whats-the-real-deal-with-romneys-offshore-investments.php?ref=fpa

"...Wednesday ABC News broke another story. Romney, it turns out, has a lot of money invested in offshore funds — the sort of funds you used to hear about years ago when wealthy people, foreign investors, private pensions and others would invest and shelter their money."

skip

“Congress changed the law in 2008 or 2009 to make it more difficult to [shelter money in offshore funds], so if all you do is reinvest the money in regular cash, or you put it into a diversified portfolio of investments, you can no longer defer the income.”

skip

"It’s possible, though for now completely speculative, that Romney used that strategy back when it was legal. And, as Fleischer said speculating, this could be “one of the issues in my mind why Romney may not want to release old returns is that it may highlight that issue.”

And as the Wall Street Journal reports, Romney also has an unusually large amount of money saved in his tax-deferred individual retirement account (IRA). And that could be the case because the IRA invested in offshore Bain funds — investments that would have triggered a significant, but obscure, tax if the funds had been located in the U.S. And as the Journal reports, based on an interview with a different tax expert, “there are some tax differences achieved by having an IRA invest through offshore funds, adding that the strategy doesn’t eliminate taxes owed, but defers them.”

MORE

[Blackhatjack]

13. And the Wall Street Journal reports ......

"And as the Wall Street Journal reports, Romney also has an unusually large amount of money saved in his tax-deferred individual retirement account (IRA). And that could be the case because the IRA invested in offshore Bain funds — investments that would have triggered a significant, but obscure, tax if the funds had been located in the U.S."