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kpete

(71,986 posts)
Thu Jan 19, 2012, 11:22 AM Jan 2012

ROMNEY's Offshore Accounts-Takes Advantage of Tax Loopholes To Pay LOWER TAXES Than Middle-Class

Romney’s offshore accounts draw scrutiny

With Mitt Romney still refusing to release his tax returns, we can only speculate as to why he’s so afraid of disclosure. The widely held assumption has been that the Republican frontrunner is embarrassed by his “15% problem” — the multi-millionaire takes advantage of existing tax loopholes to pay lower tax rates than millions of middle-class workers.
http://www.washingtonmonthly.com/political-animal/2012_01/romneys_offshore_accounts_draw034846.php

His vast fortune is invested in dozens of funds linked to Bain Capital LLC, the powerhouse private equity firm he co-founded and led for 15 years. Several Bain funds have offshore connections and take advantage of tax breaks used only by the U.S. financial elite.

His tax returns could shed light on how Romney and Bain use offshore strategies to avoid taxes, said Daniel Berman, a former U.S. Treasury deputy international tax counsel and now director of tax at Boston University’s graduate tax program.

Bain funds in which Romney is invested are scattered from Delaware to the Cayman Islands and Bermuda, Ireland and Hong Kong, according to a Reuters analysis of securities filings.

more:
http://www.reuters.com/article/2012/01/18/us-usa-campaign-romney-tax-idUSTRE80G1RE20120118
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ROMNEY's Offshore Accounts-Takes Advantage of Tax Loopholes To Pay LOWER TAXES Than Middle-Class (Original Post) kpete Jan 2012 OP
The other night CNN had a panel that was quick to point out that CrispyQ Jan 2012 #1
Maybe next time they'll get a panel who know WTF they're talking about. GeorgeGist Jan 2012 #3
if there truly were a "liberally-biased media" ... zbdent Jan 2012 #2
When poor people get paid for 'doing nothing' ... it's called welfare. GeorgeGist Jan 2012 #4
K & R Scurrilous Jan 2012 #5

CrispyQ

(36,461 posts)
1. The other night CNN had a panel that was quick to point out that
Thu Jan 19, 2012, 11:33 AM
Jan 2012

"A lot of seniors have 401k accounts, so if you raised the 15% tax rate on those earnings, it would really hurt our seniors." And of course, someone piped up about the 'job creators.'

Unbelievable, the lengths they will go to justifiy the investor class paying less in taxes than the working class.

GeorgeGist

(25,320 posts)
3. Maybe next time they'll get a panel who know WTF they're talking about.
Thu Jan 19, 2012, 11:53 AM
Jan 2012

The income from most 401k's is not treated as capital gains.

zbdent

(35,392 posts)
2. if there truly were a "liberally-biased media" ...
Thu Jan 19, 2012, 11:34 AM
Jan 2012

Romney would be toast, with constant harping on the "lbm" of Romney complaining about how he has such HIGH taxes ...

GeorgeGist

(25,320 posts)
4. When poor people get paid for 'doing nothing' ... it's called welfare.
Thu Jan 19, 2012, 11:56 AM
Jan 2012

When rich people do it ... it's called capitalism.

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