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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsROMNEY's Offshore Accounts-Takes Advantage of Tax Loopholes To Pay LOWER TAXES Than Middle-Class
Romneys offshore accounts draw scrutiny
With Mitt Romney still refusing to release his tax returns, we can only speculate as to why hes 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 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 Universitys 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
CrispyQ
(36,461 posts)"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)The income from most 401k's is not treated as capital gains.
zbdent
(35,392 posts)Romney would be toast, with constant harping on the "lbm" of Romney complaining about how he has such HIGH taxes ...
GeorgeGist
(25,320 posts)When rich people do it ... it's called capitalism.