Mitt Romney Taxes Enriched Foreign Governments At U.S. Expense
Source: Huffington Post
WASHINGTON -- Mitt Romney sought and received $787,455 in foreign tax credits from the U.S. Treasury to cover his tax payments to other nations in 2008.
While there is no evidence that his actions violated the law, abuse of the foreign tax credit has been a problem for the Internal Revenue Service. The agency has prosecuted a number of international fraud cases in the last few years involving such credits. And the size of Romney's claim in 2008 raises questions about the sources of his foreign income.
"This could definitely be a contributing reason for Romney's unwillingness to disclose prior years' returns," said New York University School of Law professor Daniel Shaviro, a tax expert.
The U.S. government provides tax credits to Americans who also pay taxes abroad, so that foreign income is not taxed twice by different governments. While these credits do not save U.S. residents from paying taxes -- they still have to pay the foreign governments -- they do put a dent in the U.S. Treasury's collections.
-snip-
Read more: http://www.huffingtonpost.com/2012/08/20/mitt-romney-foreign-tax-credit_n_1812507.html
The Romney campaign of course declined to comment.
sakabatou
(42,083 posts)unblock
(51,974 posts)Hassin Bin Sober
(26,273 posts)He's not a foreign corporation. He owes US taxes wherever the money is or was earned (minus any credits).
It's my understanding individuals don't get to play that repatriation game (not legally anyway).
unblock
(51,974 posts)KILL THE WISE ONE
(1,120 posts)I want to see how to get that much Money into an IRA, I have been paying in the max for a while but do not even come close to that. It would be a great public service to teach us all how to do this.
I am going to need it to pay the difference between my medicare coupon and insurance.
come on Mit help me out
yardwork
(61,418 posts)I doubt that Romney could pass a background check for any federal job, yet he's in the running to be president. That makes no sense.
antigop
(12,778 posts)Snarkoleptic
(5,995 posts)He proudly proclaims he paid 13% (jack squat) without mention of which government it was paid to.
I could see him omitting the part of the story where he received taxpayer funded US tax credits as a subsidy.
What a freakin' parasite!
Marthe48
(16,692 posts)The rest of us are expected to pay taxes and support charitable causes from what's left over. In the meantime, people like Romney do not pay their fair share and then they bitch that the government is wasting money helping the poor.
The taxes the rest of us pay end up helping to pay for illegal invasions, or to subsidize corporations (oil companies $49 billion +). Not to mention the corporations pay no taxes (GE, for instance). When is this robbery and villiany going to end?
riverbendviewgal
(4,251 posts)I don't think so....He should move to these other countries.
AnotherMcIntosh
(11,064 posts)As explained by the IRS:
http://www.irs.gov/publications/p514/ar02.html
26 U.S.C. § 901(b)(1) more formally provides:
http://codes.lp.findlaw.com/uscode/26/A/1/N/III/A/901/
When you get into the accrual rules and the rules affecting corporations with subsidiaries and sister corporations, as well as trust entities, there are a lot of tricks that can be played with alleged foreign tax liabilities. No one should believe that all the claimed foreign taxes have actually been paid. There are a great many foreign tax credit schemes, some of which have occasionally been shut down by the IRS. The IRS, however, is under-resourced in this area.
valerief
(53,235 posts)wordpix
(18,652 posts)DonRedwood
(4,359 posts)lonestarnot
(77,097 posts)bushisanidiot
(8,064 posts)who really does not care about u.s. workers at all. He is just looking for another feather in his cap. He has George W complex. Trying to best his dad no matter what it takes. I'd like to know if he REALLY had a good relationship with his father. They are like polar opposites. My guess is that he did not respect his dad at all, just like W.