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Romney’s offshore accounts draw scrutiny
Romney’s offshore accounts draw scrutiny
By Steve Benen
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.
But that’s not the only thing Romney’s returns might show. Reuters’ Sam Youngman reported on a related issue:
Greg Sargent followed up with Berman, who added this may help explain Romney’s intention to maybe release one year’s returns, but keep previous years secret.
It’s worth clarifying that no one has accused Romney of doing anything illegal. Plenty of very wealthy Americans take advantage of offshore strategies. That’s not a crime.
- more -
http://www.washingtonmonthly.com/political-animal/2012_01/romneys_offshore_accounts_draw034846.php
By Steve Benen
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.
But that’s not the only thing Romney’s returns might show. Reuters’ Sam Youngman reported on a related issue:
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.
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.
Greg Sargent followed up with Berman, who added this may help explain Romney’s intention to maybe release one year’s returns, but keep previous years secret.
“It is interesting that he is offering to release tax returns that have not yet been filed — he may have anticipated this and done some restructuring of his investments in time for them to be reported on the 2011 return,” Berman said.
“The fact of participating in certain offshore structures would have to be disclosed,” Berman continued. “And it could be that he’s disinclined to release past returns because they very well may disclose that he participated in offshore investment structures.”
“The fact of participating in certain offshore structures would have to be disclosed,” Berman continued. “And it could be that he’s disinclined to release past returns because they very well may disclose that he participated in offshore investment structures.”
It’s worth clarifying that no one has accused Romney of doing anything illegal. Plenty of very wealthy Americans take advantage of offshore strategies. That’s not a crime.
- more -
http://www.washingtonmonthly.com/political-animal/2012_01/romneys_offshore_accounts_draw034846.php
Breaking: Santorum certified as winner in Iowa
http://www.dailykos.com/story/2012/01/19/1056224/-Breaking:-Santorum-certified-as-winner-in-Iowa
6 replies
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