Taxes? What taxes? It can now be reported that Republican presidential hopeful Mitt Romney has millions of dollars in investment funds established in the tax haven that is the Cayman Islands.
A member of Romney’s camp says the GOP candidate follows all tax laws and claims he would pay the same amount of money in taxes regardless of where the funds are stashed.
It seems that, with the Republican race now firing on all cylinders, privacy will be hard to come by, and people want answers when it comes to Romney’s offshore investments as well as his ability to pay a lower tax rate on them.
“His personal finances are a poster child of what’s wrong with the American tax system,” said Jack Blum, a Washington lawyer who also happens to be an authority on tax enforcement and offshore banking, according to ABC News.
Earlier this week, Romney revealed that he’s been paying a much lower percentage in taxes than most Americans, approximately 15 percent of his annual earnings.
“I can tell you we follow the tax laws,” he said recently. “And if there’s an opportunity to save taxes, we like anybody else in this country will follow that opportunity.”
In addition to paying lower taxes on his investments, Romney also has close to $8 million invested in at least a dozen funds listed on a Cayman Islands registry. Another investment, which Romney says is worth $5 to $25 million, shows on securities records as having been housed in the Caymans as well.
Official documents reveal that Bain Capital, the private equity partnership Romney once headed up, has established approximately 138 secretive offshore funds in the Caymans.
More in the video below.
- Romney Wealth Stashed In Cayman Island Tax Havens (alan.com)
- “ABC is flat wrong. The Romneys’ investments in funds established in the Cayman Islands are…” (shortformblog.tumblr.com)
- Why Can’t Romney Just Say It? “I’m Really Rich (and You’re Not)” (nutzynews.wordpress.com)