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Wednesday, January 18, 2012

2012 A Lot of Mitt Romney's Money Is in Offshore Tax Havens

Posted by Paul Constant on Wed, Jan 18, 2012 at 2:18 PM

ABC News is going to do a report about this tonight, so expect this to show up at the Republican debate tomorrow night.

Although it is not apparent on his financial disclosure form, Mitt Romney has millions of dollars of his personal wealth in investment funds set up in the Cayman Islands, a notorious Caribbean tax haven.

A spokesperson for the Romney campaign says Romney follows all tax laws and he would pay the same in taxes regardless of where the funds are based.

Romney has been running for president for the last, oh, 6 or 7 years. How did it not occur to him at any point during that time to pull his money from international tax havens? This is a tremendous weakness for Romney: Picture President Obama promising in a debate to lock down loopholes that allow corporations to get away with stashing their money overseas and then, as if in an afterthought, gently pointing out that Mitt Romney benefitted from those same loopholes. That could be devastating for Willard.

Comments (17) RSS

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"I find it hard to believe the average American doesn't have an account in the Caymans for tax purposes. I mean, that's first year economics at any Ivy League school, John."

Posted by Knat on January 18, 2012 at 2:40 PM

And so this hurts Romney how?

Posted by Phoebe in Wallingford on January 18, 2012 at 2:46 PM

I think it's funny that the Republicans got their panties in a bunch for YEARS about whether Obama was actually born in the United States or not, which in the grand scheme of things doesn't really matter at all, but now they're about to nominate a candidate who isn't really an American TODAY. Which does matter.

PAY YOUR MOTHERFUCKING TAXES, ROMNEY.

Posted by Fnarf

on January 18, 2012 at 2:52 PM

@2 - the Obama campaign will be happy to show you how, over the next few months.

Posted by shabadoo on January 18, 2012 at 3:02 PM

I too am puzzled as to how Romney could make such an error. Him, maybe, but his coterie of advisers? This is Political Optics 101- by all means be rich, but don't make it obvious that you do so at the expense of this country.

Unless...

"President Obama's European-style welfare state and economics of envy have forced me and other hardworking Americans to protect our money overseas, where he can't touch it," said the presidential hopeful to thunderous applause at the final debate before Tuesday's election. Polls now show Romney with a 6 point lead over the President. -AP 11/2/2012

I jest, of course.

Posted by Xenos on January 18, 2012 at 3:02 PM

"How did it not occur to him at any point during that time to pull his money from international tax havens?"

Because this is not unAmerican to Republicans? God. Starving the beast is a person's GOD-GIVEN DUTY.

Posted by how is this not a point of pride? on January 18, 2012 at 3:24 PM

He's an entitled snot, why do the little people have a say in what he does with his millions?

Posted by Karlheinz Arschbomber

on January 18, 2012 at 3:25 PM

@4: The point is that these unsavory business dealings rarely rise to swing the minds of voters on election day, if the incumbent is hasn’t met the test for the top issues.

Posted by Phoebe in Wallingford on January 18, 2012 at 3:26 PM

Can't we *please* let him get the nomination before we puncture him? This is like shooting the bank clerk before he opens the safe.

Posted by stinky on January 18, 2012 at 4:00 PM

I do not get the logic. Given that government made it legal to move money there, is it not a sign of intelligence to pursue the most optimal strategy for maximizing your finances?

For example, will any of you do gooders take whatever is left in your bank account on 15 April and send it to the government as voluntary tax? How many of you will match Warren Buffets dollar for dollar deficit reduction offer?

Posted by Supreme Ruler Of The Universe

on January 18, 2012 at 4:16 PM

I don't really care where he puts his money. But it's hilarious to me that his defense is a patent bullshit, barefaced lie: "Romney . . . would pay the same in taxes regardless of where the funds are based." It's just that it's so unFAIR for his assets not to be able to enjoy the beach during those hard New England winters.

Posted by the idiot formerly known as kk on January 18, 2012 at 4:26 PM

@10: It's legal for Larry Flynt to publish Hustler. It doesn't mean I want him to be my President. You really are losing it.

Posted by the idiot formerly known as kk on January 18, 2012 at 4:27 PM

Phoebe & SROTU, these offshore accounts, while perfectly legal, I'm sure, make it just that much easier to paint Willard Romney as an out-of-touch blue blood elistist who pays less in taxes than Joe the Plumber.

It's not The Politics of Envy every time - sometimes rich people actually are assholes who were born on 3rd base and think they hit a home run.

Posted by Max Solomon on January 18, 2012 at 4:31 PM

Problem is most 'Murkins, even IF they could find the Cayman Islands on a map, would probably just assume it's another U.S. possession, like Guam or Puerto Rico...

Posted by COMTE

on January 18, 2012 at 6:44 PM

@13: As I recall, trying to portray John Kerry in 2004 as an out-of-touch elitist because he parks his yacht in Rhode Island (instead of his home state of MA) to save on taxes didn’t help Republicans that much in 2004 to avoid a very close election. And John and Teresa are wealthier than Romney.

Posted by Phoebe in Wallingford on January 18, 2012 at 8:22 PM