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Reply #47: i dunno---waiting for more ____ to hit the fan re: Bain Capital's offshore tax haven accounts [View All]

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wordpix Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-07-11 08:00 PM
Response to Reply #28
47. i dunno---waiting for more ____ to hit the fan re: Bain Capital's offshore tax haven accounts
Edited on Wed Dec-07-11 08:03 PM by wordpix
Rich Mitt's investment tax havens offshore won't be big with the 99%-ers.

http://thinkprogress.org/politics/2011/04/12/157766/mit... /

snip:

As the Los Angeles Times reported in 2007:

Romney gained no personal tax benefit from the legal operations in Bermuda and the Cayman Islands. But aides to the Republican presidential hopeful and former colleagues acknowledged that the tax-friendly jurisdictions helped attract billions of additional investment dollars to Romneys former company, Bain Capital, and thus boosted profits for Romney and his partners.
By routing investments through shell companies set up in Bermuda or the Caymans, companies like Bain Capital allow their investors to avoid the 35 percent corporate tax rate they would have to pay in the U.S., leaving more revenues for executive compensation. Romney might have closed corporate tax loopholes in Massachusetts, but he predictably does not feel the same way about the tax laws that allowed his company to operate freely in these offshore tax havens. He recently advocated for a one-time repatriation holiday to allow corporations hiding income offshore to bring it home to America at dramatically lower tax rates, and he supports substantially lowering the corporate tax rate. more...
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