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Mitt Romney set up shell companies in the Cayman Islands and Bermuda to avoid U.S. taxes

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Pirate Smile Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-07-11 10:43 AM
Original message
Mitt Romney set up shell companies in the Cayman Islands and Bermuda to avoid U.S. taxes
Edited on Mon Nov-07-11 10:56 AM by Pirate Smile
Think Progress - You Dont Know Mitt: 99 Facts About Mitt Romney:

4. Mitt Romney set up shell companies in the Cayman Islands and Bermuda to avoid U.S. taxes


http://thinkprogress.org/romney-facts/#fact-4

Island tax havens factor into Romney's business success
Offshore dealings like those of the Republican presidential candidate trouble many, but they're legal.


BOSTON Second of two parts

-- While in private business, Mitt Romney utilized shell companies in two offshore tax havens to help eligible investors avoid paying U.S. taxes, federal and state records show.

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 Romney's former company, Bain Capital, and thus boosted profits for Romney and his partners.

Romney has based his White House bid, in part, on the skills he learned as co-founder and chief of Bain Capital, one of the nation's most successful private equity groups. His campaign cites his record while governor of Massachusetts of closing state tax loopholes; his involvement with foreign tax havens had not previously come to light.

In the Cayman Islands, Romney was listed as a general partner and personally invested in BCIP Associates III Cayman, a private equity fund that is registered at a post office box on Grand Cayman Island and that indirectly buys equity in U.S. companies. The arrangement shields foreign investors from U.S. taxes they would pay for investing in U.S. companies.

http://www.latimes.com/business/la-na-mittoffshore17dec...


edit to add #1:

1. As head of the investment company Bain Capital, Mitt Romney laid off thousands of workers.

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CanonRay Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-07-11 10:52 AM
Response to Original message
1. Perfectly legal, nothing to see here folks, move along...
One set of rules for them, another set for us.
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Festivito Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-07-11 07:31 PM
Response to Reply #1
5. Absolutely. Thus, government borrows more and then claims we cannot afford Social Security payments.
Hey, works for him.
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Kahuna Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-07-11 10:52 AM
Response to Original message
2. Romney is the poster boy for the 1%, and Team Obama plans to
run with that. :patriot:
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uponit7771 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-08-11 11:42 AM
Response to Reply #2
9. +1
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aint_no_life_nowhere Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-07-11 11:04 AM
Response to Original message
3. I wish the media were doing their job
Romney's having a lot of trouble sealing the deal as it is. A major scandal could throw the Republican party into complete disarray, without a candidate.
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Pirate Smile Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-07-11 11:17 AM
Response to Reply #3
4. Thankfully, Think Progress is doing their job.
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cstanleytech Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-08-11 11:55 AM
Response to Reply #3
10. Ya, you would think groups like Anonymous or wikileaks would have found something like say
a link proving that the Murdoch say was spying on peoples cellphones here in the US as well at the request of the RNC and or the Bush administration or even something like evidence proving that Bush did knowingly lie about WMDs in Iraq and thus is guilty of manslaughter for the death of thousands of US soldiers as well as civilians in Iraq.
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Tarheel_Dem Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-07-11 11:31 PM
Response to Original message
6. K & R
:kick:
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Skittles Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-07-11 11:46 PM
Response to Original message
7. what does Mormonism say about being an Offshore Whore?
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uponit7771 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-08-11 11:42 AM
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8. Romneys done, he's toast....if DNC can't win off of this thin we're in a bad way
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