Mitt Romney stashes millions of dollars in offshore accounts, cuts business deals that funnels money to the Mormon Church and only pays 15 percent of his wealth in taxes.
No wonder he doesn’t want to release his tax returns.
As more and more details of Romney’s finances leak out, it becomes more and more obvious that the former governor of Massachusetts has a lot to hide.
ABC News is reporting Romney has at least $8 million in tax shelter accounts in the Cayman Islands.
Reuters says Romney used tax loopholes to turn large chunks of stock over the Mormon Church as part of a strategy at Bain Capitol to avoid paying more taxes.
Even with all his wealth, Romney charged 40 grand a pop to give speeches and pockets the cash.
Sources close to the Romney campaign tell Capitol Hill Blue senior aides are at odds over how to handle the explosive allegations that could derail Romney’s march to the nomination.
So, in the end, the GOP Presidential frontrunner pays only 15 percent on taxes while the average American pays far more.
The official response from Romney’s campaign? Oh, that’s OK because the candidate “follows all tax laws.” Isn’t the current tax law, with all its loopholes, anticipated to be one of the key issues of the upcoming race against President Barack Obama?
Yep. Republicans want to protect tax breaks that benefit the rich — rich people like Mitt Romney.
If Romney becomes the nominee, he could also become the focal point of a sharply-defined debate of rich vs. poor and haves vs. have-nots. Obama wants to tax the rich at higher rates and gives tax breaks to the middle class and poorer Americans. Republicans want it the other way around.
To reduce his tax burden, Romney turned over stock worth millions of dollars to the Mormon Church.
He stashed millions in tax shelters in the Caymans, a favorite hiding place for those who want to avoid taxes and protect assets.
And Romney’s lowly 15 percent tax bracks is less than half the 31 percent that former Speaker of the House Newt Gngrich — currently running second and surging in South Carolina polls — paid out in his tax returns.
The emerging details reveal that Romney does have a lot to hide and what he is hiding raises new and necessary questions about the GOP frontrunner.
Related articles
- US election 2012: Mitt Romney’s tax returns would shed light on tithes to Mormon church (telegraph.co.uk)
- Mittens and The Cayman Islands Tax Shelter (dvorak.org)
- Mitt Romney avoids U.S tax by using Offshore bank accounts (usapartisan.com)
- Mitt Romney says he ‘probably’ pays 15% in tax (direcmood.wordpress.com)
43 thoughts on “Romney has a lot to hide”
Doug,
great article.
You wanna find out who Romney is, put up a list of his campaign donors.
That’ll tell you all you need to know…real quick.
Hi Eve…
Frank Verismo was kind enough to post this data a few days ago concerning the source of candidate contributions.
Re: Open Secrets.org
https://www.opensecrets.org/pres12/contriball.php?cycle=2012%C2%A0
Carl Nemo **==
Well, my own state senator, John Kerry, came under fire when he ran for president, and this came up again this summer (from The Boston Herald)
Sen. John Kerry, who has repeatedly voted to raise taxes while in Congress, dodged a whopping six-figure state tax bill on his new multimillion-dollar yacht by mooring her in Newport, R.I.
Isabel – Kerry’s luxe, 76-foot New Zealand-built Friendship sloop with an Edwardian-style, glossy varnished teak interior, two VIP main cabins and a pilothouse fitted with a wet bar and cold wine storage – was designed by Rhode Island boat designer Ted Fontaine.
But instead of berthing the vessel in Nantucket, where the senator summers with the missus, Teresa Heinz, Isabel’s hailing port is listed as “Newport” on her stern
Could the reason be that the Ocean State repealed its Boat Sales and Use Tax back in 1993, making the tiny state to the south a haven – like the Cayman Islands, Bermuda and Nassau – for tax-skirting luxury yacht owners?
Cash-strapped Massachusetts still collects a 6.25 percent sales tax and an annual excise tax on yachts. Sources say Isabel sold for something in the neighborhood of $7 million, meaning Kerry saved approximately $437,500 in sales tax and an annual excise tax of about $70,000.
In the interest of self disclosure about my own tax situation, half of my income is taxed at the 15% capitol gains rate. My broker manages to sell off the losers at the end of each year and I still make money on investments and for two years have paid no tax.
“and I still make money on investments and for two years have paid no tax.”
And that, Hal, is exactly the problem. You are making money under the umbrella of our civilization and not paying for it.
The tax code is very badly skewed in favour of those who already have money. That your broker earns his pay as, basically, a parasite exploiting the system, is understandable, if not respectable.
Why isn’t financial property taxed like real estate property? Everyone would scream just as loudly if it were taken from them by force or fraud…
J.
Tax rates?
The highest annual property tax rate in the US is 2.89%, while the financial property (capital gains) annual tax rate is 15%.
So what are you saying Jon?
The ABC Report says Bain Capital has 138 dummy corporations set up in the Caymans to funnel money through. That’s not just using a tax loophole, that’s abusing the system.
Go figure…
https://hotair.com/archives/2012/01/19/bain-execs-contributed-more-to-democrats-than-republicans-in-last-6-years/
Corporations use “duopolists” to their advantage, leveraging the ‘most bang for the buck’ from their proferred ‘grease’. They don’t care one wit who sits in the White House as long as their ‘main man’ and ‘running dog Congressmen’ facilitate their corporate well-being.
The winds are constantly changing, but these guys now how to catch the same in the most efficacious business friendly manner whatever their tack might be.
I’ve watched a vidclip of Romney feating Obama over John McCain which I supplied to this site a few days ago. A corporate guy like Romney is always gaming the game and scamming the scam. Believe it…!
https://www.youtube.com/watch?v=jPGnJmbDq08
Take a look in his gleaming eyes, he’s successful, into himself and lesser mortals are simply meat on the hoof to be exploited.
Carl Nemo **==
Look, if you hate Romney, I don’t care… he’s not my guy either. Your problem, though, is painting with a push broom, which shows your lack of discriminability.
You’ve given us much better… but not in quite a while.
Then all I can say is, don’t read what I write, or reply to my comments if I’m causing you to such mental discomfiture.
Everyone is entitled to operate with a bucket on their heads, in order to find personal ‘comfort’ with their paradigm if they so choose. : )
Carl Nemo **==
“…if I’m causing you [to such] mental discomfiture.”
should read:
…if I’m causing you [so much] mental discomfiture.
My apologies
Carl Nemo **==
He’s is the 15% bracket because he has no “earned” income, just Capital Gains. Further, all that money is HIS, which means that until the govt can find a way to steal the rest of it he gets to do with it as he pleases… which includes giving whatever amount he wants to his church – which means that’s NOT his anymore… thus, no taxes on that.
Yeah, I know…I know Almandine, but this type of guy isn’t a man of the people. He’s living in lala land.
So too there’s nothing illegal about minimizing one’s tax bite via legal circumvention, but…?!
Why doesn’t he simply disclose his financial bonafides and move on. The guy is very ‘plastic’ and seemingly evasive in addition to being a world class ‘flip-flopper’ on all issues.
The question is: Who’s the real Mitt Romney? / : |
Does this mean he’s your main man this November? 😀
Carl Nemo **==
Great smiley face… but it doesn’t reflect my view of Romney. He’ll not get my vote.
As for the rest, I agree with Sandy. I don’t want a president who doesn’t understand how to get rich. I want someone who can make money, and more importantly, know how to keep and use it effectively… someone who doesn’t need to put us further in debt.
https://online.wsj.com/article/SB10001424052970204555904577169032997242246.html?mod=rss_opinion_main
Mr. Henninger makes a number of incorrect assumptions in his opinion piece such as the gutting and dismantling of corporations leading to the 1990’s “boom years.” The “boom years” were a result of invention going mainstream, aka the Internet, not leveraged buyouts. I think there is a reason they call that section of the WSJ Wonder Land. They must be visiting the caterpillar too long.
He also fails to mention the eventual bust of the “boom years” in 2001. So even if Bain did help cause the “boom years” it was not sustainable growth. Which does make sense as Bain is not focused on long term health, just quick profit.
The purpose of Bain was to free bound-up capital. It’s hard to follow such activity. Who knows the trickle-ahead?
They certainly freed up capital and put it in their own pockets.
It’s kind of weird talking about “capital” like it was a caged bird and not some other person’s property or livelihood.
We’ve talked before about how the short term focus of today’s corporate management teams are part of the reason our country is in such distress. Doesn’t it seem like all corporations now act like Bain Capital did in the 1980’s?
Only now the “capital” they are freeing is tied to the employees they can lay off sending the jobs overseas.
Short term profits (making for extravagant executive payouts) have the focus over long term growth, stability and investment in the community which they reside. Which is better for our country?
I don’t think there’s such a ‘political animal’ Almandine. Many if not most are lawyers on leave/sabbatical from their firms or between ambulance chasing careers turned pols since the pickings are more lucrative if elected. There’s a lot of bucks to be made being bullsh*t vendors.
“Crimpolity” is where the action lies…no?
Carl Nemo **==
p.s. a new word I just coined : )
Which puzzles me regarding your point, Doug… he gives away 100% of whatever amount the stock was worth to the church, so he could save 15% of that amount in taxes, and he is somehow perpetrating a scam via that maneuver?
We should think of the tens to possibly hundreds of millions of dollars worth of “Mormon-based” business networking it will give this guy in the “Bee Hive State” and beyond…no? / : |
The donated assets are like chump change when balanced against future returns against his ever-growing financial empire. That’s how they operate. I know so. Not to mention Woody188’s allegation that “Bain Capital” is operating 138 dummy corps to shelter them from taxes. I know…I know they “all do it”, but that’s precisely our national predicament and it needs to be shut down.
This is an example of my regularly referenced phenomenon of ‘pirate capitalism’ to the detriment of the greater good of our people and the nation.
Carl Nemo **==
Truly unbelievable.
Donations to the church have always been charity. Now, they’re business networking and pirate capitalism.
You’ve lost it Carl.
I’m with Almandine on this one. Even with my ex-Mormon status, I’m not going to condemn them for donations. Now if there is some tit for tat going on, say some transactions from the church back to Romney in some form, that is a different animal.
Exactly… show me the data.
I’m thinking both you and Woody188 might enjoy reading this link material, specifically Mormon related business interests in Las Vegas.
Re: Business Interests
https://www.excatholicsforchrist.com/articles.php?PageURL=Mormons.htm
A number of years ago 60 minutes did a special on the Mormon church’s control of gambling interests in Las Vegas of which they hold controlling interest in terms of licensing, stock in casinos, outright ownership etc.
This Mormon businessman was asked why do they involve themselves with an interprise that is frowned upon by their religion. The man’s face was pixelated to protect his identity and even his voice was altered. He said that to them it was ‘business’ and what the non-believers, seemingly gentiles did was of no concern of theirs.
I have no problem with this except the source of ever-devouring business revenues come from non taxable charitable donations which allows a church such as the Mormons to become a very powerful financial monolith of which Mitt Romney et al. are associated.
I’m for yanking tax free status from modern churches due to the fact many of them are involved in political action which is not allowed as a function of the code, but they do so anyway and pols exploit such deviation from the requirement.
So too read the “History of Las Vegas” provided by Wiki and you’ll read as to how Mormon elders faclitiated the mob’s influence in the city from 1947-63 and beyond, now that the city has been corporatized in a seemingly legitimate fashion. /:|
*****
“Behind every great fortune lies a crime”…Honore’ de Balzac
*****
Carl Nemo **==
You must be a genuinely good person Almandine from comments such as this.
Ye most not know the evil that men do in association with religion through the ages. The Catholic church is a prime example of which I once associated.
Although disavowed why does the Mormon church still tolerate polygamy in a ‘wink wink’ fashion. Yeah they round up the over the top guys on occasion and they make the news, but there still out there in great numbers practicing their cultish, sexually amenable system of alleged ‘godliness’ on earth while enjoying the pleasures of the flesh too.
Read the “Book of Mormon” and you’d think it was composed by a L. Ron Hubbard, or some other former sci-fi writer. Just think…just think if that’s possible in these challenging times for control people’s minds.
Carl Nemo **==
Every religion has its failings and failures. They are comprised of men, not Gods.
Precisely Woody188 and when you comingle religion with politics, then a truly toxic mix is created down through the ages.
That’s the only reason I questioned Romney’s gesture of ‘charity’ towards the Mormon Church when they can use those assets to further business interests including the outright ownership of the Marriott Hotel chain along with the massive networking that furthers even more business coups that lead back to what was thought to be ‘charitable’ in nature.
Btw, I do respect Mormon clannishness with them working in the manner of “busy little bees” in trying to further their interests and so too once survive in a hostile place such as Utah and the West in general, but modern era researchers need to keep things in perspective when they hear feelgood stories from the likes of Romney et al. as to how they’re handling their taxes while linking it with church related ‘charity’.
Thanks again for supplying a number of links that exposes this guy and “Bain Capital” for it was in its heyday.
Carl Nemo **==
Thanks Doug for the great photo support for this article.
Now we know why Mitt is not only smiling all the time, albeit ‘plastic in nature’; but almost on the border of laughing in our collective faces. He’s worth between an estimated 85-230 million bucks, but he’s in the 15% tax bracket. / : |
Yep, we shor need this good ol’ boy for our next preznit…no? ” : ))
Carl Nemo **==
p.s. I forgot to give him credit for handing out $60 to some plant on the ropeline this past week with her boohoo story as to how she ‘tracked’ him down, later to say she’d been working for his campaign since he came to town. Say what?
Gregg, the laws must be changed before any corruption can be removed. Even if Paul is elected his fight with the House and Senate would most certainly destroy him. The Congress has designed and developed these laws to give them as much wealth as they can take for the asking. It is our money and we seem leave it all available for their use.
I hear one lonely voice out there and her name is Elizabeth Warren. She is a rare commodity in D.C. and is totally honest and open with her opinions. I hope to learn more about her and understand how she can operate under a system so corrupt that few can understand it. She just might be that voice we all lean into to follow.
Sandy…
Yes, serious reform in politics and government are the key to the survival of a resemblance of a representative government in which there is no misunderstandings about who elected officials allegiance is owed.
Warren fully understands the financial and economic woes created by laws to protect financial, market, and insurance institutions…how they came into existence, how these laws live on as strongly as ever and play a major role in holding us all hostage to current Corpocracy.
Ms Warren has a hard row to hoe. I wish her luck…and I’m making serious consideration of offering my personal support.
Now all we need is a rocket scientist to explain to everybody why we have a seriously corrupt system of politics and government.
Is there any known human being involved in American Politics who isn’t tainted, ego driven, power hungry?
Oh, of course…we have the exception – Ron Paul. He can be excused since he is “suspected by many” of being the only honest person on the current political scene who can save us from ourselves.
Now all we need is to dig up some 20 year old ghost-written newsletters and this guy is toast!
If Ron Paul should get the nomination, he unquivocally gets my vote.
If any of this current gaggle of ‘rethug’ mattoids excluding Paul gets the nomination then I’ll vote for Obama just to ensure they don’t make it to the White House.
Mitt, Newt, Rick S., Cristie, Jeb or any other last minute popups will assuredly bring more globalist grief upon America. These people are not only substandard, but “nuts” too. Obama & Co. are doing the same, but we’ve had time to study their ‘feeding habits’, so won’t be caught off guard by newly schemed nation-destroying antics on the part of the duopolist ‘opposition’.
I’m thinking Obama & Co. are laughing their butts off at this republican sponsored ‘clown car’ entertainment, er I mean nomination process. / : |
Carl Nemo **==
What an Indictment!
One must hide his success so as not to appear UnAmerican.
In which universe did I wake up today?
A buddy of mine started a company in Ohio but registered it in Arizona to avoid state taxes. He went to great lengths to maintain that status. I also started a business in Ohio but I registered my business with Ohio and I pay all my Ohio taxes.
Would you vote for me or my friend with the PO Box in Arizona that forwards his mail back to an Ohio address?
Some times there is right and there is wrong. Yes, I could have spent the time and money to do the same thing as my friend and avoid paying taxes, but I felt it was dishonest and not worth the effort.
My friend is constantly audited because of what he has done. So if you are going to push the limits of the law, be prepared to suffer some consequences and make sure your books are totally legit.
If this was about just being rich then we have no one to vote for, because all the candidates are rich. Are riches really a mark of success?
Look at Junior Bush or Paris Hilton…I wouldn’t vote for them either, but it’s not because they are rich, but how they got there.
Check out this story for more information: Mitt Romney Wouldn’t Know a Free Market If It Bit Him on the A**.
Also an interesting Op-ed from Matt Miller at WaPo: What Mitt Romney’s father could teach him about economic fairness.
Thanks Woody188 for these two links that fairly sums up Mitt’s love affair with “pirate capitalism”. Seemingly his father, George Romney was an honorable man, while the son became infected with the cancer of our modern society; I.E., terminal greed. This guy would make “Gordon Gekko” seem like a Boy Scout. / : |
Carl Nemo **==
Doug. Every thing you listed in your commentary that we all abhor just happen to be legal in the eyes of the Congress. If we really find these laws that allow money being transfered off shore to be so horrible, we should work to change the laws and throw the lawmakers out on their arses. One of the most convoluted groups in D.C. are the Members of the Ways and Means Committee. They control the tax laws and they always have. I can never remember a single discussion here or on R.R. about that Committee.
You are right in disliking the way our candidates can hide their wealth but the only way these laws are cleaned up is to vote the law makers out of office.
We can’t even debate the laws protecting the lobbyists. Many want to outlaw the Lobbyists but allow the Congress members to change their votes according to the money they receive. The criminals are the elected Congress members!!! We can’t seem to get the difference between right versus wrong. The laws continue to protect wrong actions and then we sit around and whine for years on end.
Thank you for the link Steve, I have been unable to access it but it would not change my point of view.
I do not want a Main Street President! I want an expert on the U.S. Constitution will a full understanding of the meaning of individual rights for all Americans.
America is divided much more than by political agendas. Just watching the South Carolina Main Street voters and seeing how they vote, would destroy America if not immediately but within the time period of a single Presidential term.
This election of 2012 is for the purpose of voting for Jesus Christ. That is supposed to clean out sins and legislate against women and gays. For the first time in American History, a litmus test has taken over the Republican Debates.
The facts that Speaker Gingrich has used and abused his power in Congress is the flag behind the ultra Evangelical movement from many of these early states and has set the standard for the rest of the nation. They want a man who understands the corruption that he helped grow and that he would therefore work for all Christians in the GOP.
It stuns me that anyone would choose a Machiavelli for the highest leader in America because God has issued the order to do so.
Let’s face it; the Main Street American voters would insist that all wealth must be redistributed right after they control the votes against minorities. Main Street Americans are not educated enough to see through the fight against the study of evolution. Our schools and neighborhoods would return to be segregated by race and then segregated by sexual orientations. Muslim Americans might even end up wearing the Allah crest on their chests just as the Jews wore their Star of David.
I want a leader who is above all this garbage that has ended up in the neighborhoods all over America.
So far, the Republicans have their perfect leader with the exception of Dr. Ron Paul. But even he is waffling against individual rights so that leaves only President Obama and that will be the first vote for a Democrat I will have even made.
Romney will either be the nominee despite all this because as polls will show, he is the only current candidate who stands a chance to beat Obama, or there will be a brokered convention and Cristie will be nominated. I don’t think Jeb Bush will poll well against Obama simply because of the name and the historic precedent of having a third Bush in the White House.
If he wins he will be in the obesity league with Taft who weighed 335-340 pounds when he left the White House. Taft was about 5′ 11.5″ and Cristie is said to be 5′ 11″.
If anything his weight will be a plus as I think, along with his personality and candor about struggling to loose weight, he will be far more down to earth than any of the current crop of Republicans. He comes across as just plain likable whether you agree with his positions or not.
He also will hold his own in a debate with Obama, and may win points simply because Obama, though he’s working on it, can come across as professorial and condescending.
Here is an interesting article showing the financial situation of four of the five remaining Republican primary candidates including Mr. Romney, Mr. Santorum, Mr. Paul and Mr. Gingrich, what assets and debts they hold and details about where they derive their income:
https://viableopposition.blogspot.com/2012/01/republican-primary-candidates-they.html
As you can quickly see, they definitely don’t live on the Main Street side of the tracks no matter how much they pretend to understand the plight of everyday Americans.
Comments are closed.