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    Romney Keeps Millions in the Cayman Islands

    Romney Keeps Millions in the Cayman Islands

    Mitt Romney keeps millions of dollars in funds based in the Cayman Islands, a notorious tax shelter, reports ABC News, and while they don't think he's ducking U.S. taxes, the story is another reminder than the guy is very rich. ABC News's team reports Romney invested up to $8 million in funds listed in the Caymans and may have between $5 and $25 million more there in another account. Romney's campaign says none of that money goes untaxed by the American government, and ABC News doesn't really contest that claim, so no one's saying he's doing anything illegal. But the chief point seems to be that this won't look great for Romney because people generally set up funds in the low-tax Caymans to help other people avoid American taxes. They quote Rebecca J. Wilkins of Citizens for Tax Justice:

    "It helps U.S. investors avoid U.S. tax," said Wilkins, "it helps foreign investors avoid taxes in their home country, so it's not illegal or improper to set those funds up in a foreign jurisdiction, but it makes it more attractive to investors because it helps them avoid paying taxes on that income."

    As with debates over layoffs at Bain and paying 15 percent on your taxes, this feels like another issue where Romney made the same understandable decisions as a business leader and wealthy individual that don't look good when you're running for president while millions of people are unemployed.

     

    61 comments

    • marlene  •  Canton, Michigan  •  1 mth 7 days ago
      Romney is nothing but a tax-dodger. Very unpatriotic.
    • CC  •  4 mths ago
      What I want to know is why does Romney think the $375,000 he made in speaking engagements "not very much money?"
      • william 4 mths ago
        His desert at dinner costs more than that you low life middle class lackey.
      • CC 1 mth 7 days ago
        @William, Yes, that about says it all... Romney and his buddies think the middle class are just a bunch of "low life middle class lackies." When you republicans do the post-mortum on why Romney loses the election, remember that.
    • william  •  Mendota, Illinois  •  4 mths ago
      Mitt Romney's real first name is WILLARD kind of reminds me of the RAT he is.
      • divad41 4 mths ago
        articulate, concise, thoughtful discourse
    • Caffe`_addict  •  4 mths ago
      Men, as this thing drags on, more skeletons jump out from the closet.
      • Matthew 4 mths ago
        is it a skeleton if he isn't breaking any laws? Read the story.
      • Gerald Ragain 4 mths ago
        Yes it is. Having an affair for 14 years as Gingrich did is not against the law but is definetly a skeleton that COULD hurt him the same applies here. It is not against the law to keep money in the Caymans but if the reason is to avoid paying taxes then it doesn't look good. You will notice that the Romney spokesman say all taxes owed were paid. Not that they actually paid any taxes on it.
      • bareness 8 4 mths ago
        So true Gerald, unfortunately some people just to understand that.
    • jp  •  Hicksville, New York  •  4 mths ago
      bring it out and distribute to the homeless shelters here. He should be put in jail for hiding income and taxes from USA.
      • Roberto 4 mths ago
        And what laws is he breaking? Trust me if this was illegal you would be hearing about it. Dem propaganda machine at work
      • william 4 mths ago
        Boo Hooo, our guy is being held to the same standard we set for the Dems. Wheres your Birth Certificate and Collage transcripts you whinney Republi'CONS? Obama shows his tax records where are yours?
    • reality guy  •  4 mths ago
      Invest in American(s)? Not MItt the Ripper. What else is this slick-looking-slick hiding?
      • Matthew 4 mths ago
        He's not hiding it. Read the article.
    • brian b  •  4 mths ago
      Mafia bosses and those accused of RICO Statute violations also keep their money in the Caymans.
    • Jerry  •  Denver, Colorado  •  4 mths ago
      Romney a GOP poster boy
    • MikeY  •  4 mths ago
      Don't tell me these clowns are the best the Republican party has to offer? Seriously? I used to think a half wit with no formal education could beat Obama but these goof balls can't even make it up to that low standard..... Cam we PLEASE find an adult to run....please?
    • Jesse  •  Mt Morris, Michigan  •  4 mths ago
      Hiding money to keep from paying taxes, cheating on your wife, ponzz ? what next ???????
    • brian b  •  4 mths ago
      Get the fork on the table because the Romney Bird is almost finished.
    • Boheme  •  4 mths ago
      Honesty in business, as conservatives understand it: grab everything you can, lie your #$%$ off about it, let the country go to hell.
    • Matthew  •  Salt Lake City, Utah  •  4 mths ago
      Read the article, Romney hasn't broken any laws OR not paid taxes. The dishonest headline is just there to influence the uneducated--or those that won't read the article. Media bias.
    • Roberto  •  Phoenix, Arizona  •  4 mths ago
      So what! And what laws is he breaking??
    • James-5  •  4 mths ago
      you are gentiles--I'm a mormon--I can lie to you and it is not a sin--you are stupid --we are smart --
    • J-Dawg  •  4 mths ago
      Why is it when Ron Paul says he didn't write those racist newsletters 20 years ago, the media chastises and doesn't believe him, and then accuses him and writes him off as a racist; but when Romney claims he paid taxes of millions he parked in the Cayman Islands, the medias position is that they "don't think he's ducking U.S. taxes"?!? The IRS needs to audit this fool. In the meantime, RON PAUL 2012!!!
    • Enlightened  •  4 mths ago
      He pays his taxes and does follow the tax laws. Who cares about where his money is....he worked for it and earned it. I'm more concerned about where my money is going now and if I'll have a job tomorrow. My children will be paying for the deficit we're in now and they are still young. No one had a problem with Obama being good friends with a known terrorist sympathizer. No one had problems with Obama going to a church with a racist preacher. No one had a problem with him appointing cabinet members that had evaded and not paid taxes in years. The media doesn't talk about that, but boy do they attack anyone about anything if there is any chance that Obama may not get re-elected.
    • richard  •  4 mths ago
      The GOP better bring in the second string Opra and Gerry Springer
    • Bret  •  Houston, Texas  •  4 mths ago
      Almost every US senator and congressman has bribe money there. That is why all of our jobs are gone. If they take a bribe from an American company, it has to answer to congress at the whim of the party in power. A foreign company can tell them to pound sand.
    • Scott  •  Salt Lake City, Utah  •  4 mths ago
      well we wont know one way or another till he releases his tax returns now will we.
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