Is it acceptable for the US Presidential candidate and possible future president to hide millions of dollars in off shore accounts?
Romney hiding millions in dozens of secret offshore accounts: report
By Stephen C. Webster
Wednesday, January 18, 2012
Republican presidential candidate Mitt Romney has been hesitant to disclose his tax records and personal finances, and now it might be clear why: the former Massachusetts Governor has hidden tens of millions from the U.S. Treasury in secret offshore accounts in the Cayman Islands, according to ABC News.
Offshore accounts used as so-called tax havens cost the U.S. over $100 billion a year, and are commonly utilized by the wealthiest citizens and corporations as a means of avoiding U.S. taxes on lucrative profits.
Romney, one of the wealthiest people to ever seek the presidency, said recently he pays about 15 percent of his income in taxes, insisting that he follows all applicable laws. That tax rate is actually much lower than what most Americans pay the average U.S. household can expect to pay roughly 19 percent in federal taxes each year, according to the Tax Policy Center, a Washington thinktank.
http://www.rawstory.com/rs/2012/01/18/r … ts-report/
If he hides money ,what else will he hide?
Perhaps a little research about legal off shore accounts should be a priority for some.
No offense, but I don't give 2 ***ts about Romney's money.
I care about the fact that he supports the NDAA. He's dead to me.
He won't be able to hide it once he is the nominee.
I find it very interesting that people condemn him for being successful, but would love to have his money and try all sorts of things to make more. He just did a better job than most and so far it all appears to be done legally.
He's playing the same money protection games most of the very wealthy do. It may be legal, but when it comes to preaching about turning America's money problems around, it does smack of a bit of hypocrisy in that it begs the question of whether or not he's willing to protect every American's money the way he's protected his own.
And then there's this 15% tax that he supposedly pays, which is quite a bit lower than a lot of other Americans.
The only person who seems to have much integrity when it comes to money and wealth is Warren Buffet. He's even willing to personally pay down the national debt and match other people's offers. I don't know all the parameters of his words and intentions, but it seems he's on to something that 1 percenters can do to help the average American and future generations.
15% on capital gains. What percentage was paid on those funds before they were invested? Speaking as one of the wrongly named and full of idiots 99% - in 2003(the easiest return for me to find) I paid an effective tax rate of 5.26% on $77,000 - I must be evil. If all of that money was invested I would pay an effective rate of 20.26% on the capital gains (5.26% for the funds invested plus 15% for capital gains.)
If by some surfeit of good fortune, my hard earned money produced enough wealth to incur inheritance taxes I (and my heirs) will have been taxed 3 times onthe same money.
BUT---the real question is why do you care? There isn't a limited amount of wealth out there and it is not being horded by the Warren Buffets(hypocrit that he is) and Mitt Romenys of the world. Time to throw your envy away and make your own pile.
Envy? I feel lucky to be who I am, where I am and what I have in life. I have no envy of the Romney's, Buffets, or any other high profile person. Good for you and your tax bracket. The point is we're trying to figure out in this political bullsh** who may actually be honest and have a shred of integrity. That's why the media and everyone else keeps digging up poop on all these "candidates." If the facts reported on each are accurate, then they are. And if they aren't then we need to become the wiser somehow. That's the terribly inconvenient part—what is accurate and what is not.
The same could be said about anything you write, for that matter, or me or anyone else.
So what is your complaint with Romney? That he pays his taxes? That he has money? That he is a Republican?
I have no complaint. I have skepticism for all of the candidates. I'm not convinced yet.
THAT HE'S A NEO-CON
Only watch this video if you've got the cajones. Contains graphic images.
http://www.youtube.com/watch?v=Kc5E-MnD … r_embedded
He sponsors colored revolutions around the world in the interest of the empire hegemony.
What an Upstanding American citizen. I can't wait until they get around to determining how may jobs he created at Bain. Was it created or destroyed? I forget.
Seems like a sensible thing to do when your government wants to take your money and buy 700 dollar toilet seats.
Is it mandatory that a candidate must release their tax records? If it is and you can post a link to the Law I would be very interested in this?
""Romney, one of the wealthiest people to ever seek the presidency, said recently he pays about 15 percent of his income in taxes, insisting that he follows all applicable laws""
If he is breaking any Laws then he should be punished if not then all that can be done is to change the Laws.
It is not a law it has become a custom. But then again, candidates typically release college transcripts(if they have something to be proud of) medical records ( if they don't have Peyronie's Disease or a cocaine damaged septum.) But there are some notable and recent exceptions.
Cayman Island Banks, like Swiss Banks, tend to keep customer information very private, their deposits well protected in very large sums - in excess of the FDIC maximums- and pay solid returns on investments.
Whether the Cayman offshore shelter is technically legal or not, Romney obviously gamed the system.
The core issue is that he hid money in offshore accounts so as to benefit himself -- so should he be elected president of those who play by the tax rules?
There's also an issue of these deposits being "not apparent on his financial disclosure form..."
http://abcnews.go.com/Blotter/romney-pa … xmeMYHcDto
The GOP has got to do better than Romney if it wants to win in Nov.
Much ado about nothing. Many pension plans in the U.S. are at least partially backed by offshore investments, including CalPERS, the nation's largest public pension plan. If Mitt broke the law, he should be charged. If not, and you don't like the tax code, we need to get it changed. From what I've read, most of Mitt's offshore money is in an IRA, so when he begins withdrawing it, he'll be taxed at 35%. How many of you don't use every deduction and legal tax strategy that you can? I wish Mitt could use his expertise to grow the U.S. economy as well as he grew his IRA.
I'll bet Mitt did at least pay taxes, unlike some in the Obama administration. Mitt also gave away a lot of his money.
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