Mitt Romney has million of dollars invested in offshore tax havens. He says having his money overseas doesn’t mean he’s avoiding U.S. taxes. Mitt Romney avoided paying his fair share. What else is he hiding?
Mitt Romney attacked 47% of Americans who pay no income tax– including veterans, elderly, the disabled. Doesn’t the President have to worry about everyone? Mitt Romney paid just 14.1% in taxes last year. He keeps millions in Bermuda and the Cayman Islands. He won’t release his tax returns before 2010. Maybe instead of attacking others on taxes. Romney should come clean on his.
Tax havens, offshore accounts, carried interest. Mitt Romney has used every trick in the book.
Romney admits that over the last two years he’s paid less than 15 percent in taxes on $43 million in income. Makes you wonder if some years he paid any taxes at all? We don’t know because Mitt Romney refuses to release anything before 2010.
What is Mitt Romney hiding?
Mitt Romney believes that a strong economy is built on outsourcing, loopholes and risky financial deals. As a corporate CEO, he shipped American jobs to places like Mexico and China. As governor, Romney outsourced state jobs to India, and now as a candidate for president he is pushing tax breaks for companies that ship jobs overseas.
Romney’s economic scheme stands in stark contrast with President Obama’s efforts to continue moving the country forward by rebuilding an economy that’s meant to last, by out-building, out-innovating and out-educating the rest of the world, and making the things the rest of the world buys by closing loopholes and providing incentives that are bringing jobs back to America.
There’s not much we’ve learned from the single tax return that Mitt Romney so generously released to the American people this week—but what we have learned is troubling.
To review: In addition to keeping significant sums of money invested in notorious offshore tax havens like the Cayman Islands and Luxembourg, Romney had $3 million in a Swiss bank account that he closed in 2010 for fear of political embarrassment. No one in the Romney camp has explained why Romney would have or need a Swiss bank account.
Yesterday, the Los Angeles Times reported that Romney never disclosed the Swiss bank account or offshore investments in the personal financial disclosure form—required by all who run for federal office—he filed in August:
“A review by the Los Angeles Times/Chicago Tribune Washington Bureau found that at least 23 funds and partnerships listed in the couple’s 2010 tax returns did not show up or were not listed in the same fashion on Romney’s most recent financial disclosure, including 11 based in low-tax foreign countries such as Bermuda, the Cayman Islands and Luxembourg.
“Many of the undisclosed funds are affiliated with Bain Capital, the Boston-based private equity firm Romney ran for 15 years. Several others are apparently unrelated offshore entities with mysterious names such as Babson 2006-1, which is based in the Cayman Islands, and Barracuda Investments, which has an address in Dublin but appears to be solely owned by Golden Gate Capital, a private equity firm based in San Francisco.”
Remember, Romney’s main excuse for why he wasn’t going to release his tax returns to the public was that his personal financial disclosure was sufficient. But when not one, not two, but at least 23 major items are conveniently missing from said personal financial disclosure, Romney’s already dubious argument is utterly shot.
Romney continues to prove his willingness to hide critical information from the American public—which should be troubling to all voters, regardless of party. How can we trust him on his word alone? We’re calling on Romney to reveal at least as many years of tax returns as his father, George Romney, did when he ran for president in 1968: 12 years. Add your name to join us in demanding basic transparency and accountability from Mitt Romney.
$3 milliion in a Swiss bank account—closed for political reasons. Millions invested in offshore funds in tax havens like the Cayman Islands. With so many questions, how can Romney release only one year of tax returns? What’s Mitt hiding? We won’t know until we see more tax returns.