Offshore Tax Shelters Factor Into Romney's Business Success

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.

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Comments

[willfarnaby]

What a sick joke The World's #1 Rogue State has become!

This is what slaves get for allowing right wing gangsters to rule over them.

Follow this link to see how a civilized country operates:

http://www.thestar.com/News/Ideas/article/285962

(Yes, yes, Ameristan is still "#1 for business"... in the same way that a crack whore is "available" for sexual exploitation.)

[thebeerdoctor]

It is hard to imagine the kind of contradictions that Mill must reconcile within himself, every morning when he prepares to put on his game face.

[drkazmd65]

Well of course he used offshore tax shelters to save money on paying his taxes. He would have made a terrible Private Equity fund manager if he didn't use them.

BUT the fact that Mitt didn't disclose this information is just another nail in the coffin of why he shouldn't be our next President.

If he is rich, filthy rich, and used the tax codes to cheat his country out of much needed revenue - then he is obviously NOT what we need for a leader in a time of Fiscal stress.

[bythePeopleforthePeople]

Greed is destroying America...corporate america has no social conscience..and neither does our gvt
Just look at the sad state of affairs in New Orleans....so many homeless. Everything our fathers and grandfathers fought and died for all over the globe has been taken from us. Justice, humanity, equality, these words mean nothing to the corporate elite , this great nation is being torn apart for the benefit of the few...........GREED

[BeamMeUpScotty]

"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."

What Romney doesn't want you to know is when he bought out companies (AmPad/SCM), he cut costs (his future millions in profits) by laying off employees, trashing their benefits and only offering to rehire them at reduced wages. Then, when the company was a mere ghost of its former self and ready for bankruptcy, he sold it, taking millions of dollars with him.

Greed is at the heart of Mitt Romney. He hates the backbone of this country - the hard working Middle Class. He is worth an estimated $250 million dollars because he gutted companies and threw workers out on the street.

[mommadona]

He tried to pull off the Mr. Rogers Neighborhood act, and comes off as The Firm.

He and Jeb of the Bush of 41 are BFFs.

Jebster's hookin' up as soon as Romney lands the 'big fish'.

[nomoredead]

All offshore shelters should be illegal. Why wouldn't you be patriotic and pay your fair share to show your love of this country. Love it or leave it.

[VOTER]

Hey, Mittens

It is time for the REAL SPOTLIGHT!

Truth telling to the voters. Guarantee you will not

enjoy it. $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

[ohiomark]

Guess who else has off shore accounts? Bill and Hillary.

Guess what will happen if a Democrat wins the White House? You guessed it. Alot more rich people will get off shore accounts to avoid the tax increases that will follow. The result: less tax revenue for the government and less money infused into the economy.

When will you Libs realize that tax CUTS are better for the government and the economy?

The answer: Never. You just want to punish the rich.

Liberalism should NEVER be judged on it's results, just it's intentions.

[TXfemmom]

His number one skill was to screw the U. S. government out of taxes...FOR RICH PEOPLE.

Grat qualification there Mitt.

[Troubledwawa]

Mitt...

Just pay your taxes...

K?

[dr4Will]

Oh,the great Mormon would never do unethical things--big phoney wimp!!

[BushSunkOurShip]

How many states is Bush giving our army base's land to private (war contractors like blackwater) corporations so their can built "BEHIND PRIVATE FENCED IN LAND" (of course Bush spys on our every word or action of American citizens & it fine) their private military bases or concentration camps)
Use of military land rasises taxing issue, but construction will go on.
War contractors have not received & stolen enough $billions of dollars of out tax money & can't afford to pay taxes to this nation.
Developers have broken ground Monday on a massive office park on Army land at Sberdeen proving Ground, despite state official's concerns about lost property-tax revenues.
Opus East LLC wil start construction on the government and technology enterprise project, a 200-acre (sounds like a Blackwater interprise) office and research park just inside APG's fence and aimed at the defense contractors who work closely with the military.
"We Think we're building the preeminent business park for this kind of user, and we do have the advantage of being behind the fence," said vice president and general manager of Rockville-based Opus East.
Instead of paying rent for the land, Opus will build and maintain its own facilities and roads(are we really suppose to give them our tax money for their private road in interstructor), as well as other infrastructure improvements or building projects requested by the Army, brody said.
At Fort meade, a similar situations exists, Developer Trammell Crowe is negotiating with the Army officials to build office space on base property.
Anne Arundel officials also concerned about Trammell Crowe not paying taxes. That contract is still in negotiationsm fort officials said.
While it may seem as thought the negotiations between the developer and Fort Mead is taking longer than expected, it is also important to understand the importance of making sure the terms and conditions of this 50-year lease (sounds like its ownership to me are mutually beneficial for Trammel Crowe and the United States Army.
Looks like Bush's private mercenary army in place for his takeover.

[rh654]

What is important is - was the tax shelter illegal or legal?

[helonias]

So where in the book of Mormon does this fit in.

Mort?