WASHINGTON -- Mitt Romney might repatriate his vast overseas holdings if he is elected president, the GOP candidate said in an interview with Parade magazine.
The family-friendly periodical asked readers what questions the Romneys should be asked during the interview, which led to the question on Romney's offshore funds.
"There were a number of questions about your financial wealth," Parade noted. "New Jersey resident Harry H. asked if you would make this pledge: If elected, do you promise to bank in the United States?"
Romney first replied by claiming that the decision was out of his hands. "My investments have been managed for almost the last 10 years by a blind trust. A trustee decides where to put our money. If I'm president, my understanding is the same principle applies, that I may not direct any of my investments. I can't tell you what my investments might be because I won't make them," he said. "But I'm happy to have every investment in the United States."
Romney, of course, had significant offshore investments for many years prior to handing the decision-making to a trustee. The private equity firm he founded, Bain Capital, set up a host of offshore companies to help foreign companies avoid U.S. taxes, as Romney told to National Review.
Over the last decade, Romney has paid an unusually high amount of foreign taxes, even for an investor as wealthy as he is, and he has been able to substantially reduce his U.S. tax bill as a result.
Romney may have earned as much as $25 million in foreign investment income while serving as governor of Massachusetts and campaigning for president.
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Posted: 08/25/2012 3:30 pm Updated: 08/25/2012 3:36 pm