2011 Tax to 2015 Tax

Free Tax Filing Options – File Federal Tax Return

Romney Has Investments Funds In Cayman Islands

Posted on | January 20, 2012 | Comments Off

Romney Has Big Stash in Cayman Islands

It might not be immediately obvious, but Mitt Romney has millions of his fortune in investments funds in the Cayman islands, an infamous tax refuge.

A representative for Romney says he obeys the law, and that he pays the normal taxes despite where his money is.

As Republican nominations get closer, Romney is finding it harder to keep the secrets about his wealth under wraps.

Jack Blum, a lawyer from Washington thinks Romeny’s financial situation is a disgrace to the United States tax system.

Romney recently let out that he has been paying only 15% in taxes, much less than most of us. He stated privacy as the reason for wanting to keep this information separate, but all potential presidential candidates have to expect people to look into their financial affairs.

Romney is not hurting for money. His fortune is estimated at 250 million, and he pays lower income taxes on his investments in the Cayman Islands.

Blum says channeling money through offshore accounts lets investors avoid many small fees and traps that they would pay if the same money was on US soil. The primary reason for having funds in that location is avoiding taxes.

It may not be illegal, but it looks bad to some people, and the tax havens like the Cayman Islands cause the US government to lose out on $100 billion in revenue every year. Considering his timing, Romney may be wishing his investment funds were somewhere else less suspicious right now.


VN:F [1.9.22_1171]
Rating: 10.0/10 (1 vote cast)
VN:F [1.9.22_1171]
Rating: +1 (from 1 vote)
Romney Has Investments Funds In Cayman Islands, 10.0 out of 10 based on 1 rating
Romney Has Investments Funds In Cayman Islands by

Related Posts:

Comments

Comments are closed.

Approved TurboTax Affiliate site. TurboTax and TurboTax Online, among others are registered trademarks and/or service marks of Intuit, Inc. in the United States and other countries. Other parties’ trademarks or service marks are the property of the respective owners.
TurboTax