August 24, 2012 05:43 PM UTC

Romney heads to Tampa but his money stays in the Cayman Islands avoiding U.S. income taxes

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• by: Republican 36

It now turns out Gov. Romney has been avoiding U.S. income taxes by investing through Bain in offshore accounts utilizing what are known as “blocker” entities which are specifically set-up to avoid paying income taxes.

http://news.yahoo.com/bain-doc…

The Romney campaign asserts the tax consequences would be the same if his money was domiciled domestically but that’s hard to believe because the specific purpose of the “blocker” eintities is to avoid paying U.S. income taxes.

He also has amassed a huge sum in his IRA, somewhere between $20.7 million and $101 million, far more money than an American can deposit in our IRA’s and all tax free, because he utilized “blocker” erntities in the Cayman Islands. Ther isn’t any way the Romney campaign can claim his IRA holding would be treated as tax free if the money was domesticated onshore here in the U.S. More importantly, if my memory is correct, American citizens have to pay taxes on their IRA funds as they withdraw funds from them after they retire.

No wonder Romney is prepared to go along with the Ryan budget on programs like Medicare, he simply doesn’t have the same concerns as average Americans and can’t fathom what each one of us is facing.

Its time for Mr. Romney to release his tax returns. We need to know who and what we are dealing with.