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

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.…

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.  

4 Community Comments, Facebook Comments

  1. madmike says:

    President Obama had to endure the humiliation of releasing his birth certificate to prove that he didn’t have anything to hide.  But Romney doesn’t feel the need to release his tax returns.  There can only be one reason.  He knows what’s in them would kill his election chances.

  2. MADCO says:

    Don’t wanna talk about….

    … postmortem forced religious conversion, release the returns.

    … lying for the lord, release the returns

    …invasion plans for Iran, release the returns

    …. impersonating police, release the returns

    … eliminating Medicare,  raising taxes on the middle class,  and eliminating the estate tax,   release the returns

    They must cross the bright shining path line of electability

    • Diogenesdemar says:

      sent you a reply yesterday.  Hope you got it.

      . . . Oh, and just to remain topical — neither I nor and of my money have yet visited in the Caymans.  Some day . . . I hear the diving’s very good.

      Forget your birth certificate Willard . . . this American wants to see him some tax returns.

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