Class warfare 101 as expressed by the main stream media. As someone who has actually owned an offshore bank account, I’m offended by the biased attack tossed at Gov. Mitt Romney concerning his own bank accounts in the Cayman Islands. (That is what it is all about right … being offended.) ABC News followed the normal attack line: rich people hide money in offshore accounts to reduce their tax burden and screw the Treasury.
Never mind their article is pure hogwash. The headline reads Romney Parks Millions in Cayman Islands, and that’s all most liberals and class-warfare clones will read right? The headline sets the tone and reinforces the narrative. Done deal. Not so fast … read on.
Although it is not apparent on his financial disclosure form, Mitt Romney has millions of dollars of his personal wealth in investment funds set up in the Cayman Islands, a notorious Caribbean tax haven.
A spokesperson for the Romney campaign says Romney follows all tax laws and he would pay the same in taxes regardless of where the funds are based.
It’s not apparent? He’s hiding it! And of course a spokesperson for Romney will say he follows the law!
“His personal finances are a poster child of what’s wrong with the American tax system,” said Jack Blum, a Washington lawyer who is an authority on tax enforcement and offshore banking.
Ahhh … an expert! Who points out the tax system is screwed up … and therefore Romney is screwed up because he follows the law.
On Tuesday, Romney disclosed that he has been paying a far lower percentage in taxes than most Americans, around 15 percent of his annual earnings.
Oh. My. God! Why is he paying a “far lower percentage” than most Americans? That rich bastard thief! Of course, nowhere in the article does Matthew Mosk, Brian Ross (surprise!) or Megan Chuchmach mention Romney paid the full rate at the time he first earned that money, that either equaled or exceeded the rate other Americans pay.
It’s the law, everyone pays 15 percent on capital gains. But that’s not fitting the narrative for ABC mouthpieces Mosk, Ross and Chuchmach, so they make up the following line.
In addition to paying the lower tax rate on his investment income…
Paying the lower rate? There is only one rate for investment income, and it’s 15 percent … exactly what Romney is paying. Liars … bull shit artists… Don’t trust any of them. These tax vehicles are created by Washington, D.C. insiders simply because we give them the power to do so. Then, when those Americans follow the law and pay their fair share – as completely and totally defined by the federal government – those same politicians who make the rules attack not only politician on the other side, but private citizens as well.
Romney campaign officials and those at Bain Capital tell ABC News that the purpose of setting up those accounts in the Cayman Islands is to help attract money from foreign investors, and that the accounts provide no tax advantage to American investors like Romney. Romney, the campaign said, has paid all U.S. taxes on income derived from those investments. …
Tax experts agree that Romney remains subject to American taxes.
So why even write the damn story?
Take back the power from the federal government. They are screwing everything up.