Romney “parks millions” in offshore Cayman Island accounts – So what?

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.

21 replies
  1. gillie28
    gillie28 says:

    Exactly, Steve: who cares?? Warren Buffett pays 11% according to the Time magazine I just read.? If he’s legal, frankly don’t think it’s anyone else’s business and think he should have just said that forcefully.? Good grief.? No wonder decent people don’t want to run for office anymore.

  2. Plainvillian
    Plainvillian says:

    The Federal tax code is, and has been for decades, the most obscene and convoluted instrument of government oppression of most and benefits for a few.? It has always been covert crony capitalism.? A flat tax is equitable and therefore will never be championed by any Democrat. ?

  3. Dimsdale
    Dimsdale says:

    How does that differ from the Kennedy’s having their family fortune in protected trusts or claiming that, at Rose Kennedy death, that she lived in estate tax free Florida, even though she lived in Massachusetts for a decade prior to her demise?

  4. Lynn
    Lynn says:

    Ok, I can be serious sometimes. To your question ,”why write the story?” We are victims of 24 hour news. The more sensational news the better, even Fox falls victim. I have come to the conclusion that all MSM have no writers with even an inkling of an idea about finance, budgets or taxes.? Plug time here, they need to hire some and have shows like Cavuto, Fox? Business, and my favorite “The Five”. Eric Bolling is cute and knows finance. Even the women with the brains of a newt (HA) could learn from him.

  5. NH-Jim
    NH-Jim says:

    Meanwhile, President Obama has a $BILLION$ in campaign contributions from where???? Mostly financial institutions, law-lobby, outside the USA???
    All this money and he has never had a real job?
    ?
    Hmmm, pay no attention to the man behind the curtain!

  6. sammy22
    sammy22 says:

    Methinks that if there was a whiff that Pres. Obama “parked” money (his) in the Caymans there would be an uproar on this blog!

    • Lynn
      Lynn says:

      No he is free to invest his well earned money anywhere he wants. However, his? & Michele’s over the top spending on vacations, extra jets, lavish resorts on OUR dime, when the nation has an unemployment rate of 8.5% is what I roar about.?

    • Dimsdale
      Dimsdale says:

      Only if it was stashed away with his “real” birth certificate and all his college records!? LOL!? 😉

  7. sammy22
    sammy22 says:

    Quite right, Lynn. One can invest one’s well earned money where ever one wants, as long as one declares where it is and pays accordingly. Check the bottom of Schedule B of the 1040 Form.

  8. Lynn
    Lynn says:

    Didn’t know there was any question that Romney did not pay his fair share of taxes. Is there?
    This gives me an opportunity that Obama paid 25% of income for his income taxes while Gingrich paid 33%.? That was on The Five yesterday afternoon.
    ?

    • JBS
      JBS says:

      How did a poor senator from Chi-land become a millionaire? How did any of the political class become moneyed people when they entered gubmint service poor?
      By the way, who here paid approx, $3 million in taxes? Not G.E.! I know I didn’t.
      At least he didn’t stiff his nanny for her social security taxes (yet).
      ?

  9. sammy22
    sammy22 says:

    Maybe Gingrich paid a higher percentage because is not as savvy as Obama and Romney about using the tax laws.

    • Dimsdale
      Dimsdale says:

      Then that is his problem.? It isn’t like he couldn’t afford a tax lawyer/accountant.
      ?
      Flat tax.? ’nuff said.

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