Bain’s Offshore Strategies Grew Romneys’ Wealth
Bain’s Offshore Strategies Grew Romneys’ Wealth
Buried deep in the tax returns released by Mitt Romney’s presidential campaign are references to dozens of offshore holdings with names like Ursa Funding (Luxembourg) S.à.r.l. and Sankaty Credit Opportunities Investors (Offshore) IV, based in the Cayman Islands.
Mr. Romney, responding to opponents’ barbs about his use of overseas tax havens, has offered a narrow defense, saying only that the investments, many made through the private equity firm he founded, Bain Capital, have yielded him ‘not one dollar of reduction in taxes.’
A review of thousands of pages of financial documents and interviews with tax lawyers found that in some cases, the offshore arrangements enabled his individual retirement account to avoid taxes on its investments and may well have reduced Mr. Romney’s personal income tax bills.
But perhaps a more significant impact of Mr. Romney’s offshore investments has been on the profit side of the ledger — in the way Bain’s tax-avoidance strategies have enhanced his income.
Not one dollar of reduction in taxes. Romney seems to think that all he needs to do is say something in order to make people think it’s true. I guess when you only care about 53% of the country, this kind of sentiment comes easily. Very similar to the assertion that a 20% tax cut across the board is “revenue neutral”. The campaign of outright lies continues.