View Full Version : Mitt Romney’s Financial Mysteries

08-05-2012, 01:19 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> Another suggestion is that in 2009 he paid income taxes significantly below the 13.9 percent he paid in 2010. This is more plausible, and potentially more damaging politically, even if perfectly legal.

After all, the one year’s tax returns that he has released raise doubt about his campaign’s claims that his offshore accounts did not save him one penny of tax. Putting business assets into an individual retirement account invested in a Cayman Islands corporation allows Mr. Romney to avoid the “unrelated business income tax” — a 35 percent levy — on at least some of his I.R.A.’s earnings, a tax that he would have had to pay if his I.R.A. were held directly by a financial institution in the United States.

With an I.R.A. account of $20 million to $101 million, the tax savings would be more than a few pennies.

The I.R.A. also allows Mr. Romney to diversify his large holdings tax-free, avoiding the 15 percent tax on capital gains that would otherwise apply. His financial disclosure further reveals that his I.R.A. freed him from paying currently the 35 percent income tax on hundreds of thousands of dollars of interest income each year.

Given the extraordinary size of his I.R.A., we have to presume that Mr. Romney valued the assets he put in his retirement account at far less than he would have sold them for. Otherwise it is quite a trick to turn contributions that are limited to $30,000 to $50,000 a year into the $20 million to $101 million he now has there. But we cannot be certain; his meager disclosure of tax records and financial information does not indicate what kind of assets were put into the I.R.A.

Mr. Romney’s Cayman Islands and Bermuda corporations also probably allowed him to avoid limitations on deductions for investment expenditures that would otherwise apply. So we don’t need any more tax returns to know that Mr. Romney is an Olympic-level athlete at the tax avoidance game. Rich people don’t send their money to Bermuda or the Cayman Islands for the weather </div></div>

link (http://www.nytimes.com/2012/07/31/opinion/the-mysteries-of-mitt-romneys-financial-records.html)

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Dem Lawmakers Want Answers About Romney’s Enormous IRA

Leading House Democrats want to turn Mitt Romney’s enormous IRA into more than just a political problem.

Romney’s most recent financial disclosure form revealed that his tax-deferred individual retirement account holds upwards of $100 million — an amount that awkwardly showcases his enormous wealth but also raises legal and ethical questions.

IRAs are intended to allow workers to put away modest sums of money each year in order to help finance a middle class retirement. The savings are tax deferred, but there’s a legal limit — now $6,000 — on how much each IRA holder can contribute annually.

Now top Democrats on the Budget, Ways and Means, and Education and Workforce Committees want to know how people of Romney’s wealth can end up with 100,000 times that much money in a single IRA, and how much the tax and investment strategies they employ cost the Treasury in revenue every year </div></div>



Gayle in MD
08-05-2012, 06:10 AM
His refusal to come clean and give voters full access and all of the information, is going to hurt him.

Hilarious that the Romney campaign has McCain stepping up to the plate as his confirming source that there is nothing wrong with Mitts Taxes!

McCain, of all people, who will be forever famous for failing to vet Palin, and willing to put the whole country at risk of a blathering idiot in the Oval office! Who would take McCain serious when he didn't bother to vet his actual selection!

It's so obvious Mitsey can't win if the country gets the goods on his taxes! The same may well be true if he doesn't release them.

LMAO, a Republican caught up in his own trick bag, hilarious! /forums/images/%%GRAEMLIN_URL%%/grin.gif