Monday, November 05, 2012

Romney Avoided $100 Million in Taxes Via Netherlands Investment

Well, now we know why Mitt avoided releasing his tax returns. If he had, he would've been sunk.
Bloomberg recently found out that Mitt avoided paying taxes for 15 years via the Mormon church and today, a Dutch newspaper says Mitt avoided $100 million in taxes through an offshore investment. That's probably just the tip of the iceberg. To me, this just sounds criminal. At the very least it's selfish. It proves Mitt looks out for No. 1.

The offshore fiscal routes Mitt Romney uses also go through The Netherlands. The private equity fund Bain Capital, in which the presidential candidate participates, uses the Dutch route to evade about 80 million euro ($102 million) of taxes on dividends.

Presidential candidate Mitt Romney profits from the fiscal route the private equity fund Bain Capital uses via the Netherlands. For the American Bain, founded by Romney, the Netherlands is a part of the large network of international holding companies and trust funds.

By routing his investment in 2004 in the Irish pharmaceutical company Warner Chilcott through the Netherlands, Bain manages to evade dividends and capital gains taxes. Since the shares have been kept in the Netherlands, about $389 million in dividends have been paid, and Bain has sold shares for about $334 million in Warner Chilcott shares. via electoral-vote.