Wednesday, January 18, 2012

Romney: Welcome to the Cayman Islands

Mitt loves America so much that he keeps his money in the Cayman Islands, and you have to admit, it is beautiful. As a Senator, Obama co-sponsored legislation to crack down on Cayman Islands tax havens. Anyway, even Mitt's money is in a luxury setting: 
Romney's campaign was confronted with new questions about his finances Wednesday when ABC News reported that Romney has millions of dollars of personal wealth in investment funds set up in the Cayman Islands, known as a tax haven for Americans. The report said that Romney had the ability to pay a lower tax rate by investing in funds located offshore.

A spokeswoman for Romney's campaign confirmed that the Romneys have money in the Caymans. But the campaign did not say why. Spokeswoman Andrea Saul also said: "ABC is flat wrong. The Romneys' investments in funds established in the Cayman Islands are taxed in the very same way they would be if those funds were established in the United States. These are not tax havens and it is false to say so."

While a supporter rushed to Romney's defense, the former Massachusetts governor tried to duck the issue entirely on Wednesday, making no mention of his tax returns or tax rate during a rally at Wofford College here and declining to take questions from the news media. Instead, he delivered his standard campaign speech and assailed Gingrich, who has been running second in opinion polls in South Carolina. AP