Fraud: Cnn airs false accusation that romney broke tax laws
Vanity fair They'll be working on the female voters for the next several months along with rest of the liberal Main Stream Media.
CNN went into full anti-Romney attack mode this morning, with a false report about an anti-Koch brothers protest at a fundraiser for Mitt Romney and endless discussion of Romney’s personal finances, in keeping with the Obama campaign’s current message. The worst moment came when CNN aired a charge by Nicholas Shaxson, the pro-Occupy, “offshore” British writer for Vanity Fair, that Romney had possibly broken tax laws.
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.
"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.
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. It has been Romney's Republican rivals who have driven the tax issue onto center stage. For weeks, Romney has cited a desire for privacy as his reason for not sharing his tax returns -- a gesture of transparency that is now expected from presidential contenders.
"I can tell you we follow the tax laws," he said recently while on the campaign trail in New Hampshire. "And if there's an opportunity to save taxes, we like anybody else in this country will follow that opportunity."
But tax experts tell ABC News there are other reasons Romney may not want the public viewing his returns. As one of the wealthiest candidates to run for president in recent times, Romney has used a variety of techniques to help minimize the taxes on his estimated $250 million fortune. In addition to paying the lower tax rate on his investment income, Romney has as much as $8 million invested in at least 12 funds listed on a Cayman Islands registry. Another investment, which Romney reports as being worth between $5 million and $25 million, shows up on securities records as having been domiciled in the Caymans.
Official documents reviewed by ABC News show that Bain Capital, the private equity partnership Romney once ran, has set up some 138 secretive offshore funds in the Caymans.
"The tax consequences to the Romneys are the very same whether the fund is domiciled here or another country," a campaign official said in response to questions. "Gov. and Mrs. Romney have money invested in funds that the trustee has determined to be attractive investment opportunities, and those funds are domiciled wherever the fund sponsors happen to organize the funds."
Tax experts agree that Romney remains subject to American taxes. But they say the offshore accounts have provided him -- and Bain -- with other potential financial benefits, such as higher management fees and greater foreign interest, all at the expense of the U.S. Treasury. Rebecca J. Wilkins, a tax policy expert with Citizens for Tax Justice, said the federal government loses an estimated $100 billion a year because of tax havens.
Blum, the D.C. tax lawyer, said working through an offshore investment vehicle allows the investor to "avoid a whole series of small traps in the tax code that ordinary people would face if they paid tax on an onshore basis."
Wilkins agreed, saying the "primary advantage to setting those funds up in an offshore jurisdiction like the Cayman Islands or Bermuda is it helps the investors avoid tax."
What about you're chairman "democrat" Debbie Wassermen shultz who has money in several overseas tax shelters as well, and the question about how many other "democrats" are hiding stolen money overseas ?
It must be that she is woman that the hate and lies are in such evidence. Our most prominent teabagger is deluded.
That's gotta be it.................
Dem. Chair Invested in Swiss Banks, Foreign Drug Companies, and the State Bank of India
Disclosure forms reveal that Democratic National Committee chair Debbie Wasserman Schultz, a member of Congress from Florida, previously held funds with investments in Swiss banks, foreign drug companies, and the state bank of India. This revelation comes mere days after the Democratic chair attacked presumptive Republican presidential candidate Mitt Romney for holding money in Swiss bank accounts in the past.
At least Romny paid some taxes, thats more than we can say for Tim Giethner who owed 34K in unpaid taxes, knew and still didnt pay them until he was appointed as the Secretary Treasurer and the cat got out of the bag and made the administration look as incompetent as they actually are. What is the big deal with trying to minimize your taxes. I dont recall the media making that big a deal over Kerry registering his boat in another state other than where he lives because their tax on it was cheaper than the states he resides in. Oh and lets not forget Charles Rangel of the ways and means committee who over several tyears conveinently forgot to claim as much as 780K IN assets he owned and didnt report. Somehow I got a feeling Freesw wont be replying in this thread to defend those three idiots, I mean its kind of hard to defend the indefenseable.
Fact is, Romney has money, and it bugs Liberals to no end that he's not in their camp, pretending to be there for the little guys. (Since that's all Liberals do, is pretend.)
They are just as wealthy at this level, and don't even have it in them for the most part to give to charity. (The record clearly shows that Liberals give just a small percentage of what "Conservatives" do to the needy that they claim so loudly to be there fighting for.)
In reality, the "liberals" in this nation are wealthy folks who have figured out that power is the ultimate thing to have, and they use our tax dollars to gain their power with this show of caring for the poor, while they in reality, hide their money away, often even more so, then the "Conservatives" they take every opportunity to trash about their wealth when possible.
The final point is, a free economy TAKES AWAY power from the Liberals, so they will only support entitlements, and other handout programs they can crow about that they "Won" for the little guys...
Conservatives know that a free economy results in everyone having more prosperity in the long run, and while that's not popular for those on the dole, it's going to win this November I can only hope.
If not, this nation is indeed, slaves and useful idiots to rich folks like Wasserman/Shultz, who would pee on you, and tell you it's rain if they thought it would get them more votes.