No wonder he doesn’t want to release his tax returns.
As more and more details of Romney’s finances leak out, it becomes more and more obvious that the former governor of Massachusetts has a lot to hide.
Reuters says Romney used tax loopholes to turn large chunks of stock over the Mormon Church as part of a strategy at Bain Capitol to avoid paying more taxes.
Even with all his wealth, Romney charged 40 grand a pop to give speeches and pockets the cash.
Sources close to the Romney campaign tell Capitol Hill Blue senior aides are at odds over how to handle the explosive allegations that could derail Romney’s march to the nomination.
So, in the end, the GOP Presidential frontrunner pays only 15 percent on taxes while the average American pays far more.
The official response from Romney’s campaign? Oh, that’s OK because the candidate “follows all tax laws.” Isn’t the current tax law, with all its loopholes, anticipated to be one of the key issues of the upcoming race against President Barack Obama?
Yep. Republicans want to protect tax breaks that benefit the rich — rich people like Mitt Romney.
If Romney becomes the nominee, he could also become the focal point of a sharply-defined debate of rich vs. poor and haves vs. have-nots. Obama wants to tax the rich at higher rates and gives tax breaks to the middle class and poorer Americans. Republicans want it the other way around.
To reduce his tax burden, Romney turned over stock worth millions of dollars to the Mormon Church.
He stashed millions in tax shelters in the Caymans, a favorite hiding place for those who want to avoid taxes and protect assets.
And Romney’s lowly 15 percent tax bracks is less than half the 31 percent that former Speaker of the House Newt Gngrich — currently running second and surging in South Carolina polls — paid out in his tax returns.
The emerging details reveal that Romney does have a lot to hide and what he is hiding raises new and necessary questions about the GOP frontrunner.
- US election 2012: Mitt Romney’s tax returns would shed light on tithes to Mormon church (telegraph.co.uk)
- Mittens and The Cayman Islands Tax Shelter (dvorak.org)
- Mitt Romney avoids U.S tax by using Offshore bank accounts (usapartisan.com)
- Mitt Romney says he ‘probably’ pays 15% in tax (direcmood.wordpress.com)