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Tuesday, January 24, 2012

Romney Releases Tax Returns, Had Tons of Money in a Swiss Bank Account...

Posted by Paul Constant on Tue, Jan 24, 2012 at 9:44 AM

... as Sarah mentioned in GMN. And it begins with 550 pages worth of tax documents:

Republican presidential candidate Mitt Romney released tax records on Tuesday indicating he will pay $6.2 million in taxes on a total of $42.5 million in income over the years 2010 and 2011...he and his wife, Ann, paid an effective tax rate of 13.9 percent in 2010. They expect to pay a 15.4 percent rate when they file their returns for 2011...Romney's campaign officials stressed that his tax rate is based mostly on income from investments that are held in a blind trust. Romney's holdings include an undisclosed amount in funds based in the Grand Cayman Islands and other overseas entities.

Romney advisers stressed that the holdings in the Caymans - along with those in a Swiss bank account that was closed in 2010 after an investment adviser decided it could be politically embarrassing to Romney - were reported on tax returns and were not vehicles to avoid taxes....The documents showed he and his wife contributed $7 million in charity over the two years, much of it going to his Mormon church.

So many questions. How many offshore tax havens has Mitt Romney dumped his money into in his life? How much of Romney's Mormon church money went to the fight against Prop 8? How much political pressure will it take for Romney to release more returns? How much of his investments are devoted to job creation? How much of it is tied up in European interests? According to the Washington Post, these forms don't include Romney's net worth, the quarter-of-a-billion-dollars figure that gets bandied about. Where is that money? Will we ever understand all the nooks and crannies of Mitt Romney's tremendous fortune?

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