Vanity Fair has published a great study of Mitt Romney's financial record. While there's not a whole lot of new information there, it does put a lot of the information into clearer context by painting a portrait of a man who loves dumping his money offshore and avoiding taxes. The piece opens with Romney encouraging a young Bain employee to use illegal methods to uncover information about Bain's competitors. And then it gets into what happens to the money once Romney "earns" it:
Because of his retirement deal with Bain Capital, his finances are still deeply entangled with the private-equity firm that he founded and spun off from Bain and Co. in 1984...The firm today has at least 138 funds organized in the Cayman Islands, and Romney himself has personal interests in at least 12, worth as much as $30 million, hidden behind controversial confidentiality disclaimers. Again, the Romney campaign insists he saves no tax by using them, but there is no way to check this.
A full 55 pages in his 2010 return are devoted to reporting his transactions with foreign entities. “What Romney does not get,” says Jack Blum, a veteran Washington lawyer and offshore expert, “is that this stuff is weird.”
Romney...takes his payments from Bain Capital as investment income, which is taxed at a maximum 15 percent, instead of the 35 percent he would pay on “ordinary” income, such as salaries and wages.
I suggest you read the whole thing and then make sure people you know read the whole thing.
And if barely legal tax evasion and a startling lack of confidence in American investments isn't enough to convince you that someone shouldn't be president of the United States, maybe there's this Facebook post from Dogs Against Romney, which points out that Bain Capital owns Burlington Coat Factory, which has sold Chinese coats made from dog fur. That, of course, brings this to mind:
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