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Romney minting money from Bain, saves taxes: Report | | Republican presidential candidate Mitt Romney's overseas investment has not only helped him to avoid taxes, but he also continues to make money from the company that he quit more than a decade ago, a new report has revealed.
Though the former Massachusetts Governor left Bain Capital, a private equity firm, to manage the 2002 Salt Lake City Winter Olympics, he continued to make money from the firm's profits, thanks to his retirement package, and from Bain's offshore tax-avoidance plans. According to the two years of tax returns released by his campaign, Romney has dozens of holdings in tax havens like Luxembourg , Switzerland and the Cayman Islands , the New York Daily News reports. Those arraignments have allowed Romney's individual retirement account to avoid taxes on its investments, and may have also reduced his income taxes, according to a New York Times review of thousands of financial documents.
Moreover, the investments allowed companies owned by Bain Capital, the firm the candidate once led, to increase profits for investors, including Romney, the tax report said. The tax report also stated that other offshore accounts allowed Bain to attract foreign investments that would be protected from taxes, thereby helping line the pockets of Romney and his partners. Though Bain is far from the only firm to engage in such tax avoidance plans, the revelations come at a difficult time for Romney, who is preparing for his first debate showdown with President Obama on Wednesday night. Romney, who is worth an estimated 250 million dollars, has had trouble connecting with average voters throughout his campaign, struggling with the perception that he is out of touch with the problems of daily life. |
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