ABC: Romney has millions parked in funds in the Caymans

posted at 6:15 pm on January 18, 2012 by Allahpundit

A Twitter buddy reminds me that this is technically old news. The LA Times published a long, detailed piece about it in 2007. But then, Romney’s support for the mandate is also technically old news and yet Republicans care about it a lot more this time than they did last time. As the national debate changes, so do the issues that matter to voters. Go figure.

Does this matter?

In addition to paying the lower tax rate on his [domestic] 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…

Romney campaign officials and those at Bain Capital tell ABC News that the purpose of setting up those accounts in the Cayman Islands is to help attract money from foreign investors, and that the accounts provide no tax advantage to American investors like Romney. Romney, the campaign said, has paid all U.S. taxes on income derived from those investments.

“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.

Supposedly, Bain Capital maintains no fewer than 138 “secretive offshore funds” in the Caymans. To reiterate: No one’s claiming that Romney is using a tax shelter for his own money here. He’s paying the normal rate. (ABC’s headline is highly misleading on that point.) The claim, rather, is that the funds created by him and Bain operate as a tax shelter for other investors — specifically, per the LA Times piece, nonprofit institutional investors like pension plans and university endowments, which can avoid the 35 percent federal tax on “unrelated business income” by investing in an offshore hedge fund instead of a domestic one. Those investors get a little extra cash from that tax break plus higher foreign interest, Bain and Romney get some extra cash from higher management fees plus the profits that came from attracting additional investors, and everyone’s happy — except the IRS.

Which brings us back to the key question: Does this matter? Not as much as it would if Romney was sheltering his own dough, certainly, but it’s easy to imagine The One on the stump this fall talking about Mitt and his old company (whose profits he still shares in) making bank by helping others avoid the taxman while Joe Sixpack has no recourse but to pay up. If you think that’s a big nothingburger and are willing to go to war to defend perfectly legal tax shelters, okay, but this is yet another reason why we’d better see Romney’s tax returns now, not later. I appreciate Mitt not wanting to provide Democrats fodder for class-war demagoguery, but if we’re going to invest in Romney Inc in hopes of a big dividend in November, let’s see a prospectus so that we know exactly what liabilities we’re taking on. Read NRO’s new editorial for more on that.

Update: After re-reading the LA Times piece, it looks like I conflated two different funds above. It’s a shell company in Bermuda, not the Caymans, that helps institutional investors avoid certain taxes. The Caymans shell company is aimed at “shield[ing] foreign investors from U.S. taxes they would pay for investing in U.S. companies.” Same left-wing political attack applies — Bain and Romney are helping their wealthy clientele to avoid paying their “fair share” in taxes — but the specifics are apparently a bit different.

Update: ABC’s now changed the headline. It used to read “Romney Parks Millions in Offshore Tax Haven.” Minor problem: It’s not actually a tax haven for him. He pays the same tax on that money as he does on his U.S. investments. Now the headline reads “Romney Parks Millions in Cayman Islands.”

Update: By the way, even Romney fan Chris Christie thinks Romney should release his tax returns.


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Romney: “I thought becoming rich and famous would make me happy. Boy was I right.” (tape 78)

pamplonajack on January 18, 2012 at 6:17 PM

It’s either now or the general election.

I’d prefer it to come out now so that Romney can show he can beat the issue. Obama is certainly going to go all OWS on him.

haner on January 18, 2012 at 6:18 PM

….of course he does. Perfect.

cynccook on January 18, 2012 at 6:19 PM

Nobody but liberals care.

Swerve22 on January 18, 2012 at 6:19 PM

Romney: “I thought becoming rich and famous would make me happy. Boy was I right.” (tape 78)

pamplonajack on January 18, 2012 at 6:17 PM

Go to hell.

Life, liberty and the pursuit of happiness (property). If you’re against that, you’re not a conservative.

haner on January 18, 2012 at 6:19 PM

I have this rising feeling that we`re just not going to win this one. :(

ThePrez on January 18, 2012 at 6:20 PM

I’ll amend that – nobody but liberals care, so I’ll expect Newt to feature it in an add by the end of the week.

Swerve22 on January 18, 2012 at 6:20 PM

Which brings us back to the key question: Will people care?

To answer this, no as a single issue, yes in aggregate.

THe only reason — the ONLY reason people are ‘supporting’ romney — is his ‘electability’.

in a recession, in the era of the ows fools, in this economy of class warfare, the combined #fail of romney’s 10k bet, his $375k being not much money, his liking to fire people, etc., none of them are damaging alone…

…but together, they are KILLER.

conservatives will soon realize that nominating mr monopoly against the first black president in a recession is just dumb.

look at gallup: 5 straight days of romney falling and newt! rising.

the end is coming, romneybots… what a tough 2 weeks for the ‘inevitable’ guy!

pamplonajack on January 18, 2012 at 6:20 PM

I do not like Mitt, but no person with a shade of red in them will care about this.

but its GE poison. IF TRUE I might add. It was not in the 200 page oppo research file, so I dont trust it. Im a Mitt hater so Ill just stick to that little treasure.

boogaleesnots on January 18, 2012 at 6:20 PM

What the hell does it matter. Whether he discusses it now or discusses it later is absolutely irrelevant to the playbook the Democrats are employing in the general election. All that’s going to change if he doesn’t release his tax forms is that the Republicans who have already lost the nomination battle are going to continue selling their souls to pursue the class-warfare arguments they’ve been pursuing.

Romney should release his tax forms, sure. The instant Obama releases his educational records, as well as authorizing full and complete disclosure of all dealings with Solyndra. That shoudl even it out, I think.

KingGold on January 18, 2012 at 6:20 PM

Sign on ABC front door…..Gone Fishin’

Limerick on January 18, 2012 at 6:21 PM

I wish I had millions $$$ parked in the Caymans.

Pork-Chop on January 18, 2012 at 6:21 PM

All of this could be cleared up if Mittens released his tax records but he will do it only after GOP primaries end and we are stuck with him. The lengths to which Allah Pundit, Tina Korbe and NRO go to defense and cover his sins is astonishing but ah, he must pay you well.

promachus on January 18, 2012 at 6:21 PM

Will people care?

After reading this…

No one’s claiming that Romney is using a tax shelter for his own money here. He’s paying the normal rate.

Nope, don’t care and I’m not a Mitt fan either.

JPeterman on January 18, 2012 at 6:21 PM

I hope Gingrich calls on Mitt to give back his pro-rata share of Bain profits from Stericycle, a company that earns millions disposing of dead babies for Planned Parenthood.

Knowing that he had taken that kind of filthy lucre, it took extreme hubris for him to call on Gingrich to give back Freddie Mac consulting fees.

Stayright on January 18, 2012 at 6:22 PM

I wish I had millions $$$ parked in the Caymans.

Pork-Chop on January 18, 2012 at 6:21 PM

-Signed, OWS Protester.

haner on January 18, 2012 at 6:22 PM

how he made it:

Bain Capital financed 1988 buyout with junk bonds issued by Drexel Burnham – when SEC filed charges
against the firm and CEO Michael Milken, Bain Capital maintained their business relationship; Romney later
reminisced about “the glorious days of Drexel Burnham.”

Romney sat on board of directors of Bain portfolio company Damon Clinical Laboratories, which in 1996 was
fined over $100 million for Medicare fraud committed during Romney’s tenure.

nathor on January 18, 2012 at 6:23 PM

If Obama wins reelection, I hope everyone moves their money offshore. Let the libs eat themselves.

The Count on January 18, 2012 at 6:23 PM

KingGold on January 18, 2012 at 6:20 PM

Thank you for this full throated defense of what should be an easy thing for us conservatives to defend KingGold. I swear, sometimes it feels like the ‘True Conservatives’ on this site are willing to sell out even the positions that make them so called ‘True Conservatives’ if it means bashing Mitt Romney. It’s a disgrace.

WealthofNations on January 18, 2012 at 6:23 PM

Actually, the story is erroneous and Romney is already calling for a correction. Spreading propaganda.

andy85719 on January 18, 2012 at 6:23 PM

I hope Gingrich calls on Mitt to give back his pro-rata share of Bain profits from Stericycle, a company that earns millions disposing of dead babies for Planned Parenthood.

Knowing that he had taken that kind of filthy lucre, it took extreme hubris for him to call on Gingrich to give back Freddie Mac consulting fees.

Stayright on January 18, 2012 at 6:22 PM

Pretty disgusting.

But I’m sure Romneybots will rationalize it away with “OWS” or something.

tetriskid on January 18, 2012 at 6:23 PM

Wait.

Are you telling me that people manipulate our arcane and labyrinthine tax code to their advantage?

Well! Knock me over with a feather!

M240H on January 18, 2012 at 6:23 PM

U-N-E-L-E-C-T-A-B-L-E

Read NRO’s new editorial for more on that.

LOL. Why would anyone want to read MittBot Central? If it became public that Mittens was to be indicted for a crime, NRO would promptly issue an “editorial” trying to rationalize it and defend him.

Norwegian on January 18, 2012 at 6:24 PM

Nominating Romney now is like the gop nominating a banker after the 1929 crash. It’s not gonna work

davemason2k on January 18, 2012 at 6:24 PM

nathor on January 18, 2012 at 6:23 PM

Which is why he supports govt. medicine takeover. He knows how to work the system and make millions through fraud.

promachus on January 18, 2012 at 6:24 PM

FREDDIE CONTRACT

If Newt wants Romney’s tax returns, Romney should ask for Newt’s Freddie contract, which Newt has said no on disclosing it. Newt needs to disclose his info if he wants Mitts.

Top_Down on January 18, 2012 at 6:24 PM

nathor on January 18, 2012 at 6:23 PM

I wonder how much Medicare fraud the State of Illinois wrapped up during Barry’s tenure.

Limerick on January 18, 2012 at 6:25 PM

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.

funniest line of that **ah hmm**article*cough cough**
ummm… how can 15% be less than 0% which 47% of American’s pay?

gatorboy on January 18, 2012 at 6:25 PM

Oooooops

Zelsdorf Ragshaft on January 18, 2012 at 6:25 PM

Since they’re “only interested in the facts,” I encourage ABC to conduct a thorough witch hunt and expose the limousine liberals who have their money “parked” somewhere else. At the end of the day, the Left is grossly hypocritical because they have no problem with the 1%, as long as the 1%er in question is giving them money. They’ll never have a problem with the way Soros makes his money, for instance…unless he has a sudden epiphany and stops funding them.

cicerone on January 18, 2012 at 6:26 PM

Can a free American use every single law and tax regulation to his best advantage without even “conservatives” acting like they have been boogered by evil bidnessmans.
Of course you ignorant talibangelicals don’t understand business and tax law. Just like you do not understand respect for individuals civil liberties is the foundation of conservatism

borntoraisehogs on January 18, 2012 at 6:26 PM

I don’t care that he is successful and rich! I applaud that. Why though won’t he release his tax returns? If Obama had refused to release his tax returns; all of us would be rightly up in arms. Suddenly though it is okay to not be up front about your associations, charity, and income when it comes to Mittbots.. Ugh, the hero worship of candidates has got to stop.

melle1228 on January 18, 2012 at 6:26 PM

I love it when these jackasses we call Congressmen bellyache about someone utilizing the tax code THE WAY THEY FREAKING WROTE IT.

PalinLover on January 18, 2012 at 6:26 PM

If it’s legal, I don’t care. I care more about unconstitutional nonrecess recess appointments.

rbj on January 18, 2012 at 6:26 PM

I do not like Mitt, but no person with a shade of red in them will care about this.

Yes, and “pink leaflet” Romney doesn’t have a shade of red in him either. We’re talking about the failed single-term former governor whose only accomplishment is a program of policy called RomneyCare, a fiscal-disaster of a program functionally identical to ObamaCare with all its new rules, new taxes, its assumptions about state supervision of private economic activity to support progressive goals like universal coverage, and its mandates, only Obama was never able to deliver a public option where Willard, was, because he foisted the costs of his public option onto the federal government.

casuist on January 18, 2012 at 6:27 PM

Since they’re “only interested in the facts,” I encourage ABC to conduct a thorough witch hunt and expose the limousine liberals who have their money “parked” somewhere else. At the end of the day, the Left is grossly hypocritical because they have no problem with the 1%, as long as the 1%er in question is giving them money. They’ll never have a problem with the way Soros makes his money, for instance…unless he has a sudden epiphany and stops funding them.

cicerone on January 18, 2012 at 6:26 PM

What he/she said….

sandee on January 18, 2012 at 6:27 PM

LOL. Why would anyone want to read MittBot Central? If it became public that Mittens was to be indicted for a crime, NRO would promptly issue an “editorial” trying to rationalize it and defend him.

Norwegian on January 18, 2012 at 6:24 PM

The NRO editorial is actually calling on Mitt to declare anything and everything about his finances, and do it soon, which is precisely what all of Romney’s opponents are calling for.

But NRO’s sole objective is to “protect Mittens.” Gold star for comprehension, champ.

KingGold on January 18, 2012 at 6:27 PM

I wonder how much Medicare fraud the State of Illinois wrapped up during Barry’s tenure.

Limerick on January 18, 2012 at 6:25 PM

mittbot rationale: criticizing mitt? must be a lib!

nathor on January 18, 2012 at 6:27 PM

I hope Gingrich calls on Mitt to give back his pro-rata share of Bain profits from Stericycle, a company that earns millions disposing of dead babies for Planned Parenthood.

Knowing that he had taken that kind of filthy lucre, it took extreme hubris for him to call on Gingrich to give back Freddie Mac consulting fees.

Stayright on January 18, 2012 at 6:22 PM

Pretty disgusting.

But I’m sure Romneybots will rationalize it away with “OWS” or something.

tetriskid on January 18, 2012 at 6:23 PM

I have no problem with offshore accounts, but I have a big problem with profiting off of baby murder. There is no telling what other immorality Romney has profited from via Bain. I’d like to know more about their dealings with Tehran.

Stayright on January 18, 2012 at 6:27 PM

So what if Romney has money outside the US, that was money made outside the US. If the patriation costs were lower, he would move it back in. That is part of everyone’s plan but Romney’s. He said the rich don’t need the relief as much as the Middle Class and he was very strategic on this because he can combat obama with that. If he tried to lower taxes on the rich then he would be attacked for that. Right now he can bring together the poor and middle class and when he becomes governor he will take the drastic measures as he did in Massachusetts, using conservative principles to cut, cap, balance the Massachusetts economy.

Top_Down on January 18, 2012 at 6:27 PM

yet Obama doesn’thave to show transcipts, sources of donor funds, etc.

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.

$100 billion? Out of the $4 trillion he’s blown through who can track that?

DanMan on January 18, 2012 at 6:27 PM

yawn. I’d rather you write about the McCain 2008 file on Romney. All this article tells me is that Romney has money and that the tax structure is set up to the advantage of certain individuals and organizations. Is that really surprising?

ArkyDore on January 18, 2012 at 6:28 PM

FREDDIE CONTRACT
If Newt wants Romney’s tax returns, Romney should ask for Newt’s Freddie contract, which Newt has said no on disclosing it. Newt needs to disclose his info if he wants Mitts.
Top_Down on January 18, 2012 at 6:24 PM

Mitt should just put this to a screeching halt by saying his taxes will be released when Obama’s transcripts are released. You will never hear him asked by anyone again.

The Count on January 18, 2012 at 6:28 PM

mittbot rationale: criticizing mitt? must be a lib!

nathor on January 18, 2012 at 6:27 PM

Me a mittbot? Bwahahahahahahha.

Limerick on January 18, 2012 at 6:28 PM

I’ve always loved rich white American men.
-
Being a pretty girl, I can attest to the “trickle down” theory.
-
Go Romney and hail to all you lucky rich people.

Typicalwhitewoman on January 18, 2012 at 6:28 PM

I have no problem with people who have offshore accounts.

What I do have problems with are persons who are running for President who have offshore accounts.

Why hide money offshore, Mitt?

The Kennedys, Chris Dodd, and Charlie Rangel were ripped up here at HotAir pretty good when it was discovered that THEY had offshore accounts.

Let’s be consistent here, folks. We’re not Democrats.

portlandon on January 18, 2012 at 6:28 PM

“ABC: Romney has millions parked in funds in the Caymans”

If true, so what! It’s his money and what he does with it, or chooses to park it, is no ones business!

GFW on January 18, 2012 at 6:28 PM

Oh My, another attack on Capitalism and the Free Market, I don’t think Mitt can take a strong fisking Allah, be gentle….and watch the hair.

Dr Evil on January 18, 2012 at 6:29 PM

So freaking what . . . he hasn’t broken any laws. All these Marxists and communists need to shut up and find something constructive to do.

rplat on January 18, 2012 at 6:29 PM

he becomes governor he will take the drastic measures as he did in Massachusetts, using conservative principles to cut, cap, balance the Massachusetts economy.

Top_Down on January 18, 2012 at 6:27 PM

Yes, I am sure in the ensuing years of Romneycare that Massachusetts has stayed cut, capped and balanced/

melle1228 on January 18, 2012 at 6:30 PM

I hope Gingrich calls on Mitt to give back his pro-rata share of Bain profits from Stericycle, a company that earns millions disposing of dead babies for Planned Parenthood.

Knowing that he had taken that kind of filthy lucre, it took extreme hubris for him to call on Gingrich to give back Freddie Mac consulting fees.

Stayright on January 18, 2012 at 6:22 PM

Pretty disgusting.

But I’m sure Romneybots will rationalize it away with “OWS” or something.

Romney is CEO of Soylent Green. Modest proposal. Too many people are hungry. There are lots of children. Solution eat the children. Swift.

tetriskid on January 18, 2012 at 6:23 PM

borntoraisehogs on January 18, 2012 at 6:30 PM


“If bird catcher comes, occupy the sky…”

Seven Percent Solution on January 18, 2012 at 6:30 PM

o/t: check out drudge. I wonder what this means.

Kataklysmic on January 18, 2012 at 6:30 PM

NEWT!!!

BigWyo on January 18, 2012 at 6:30 PM

People are going to care because Obama is desperate this time around.

If Romney is the nominee – every household in America is going to know about this.

gophergirl on January 18, 2012 at 6:30 PM

Why hide money offshore, Mitt?

He’s not hiding it, though. He sent the money offshore to help get the Bain Cayman funds rolling and attract other investors. He’s not personally getting a benefit from this.

Allahpundit on January 18, 2012 at 6:31 PM

Have this many people really chugged the occupy kool-aid around here?

Roymunson on January 18, 2012 at 6:31 PM

The Kennedys, Chris Dodd, and Charlie Rangel were ripped up here at HotAir pretty good when it was discovered that THEY had offshore accounts.

Let’s be consistent here, folks. We’re not Democrats.

portlandon on January 18, 2012 at 6:28 PM

Bingo! We shouldn’t hero worship our candidates or make hypocritical arguments we have heard time and time again from Democrats!

melle1228 on January 18, 2012 at 6:31 PM

I’d keep my money far away from the grabby little fingers of the US commiecrat government too, if I had any.

Buddahpundit on January 18, 2012 at 6:31 PM

Why have they never talked about where the Kennedy’s have so much of their vast inherited wealth “parked”?

VorDaj on January 18, 2012 at 6:31 PM

I don’t see this as a problem other than the political climate makes it easier to take cheap shots at people that are successful.

I’ve been down a little on Romney lately on his inability to respond to the attacks. It’s not that I agree with the attacks, it’s just that his response has not be firm and exacting. It’s been a little soft. I’m not big on that.

That said, I’m going to get very bored of the McCain oppo research. People are citing this stuff like it’s fact. Oppo research is famous for taking things out of context, manipulating statistics, and negative spin such that it’s not really more than a simple campaign add that could be worthy of 4 pinochios by an independent fact checker. Nonetheless, people here will act like it is the bible truth.

That said, if we are going to throw the oppo research on Romney out there, why not do the same for Newt or Santorum or Perry?

cd98 on January 18, 2012 at 6:31 PM

All of you attacking Romney on abortions need to look back at his history and all he did for the pro-life movement. That is why he has been endorsed by the Vatican envoy and large catholic groups. People seem to forget all he did for the pro-life movement and against gay marriage. Remember he was on the forefront in Massachusetts when the courts made it a gay marriage state. Romney then spent 3 years fighting it in Mass. http://www.TeaPartyForRomney.com has a short documentary on the history of gay marriage in Mass between 2003-2007.

Need to watch.

Top_Down on January 18, 2012 at 6:31 PM

o/t: check out drudge. I wonder what this means.

Kataklysmic on January 18, 2012 at 6:30 PM

Oooh sounds interesting.

gophergirl on January 18, 2012 at 6:31 PM

Romney should release his tax forms, sure. The instant Obama releases his educational records, as well as authorizing full and complete disclosure of all dealings with Solyndra. That shoudl even it out, I think.

KingGold on January 18, 2012 at 6:20 PM

While I agree with this, Romney will be similar to McCain and will play nice with Zero. Meanwhile, the MSM and Axelgreasy will be shredding Romney to pieces. Just like McCain, he will not call a spade a spade. Just watch.

8 weight on January 18, 2012 at 6:32 PM

I’ve always loved rich white American men.
-
Being a pretty girl, I can attest to the “trickle down” theory.
-
Go Romney and hail to all you lucky rich people.

Typicalwhitewoman on January 18, 2012 at 6:28 PM

Heh

You’re a keeper, someone fetch a net.

Dr Evil on January 18, 2012 at 6:32 PM

cd98,

Romney has a great response for Gingrich, the media just isn’t playing it. Watch it here: http://url2it.com/lhpp

Top_Down on January 18, 2012 at 6:33 PM

I am sure it was because of Massachusetts. But can’t Gov. Romney just run on the one time tax(low) on all off shore accounts that will come home and the problem will be solved?

Cindy Munford on January 18, 2012 at 6:33 PM

While I agree with this, Romney will be similar to McCain and will play nice with Zero. Meanwhile, the MSM and Axelgreasy will be shredding Romney to pieces. Just like McCain, he will not call a spade a spade. Just watch.

8 weight on January 18, 2012 at 6:32 PM

Yeppers those that don’t learn from history are going to repeat it and all that.

melle1228 on January 18, 2012 at 6:33 PM

or make hypocritical arguments we have heard time and time again from Democrats!

melle1228 on January 18, 2012 at 6:31 PM

That wouldn’t happen to include attacking Bain Capital and venture capitalism in general, denigrating people for the effective tax rate they pay, and agitating for higher tax rates on the wealthy, would it?

KingGold on January 18, 2012 at 6:33 PM

Newt is on to something that goes beyond private property and wealth being an issue.

It is the Romney demeanor that says “you can’t touch me…I have it all figured out for my benefit…you suckers.”

We default to a view that President Romney will go and use that skill to help the USA’s dealings in the world’s economic clashes.

But why do we expect that???

Romney wants nothing to do with taking any risk to Herr Romney and his friends’fortunes. He is not Zany like the unstable Newt, you know!

jimw on January 18, 2012 at 6:33 PM

WTF has Drudge got his big alarm light up for?

Harbingeing on January 18, 2012 at 6:34 PM

I hope Romney releases his 2010 tax forms tomorrow before the debate. If he has nothing to hide, he has nothing to hide. If there’s something egregious, then it’s best we know now.

Otherwise the Thursday debate will be all about the tax records.

haner on January 18, 2012 at 6:34 PM

This IS old news and NO it doesn’t matter to me. Romney did his job at Bain and Bain services its clients effectively and, even according to this article Bain stayed within the parameters of existing law. If people don’t like tax havens and the ability of investors to use them, then the reasonable course of action is to lobby your congressmen to change the law.

thatsafactjack on January 18, 2012 at 6:34 PM

Here’s the thing.

Romney is not calling for people to pay more in taxes and then avoiding paying them himself. That game is for Democrats. Romney is for keeping everyone’s tax bill as low as possible.

He’s paying taxes on his money in a foreign bank. It is illegal not to. Why isn’t it just as good for him to have his money somewhere that isn’t beholden to TARP or some other bailout?

MayBee on January 18, 2012 at 6:34 PM

o/t: check out drudge. I wonder what this means.

Kataklysmic on January 18, 2012 at 6:30 PM

Hmmmmmmmmmmmmmmm

Siren? Should be juicy.

Norwegian on January 18, 2012 at 6:34 PM

Let’s be consistent here, folks. We’re not Democrats.

portlandon on January 18, 2012 at 6:28 PM

If you can save money by using off-shore accounts, do it. If the power- and money-hungry wealth confiscators in Washington would LOWER tax rates here, there would be no incentive to “hide” the money somewhere else.

It’s a lame, leftist, statist argument.

My only problem with Romney doing it is that he can’t seem to formulate the MESSAGE to turn the argument back on the libs. He just takes the punch and dissembles.

peski on January 18, 2012 at 6:34 PM

I think everyone should have some money out of reach of the government.

sandspur on January 18, 2012 at 6:34 PM

Pretty disgusting.

But I’m sure Romneybots will rationalize it away with “OWS” or something.

tetriskid on January 18, 2012 at 6:23 PM

RACIST Anti-capitalist!

A few days back I posted that the reason for the fall of Cain was constant drumbeat of scandal that surrounded him. After the first “bimbo eruption,” conservatives rallied around him. By the fifth, conservatives were stampeding and trampling over each other in their efforts to reach the exits.

Romney is beginning to have the same problem. Any one of these attacks would not have a lot of effect on him. The problem is a “drumbeat” of bad coverage is starting to emerge, and it’s beginning to scare away his already very shaky support. He will probably be able to cling to the party line voters and party establishment, but I expect his support to erode enough for a Newt or Santorum to move into striking distance in SC and Florida.

His supporters know this which is why you’re seeing the increasingly desperate reaction of smearing all of Romney’s critics as “anti-capitalists” despite the fact that these same people were railing at Jon Corzine’s mismanagement of MF Global and Jeff Immelt’s cozy position with the Obama administration only months ago.

This may not be enough to stop Romney – it’s very late in the game – but I think the SC vote is going to be very close. One more good debate might push Newt over the top.

Doomberg on January 18, 2012 at 6:35 PM

ROMNEY’S STRATEGY: Hey Obama, I will release my tax returns when you release your college transcripts and thesis.

AUTOMATIC WIN IF HE DOES THIS AT THE DEBATE.

Top_Down on January 18, 2012 at 6:35 PM

That wouldn’t happen to include attacking Bain Capital and venture capitalism in general, denigrating people for the effective tax rate they pay, and agitating for higher tax rates on the wealthy, would it?

KingGold on January 18, 2012 at 6:33 PM

Yep!

melle1228 on January 18, 2012 at 6:35 PM

I wish I had millions $$$ parked in the Caymans.

Pork-Chop on January 18, 2012 at 6:21 PM

I do too. But that doesn’t mean I begrudge Romney his.

Flora Duh on January 18, 2012 at 6:35 PM

o/t: check out drudge. I wonder what this means.

Kataklysmic on January 18, 2012 at 6:30 PM

Oooh sounds interesting.

gophergirl on January 18, 2012 at 6:31 PM

Drudge Report

NETWORK HOLDS BOMBSHELL CAMPAIGN INTERVIEW

What’s this about- what Network -which campaign?

Dr Evil on January 18, 2012 at 6:35 PM

Because the very lastthing we want in a president is someone who knows how to make money.

8thAirForce on January 18, 2012 at 6:35 PM

Suddenly though it is okay to not be up front about your associations, charity, and income when it comes to Mittbots.. Ugh, the hero worship of candidates has got to stop.

melle1228 on January 18, 2012 at 6:26 PM

Why should he release anything when he is not the candidate?

And there is no such thing as a “Mittbot”. I don’t know anyone idolizing this guy- I just know people like myself who think he’s the -so far- most electable candidate to run against a president we desperately want to see gone.

Hell, the only people I see idolized around here are Ronpaulstiltskin, Sarahcoulda, and Timmeh Tebow.

M240H on January 18, 2012 at 6:36 PM

It’s HIS money, he can put it wherever he wants. If he made it overseas, it is nearly impossible to bring it back into the country without losing like 35% of it.

Apple has BILLIONS overseas in bank accounts they can’t bring into the country.

Again another try at “envy” politics. We aren’t supposed to like him just because he has money? Is that it?

Sometimes Republicans can be such jackasses.

crosspatch on January 18, 2012 at 6:36 PM

So Romney being smart financially is an “uh oh”?

echosyst on January 18, 2012 at 6:36 PM

This is fine; get all this in the open. But for God’s sake, can we please start vetting the guy who actually runs the country right now?? Or does he get another hall pass?

Erich66 on January 18, 2012 at 6:36 PM

WTH Drudge?

Rational Thought on January 18, 2012 at 6:36 PM

Top_Down on January 18, 2012 at 6:31 PM

Zack Edwards, is that you?

tom daschle concerned on January 18, 2012 at 6:37 PM

If Newt were to get the nomination, or Perry, or Santorum who here doesn’t think the MSM is going to drag out everything they did since birth?

sandee on January 18, 2012 at 6:37 PM

While I agree with this, Romney will be similar to McCain and will play nice with Zero.

8 weight on January 18, 2012 at 6:32 PM

I hear this argument quite a bit, but I’ve seen absolutely no evidence to back it up, save the fact that McCain endorsed Romney and therefore they’re one and the same or something.

Romney routinely rails against “European social welfare policies” of Obama, attacks his wrongheaded foreign policy, and the word “bipartisan” barely ever escapes his lips. Romney is going to have the money that McCain never had, and his team is not the lame McCain team that won’t ever attack.

KingGold on January 18, 2012 at 6:37 PM

All of you attacking Romney on abortions need to look back at his history and all he did for the pro-life movement. That is why he has been endorsed by the Vatican envoy and large catholic groups. People seem to forget all he did for the pro-life movement and against gay marriage. Remember he was on the forefront in Massachusetts when the courts made it a gay marriage state. Romney then spent 3 years fighting it in Mass. http://www.TeaPartyForRomney.com has a short documentary on the history of gay marriage in Mass between 2003-2007.

Need to watch.

Top_Down on January 18, 2012 at 6:31 PM

You’ve bought the lies. The man has blood on his hands. Plus, he forced gay marriage on Massachusetts. Now he wants to rewrite history, but he’s just putting lipstick on a pig.

Stayright on January 18, 2012 at 6:38 PM

boogaleesnots,

Sorry that 200 page doc has been around for a long time, a conservative blogger had it on his site for a year, I won’t drop names. The whole thing is full of falsehoods that have been discreditted. McCain tried to use them but they were discredited. everything from Romney’s supposed hate for Reagan in 1994 to his abortion stance and the false claim that he has ever been pro-gay marriage.

The whole flip-flop section was proven wrong.

Top_Down on January 18, 2012 at 6:38 PM

Why should he release anything when he is not the candidate?

Because he is the front runner in a Republican primary. If he has nothing to hide then he should give the voters all the information they have to make their decision.

And there is no such thing as a “Mittbot”. I don’t know anyone idolizing this guy- I just know people like myself who think he’s the -so far- most electable candidate to run against a president we desperately want to see gone.

Umm no, when you defend a candidate at the detriment of the election similiar to a Democrat then you are a Mittbott.

Hell, the only people I see idolized around here are Ronpaulstiltskin, Sarahcoulda, and Timmeh Tebow.

Nope, see the same thing with Romney quite similiar ot Tebow, Sarah and Paul threads.

melle1228 on January 18, 2012 at 6:38 PM

WTH Drudge?

Rational Thought on January 18, 2012 at 6:36 PM

I know what is that?

Dr Evil on January 18, 2012 at 6:38 PM

So Romney is just like Soros, Buffet, Immelt and Google ?
Oh my, I’m gonna get the vapors
:P

burrata on January 18, 2012 at 6:39 PM

Apple: 82 BILLION overseas that they can’t bring back because of taxes. Romney probably has the same problem:

http://www.tuaw.com/2012/01/11/most-of-apples-82-billion-cash-stockpile-is-trapped-overseas/

crosspatch on January 18, 2012 at 6:39 PM

WTH Drudge?

Rational Thought on January 18, 2012 at 6:36 PM

Can’t be good news.

ElectricPhase on January 18, 2012 at 6:39 PM

haner on January 18, 2012 at 6:19 PM

You got that right!!

I am so sick of these phony folks talking conservative talk and then jump all left of center (instinctively) at every chance.

If your first reaction (instinct) is to bash from the left of center, you are not a conservative and dare I say, you are not even a moderate. You might be an ex congress critter, though.

uhangtight on January 18, 2012 at 6:40 PM

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