Romney defends Swiss bank account
Last edited Sun Aug 26, 2012, 11:04 AM - Edit history (1)
Source: Politico
By DARREN SAMUELSOHN |
8/26/12 11:12 AM EDT
Mitt Romney defended his foreign investments in an interview aired Sunday, noting that his personal finances have followed all U.S. laws and he got no special tax savings from a Swiss bank account.
“Well, first of all, there was no reduction, not one dollar reduction in taxes by virtue of having an account in Switzerland or a Cayman Islands investment,” the presumptive Republican presidential nominee said in a ‘"Fox News Sunday" interview. “The dollars of taxes remained exactly the same. There was no tax savings at all.”
Romney added that his blind trustee made decisions “entirely consistent with U.S. law and all the taxes paid were those legally owed and there was no tax savings by virtue of these entities.”
Read more: http://www.politico.com/blogs/politico-live/2012/08/romney-defends-swiss-bank-account-133236.html
Romney is friggin awesome this morning... does he even think about this shit before he opens his mouth? Thank you Willard! Thank you!!
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pepperbear
(5,692 posts)nanabugg
(2,198 posts)we all need to know? Is he inferring that US banks are not safe? Are they subject to corruption that he and his ilk know about but share with the rest of us? What is he saying? He still hates America then, doesn't he...he won't even use US banks.
dkf
(37,305 posts)Nowadays politicians sound like they just may let it happen.
Happyhippychick
(8,422 posts)Worst.candidate.ever.
wordpix
(18,652 posts)Geesh, he thinks we're maroons
But many in the GOP are maroons. The GOP question nothing. They just think what Limbaugh, Beck and Fox tell them to think.
Amonester
(11,541 posts)we all know what type of WOo-hoO's these 'confessions' where directed at... and that they will all gargle that garbage with their mouths wide opened! 
MercutioATC
(28,470 posts)Hell, when I retire I'm not keeping all of my money in U.S. banks. Switzerland and the Cayman Islands have a lot of money protec ting their banking systems. Not bad places to diversify.
closeupready
(29,503 posts)Uh-huh, Willard. 
K&R
cbdo2007
(9,213 posts)the amnesty and retroactively paid the taxes.
Did they even ask him about this??
aint_no_life_nowhere
(21,925 posts)The fact hat he isn't suggests to me that the Romney campaign is prescreening all questions in advance and that most journalists don't have the guts to describe what's going on behind the scenes.
cbdo2007
(9,213 posts)the more they enjoy tearing you down.
unblock
(55,856 posts) heaven05
(18,124 posts)talking about PAYING taxes stupid, not savings, although by not paying you are saving. This is a lying.....I better stop
xtraxritical
(3,576 posts)especially American small business who are the real job creators. GIVE US TAX RETURNS.
hack89
(39,181 posts)
Live and Learn
(12,769 posts)Should be: http://www.politico.com/blogs/politico-live/2012/08/romney-defends-swiss-bank-account-133236.html
Per the article, Romney said,
“I’m not going to try to hide who I am and try to manipulate my life to try to avoid the truth,” Romney said.
YET, he refuses to disclose his taxes!
trailmonkee
(2,681 posts)
QUALITYCONTRoll
(48 posts)Morgan would be proud of Willard The Pirate...
.................Batten down the hatches, buccaneer Ryan and old Salt Willard are coming to plunder..
..
renate
(13,776 posts)
Welcome to DU!
neverforget
(9,512 posts)Voice for Peace
(13,141 posts)
onehandle
(51,122 posts)...into your acceptance speech.
Obtuse fat-cat.
central scrutinizer
(12,648 posts)0 = 0
dmosh42
(2,217 posts)
treestar
(82,383 posts)creates jobs here, ya moran?
MADem
(135,425 posts)Kinda like the missing "INCOME" in "Waaaaaaaah!! Waaaaaaah!!! I pay a LOT of TAXES!!! WAAAAAH!"
rocktivity
(44,973 posts)
rocktivity
karynnj
(60,764 posts)I was stunned that he even spoke of his Swiss Bank account at all - and it is pretty clear that he avoids speaking on things he doesn't want to.
Live and Learn
(12,769 posts)Thanks for that explanation, Mittwit.
Cracklin Charlie
(12,904 posts)If there's no 'special' advantage to having an account in neutral, European Switzerland, why ship your precious mammon there, asshat?
I thought he didn't favor a European type economy.
tawadi
(2,110 posts) 
grantcart
(53,061 posts)He didn't use them because of their low interest rates costing him millions of dollars in revenue.
Its just that they have the best toasters.
trailmonkee
(2,681 posts)
Bozvotros
(951 posts)
tanyev
(48,573 posts)
Lasher
(29,361 posts)Maybe I don't understand what a blind trustee is.
Big Orange Jeff
(262 posts)"The blind trust is an age-old ruse, if you will. Which is to say, you can always tell a blind trust what it can and cannot do." - Mitt Romney, attacking the blind trust held by Ted Kennedy, his opponent in a failed bid for the Senate.
http://www.npr.org/blogs/money/2012/07/20/157119003/just-how-blind-are-blind-trusts-anyway
rfranklin
(13,200 posts)To give but one example, there is a Bermuda-based entity called Sankaty High Yield Asset Investors Ltd., which has been described in securities filings as “a Bermuda corporation wholly owned by W. Mitt Romney.” It could be that Sankaty is an old vehicle with little importance, but Romney appears to have treated it rather carefully. He set it up in 1997, then transferred it to his wife’s newly created blind trust on January 1, 2003, the day before he was inaugurated as Massachusetts’s governor. The director and president of this entity is R. Bradford Malt, the trustee of the blind trust and Romney’s personal lawyer. Romney failed to list this entity on several financial disclosures, even though such a closely held entity would not qualify as an “excepted investment fund” that would not need to be on his disclosure forms.
http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts
Gman
(24,780 posts)it's got to be reported to be taxed. Of course it didn't affect the tax rate on the REPORTED income. And BTW, what about INCOME TAX and not CAPITAL GAINS TAX?
swayne
(383 posts)The story means nothing without Romney commenting on that....
wordpix
(18,652 posts)So no, I'm sure that wasn't a question
progressivebydesign
(19,458 posts)I mean, it can't be because of the drive up windows on the Cayman Islands, or the chocolate in Switzerland.
Okay. the BIG reason to use Swiss banks is PRIVACY http://money.howstuffworks.com/personal-finance/banking/swiss-bank-account.htm So Romney can say that he paid taxes on that money, but the truth is.. no one would ever fucking know, because it does not have to be disclosed. Of no MSM has had the cajones to ask him if he took amnesty.
But basically the Swiss banks are all about hiding money. And if no one knows how much you have, they don't know if you'd paid taxes on it.
And THIS is why he has companies in the Cayman Islands: "No direct taxation is imposed on residents and Cayman Islands companies. The government receives the majority of its income from indirect taxation. Duty is levied against most imported goods, which is typically in the range of 22% to 25%. Some items are exempted, such as baby formula, books, cameras and certain items are taxed at 5%. Duty on automobiles depends on their value. The duty can amount to 29.5% up to $20,000.00 KYD CIF and up to 42% over $30,000.00 KYD CIF for expensive models. The government charges flat licensing fees on financial institutions that operate in the islands and there are work permit fees on foreign labour. A 10% government tax is placed on all tourist accommodations in addition to US$25.00 airport departure tax which is built in to the cost of an airline ticket.[55]
"There are no taxes on profits, capital gains, income or any withholding taxes charged to foreign investors. There are no estate or death duties payable on Cayman Islands real estate or other assets held in the Cayman Islands. from Wikipedia" So basically it's a way to have his money in faux companies, and avoid paying taxes on them. He's full of shit. He did NOT pay any taxes on the Cayman island SaKaty business... and everything else there.
Are there any real, educated, journalists left that actually KNOW these things? And Ask about them???
wordpix
(18,652 posts) He really thinks we're a bunch of guillable idiots easily lied to.Heather MC
(8,084 posts)dat dar blinds trust is made up of a real nice bunch o guys wat save hims summs money dats all. nuffin to see heres folks, just a honest hard working amereekan who don't like keeping his money in a rabbit hole like duh the rest of us's
Now let's get back to da reel isshues Da Economee stooopid
progressoid
(52,495 posts)Response to trailmonkee (Original post)
Post removed
hlthe2b
(112,617 posts)And given your inclusion of a personal blog site link, your post may be confused for spam.
Please make sure your posts are on topic and if you wish to link to your personal blog, it needs to be within your user profile.
Welcome again!
Botany
(76,237 posts)“I could have said don’t make any investments in any foreign companies, in any
foreign bonds, in any foreign currencies, only U.S. entities, and by the way don’t
buy foreign products, don’t have any Japanese TVs* or foreign cars, yeah, I could
have done that,” Romney said. “But I did live my life. And I expect by virtue of
disclosing** all these things, people can take a look at that and see whether that’s
something their comfortable with.”
“I’m not going to try to hide*** who I am and try to manipulate my life to try to avoid
the truth,” Romney said.
* This is not about Japanese TVs ...... trying to change the subject
** What has he disclosed? His taxes? No His records @ Bain? No His time
@ the Olympics? No His time as Governor of Massachusetts No Mitt destroyed
all of his computer files from that time.
*** As he tries to hide how much money he has, where he has it, and the manner in
which he got it. Mitt hides behind his, "I was a businessman dodge." when in truth
he was a corporate raider who used leveraged money to buy businesses for pennies
on the dollar and then borrowed against the assets of those businesses to pay back the
investors after which he fired the employees, sold off the parts of the businesses, and
outsourced any good or service that business used to make. Mitt is part of the vulture
class that looted this country's middle class of it's wealth, homes, and jobs.
Response to trailmonkee (Original post)
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Response to Post removed (Reply #38)
Post removed
Botany
(76,237 posts)
Iggo
(49,581 posts)Nice.
Live and Learn
(12,769 posts)I know the post didn't make sense in the thread but why was it disruptive? I am not about to click on the link to find out.
Iggo
(49,581 posts)There's no good spam or bad spam.
There is only spam.
Live and Learn
(12,769 posts)But see that all three of his posts were the same.
beac
(9,992 posts)"Lying for the Lord": http://www.mormonthink.com/lying.htm
White Horse Prophecy: http://en.wikipedia.org/wiki/White_Horse_Prophecy
BrainMann1
(460 posts)You think we're stupid, Mitt?
trailmonkee
(2,681 posts)Voice for Peace
(13,141 posts)Obama says something about people clinging to guns and religion.
Sarah says: Damn Tootin we do!
We love our guns and our Jesus and we're proud of it!
Media & Base Go Wild.
Mitt Version:
Obama says something about the wealthy paying fair share,
not hiding money overseas.
Mitt says "Damn Tootin I'm RICH and hide my money overseas
and it's legal and that's why you can trust me!!"
Media & Base: ?
bupkus
(1,981 posts)Why didn't Rmoney just keep the accounts here in the US?
kimbutgar
(26,672 posts)overseas? Doesn't seem so American to me to not want to help your country.
Ezlivin
(8,153 posts)
billky
(159 posts)Still wants us to just trust him...
CanonRay
(15,911 posts)Does he really think people are that stupid? Keep spending your time defending the indefensible, Mitt.
bl968
(360 posts)He's mincing words. Basically he is saying that he gets the same tax savings that anyone else with a Swiss Bank account gets. He should be asked point blank if he gets any tax benefits from having the account, and if so what are they. Of course he won't answer because he lied again.
DallasNE
(7,948 posts)Then what makes Swiss bank accounts or Cayman Islands holdings so attractive that all of the super rich flock there. And why was there an amnesty for tax dodgers in those tax havens if there was no tax advantage. Talk about something not passing the smell test!
daleo
(21,317 posts)This doesn't pass the common sense test.
sarcasmo
(23,968 posts)kiranon
(1,734 posts)Show the people your tax returns and then it will be clear what taxes were paid or not paid.
november3rd
(1,113 posts)And this 3rd generation millionaire wants to talk about how it's okay for him to ha be a Swiss bank account because he doesn't gain any tax advantage over the Cayman Islands.🎄🎇
Deficit? What deficit?
sad sally
(2,627 posts)from the Vanity Fair article:
One cannot properly understand Wall Street’s size and power without appreciating the central role of offshore tax havens. There is absolutely no evidence that Bain has done anything illegal, but private equity is one channel for this secrecy-shrouded foreign money to enter the United States, and a filing for Mitt Romney’s first $37 million Bain Capital Fund, of 1984, provides a rare window into this. One foreign investor, of $2 million, was the newspaper tycoon, tax evader, and fraudster Robert Maxwell, who fell from his yacht, and drowned, off of the Canary Islands in 1991 in strange circumstances, after looting his company’s pension fund. The Bain filing also names Eduardo Poma, a member of one of the “14 families” oligarchy that has controlled most of El Salvador’s wealth for decades; oddly, Poma is listed as sharing a Miami address with two anonymous companies that invested $1.5 million between them. The filings also show a Geneva-based trustee overseeing a trust that invested $2.5 million, a Bahamas corporation that put in $3 million, and three corporations in the tax haven of Panama, historically a favored destination for Latin-American dirty money—“one of the filthiest money-laundering sinks in the world,” as a U.S. Customs official once put it.
JoePhilly
(27,787 posts)Because that's what the super rich will do with his promised tax cuts.
closeupready
(29,503 posts)of being a US citizen, but shirks paying his way, and instead, seeks to push the burden either back onto the government or onto people who are poor or middle class. 
mojo2012
(291 posts)Does Mitt Romney really think the average person is that ignorant and would believe that there was "no tax savings at all" for him? Once again, Mitt Romney insults the average person without even knowing that he did.