Bain Documents: Romney Offshore Investments Used 'Blockers' To Avoid Taxes [View all]
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Source: ABC News
The private equity firm founded by Republican presidential candidate Mitt Romney made use of arcane techniques in several of its Cayman Islands-based funds to avoid U.S. taxes, according to a trove of Bain Capital's private audit and finance records made public on the website Gawker today.
The audited financial statements of one of the Cayman Islands funds make note of the use of "blocker" entities, which are used to help retirement accounts and nonprofit entities avoid some taxes. Financial statements for another fund note that it "intends to conduct its operations so it will … not be subject to United States federal income or withholding tax ..."
Those details emerge on the statements of two funds in which Romney still holds a sizeable investment, according to the financial disclosure statements he filed when he announced his bid for president.
The publication of the Bain Documents on the Gawker website could rekindle debate about Romney's role at the company, and specifically about Bain's decision to domicile many of its funds in offshore locations known as tax havens.
Republican presidential candidate, former Massachusetts Gov. Mitt Romney is shown during a campaign rally, Aug. 20, 2012, in Manchester N.H. (Evan Vucci/AP Photo)
Read more: http://abcnews.go.com/Blotter/bain-documents-romney-offshore-investments-blockers-avoid-taxes/story?id=17067015#.UDasXFH3Bol
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