Saturday, January 21, 2012

Romney's Cayman Island accounts and the 'job creator' narrative

It's now been widely reported that the Romneys hold millions of dollars (maybe as much as $32M) in Bain Capital Cayman Island accounts.  These 'off shore' accounts allow the Romneys to pay only the 15% capital gains tax on the income derived from these funds as opposed to having the income taxed as ordinary income.

And while there appears to be nothing illegal about these Cayman Island funds, it blows the whole Republican 'job creators' narrative right out of the water.

The GOP has been insisting for years now that millionaires should only be paying the lowest possible tax rate on their income (15% being a favorite) because they are the engines driving American job creation.

So who will be the first to ask Mitt how many jobs his $32,000,000 in the Cayman Islands has created here in the United States? 


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