Wednesday, July 11, 2012

How many American jobs has Romney's off shore investiments created?

Vanity Fair has a lengthy piece out that has raised new questions about Mitt Romney's wealth including substantial sums in off shore accounts (at least $30M in just one Cayman Islands fund, in addition to an undisclosed sum in a Bermuda company and at least one former Swiss bank account) that could total $100 million or more dollars. 

There is no question but that this article has put the Romney campaign on the defensive again.  Romney has tried to push back with various defenses ranging from accusations of  'class warfare' to repeated assertions that he and his wife have always paid all taxes required by law.   On this latter issue, there is no evidence that the Romneys have not paid all lawful taxes owed, but their secrecy and failure to embrace real financial disclosure also makes it impossible for anyone to know if the Romneys are telling the truth. 

Mitt Romney may or may not be the richest man to ever run for president, but certainly many very wealthy people have run for president before him (George Washington, both Roosevelts, Hoover, JFK, both Bushs and by the time Hillary ran, the Clintons were loaded too) and none of them had the incredibly complicated and structured financial portfolio of Mitt and Ann Romney.  Newt Gingrich, as quoted in Vanity Fair, cut to the chase, “I don’t know of any American president who has had a Swiss bank account.”

With so many issues raised by Vanity Fair the press reports have often been confusing making it hard cut to the heart of the matter.

The Romneys finances are incredibly complicated because they are designed to avoid paying Federal income taxes and it has worked like a charm with the Romneys paying less than 15% in income taxes (13.9% to be exact)

Republicans justify and defend these absurdly low tax rates on the super-rich by insisting they are the job creators.

Exactly how many American jobs are created by the tens or hundreds of millions of dollars the Romneys have stashed in the Cayman Islands, Luxembourg and Bermuda? I want someone to ask Mitt this question directly! 

If all those millions are not creating American jobs then why should he and Ann receive such generous tax breaks?

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