edthecynic
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- Oct 20, 2008
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According to the FOX Rumor Mill it was honest and above board for Romney!The "scandal" FACT IS a Clinton can do NOTHING above board and honest. NOTHING.The "scandal" is Clinton is a Democrat and Bishop Willard is a Republican.Pregnant quote from the video, "it all appears to be legal."
Now when Bishop Willard took advantage of the same tax loopholes, the Right kept telling us "it was all perfectly legal."
What hypocrites!
Romney Shell Companies Offshore Accounts A Primer RealClearPolitics
To explore the larger issues here further, we first need to explain what Romney did with his vast investments. Recent articles in Vanity Fair and the Associated Press have charted the flow of some of his dollars into shell companies and offshore investments. Most Americans don’t have the kind of resources Romney does -- either in scope or in type -- and thus even the terminology involved might be puzzling.
But as investment banker James Rickards explained to RCP, “This is 98 percent tax-driven.”
Calling it ironic that Romney famously said, “Corporations are people,” Rickards noted that “there’s a difference between Mitt Romney the person and his corporations.” He pointed out that “corporations have a separate existence. If you have an overseas investment . . . in Bermuda, that entity is not a U.S. taxpayer. The money it makes is not U.S. income, so it’s not taxable in the United States.”
Indeed, according to Vanity Fair and the AP, Romney initiated a “company” in Bermuda called Sankaty High Yield Asset Investors Ltd., in which he could park money he made from overseas investments in order to shield it from the high U.S. tax rate.
If a person makes money abroad, “you would not put that money in a high-tax jurisdiction” such as the United States, Rickards explained. Instead, someone with foreign investments could launch what is known as a shell company to delay, and possibly minimize, paying taxes.
This practice is “quite common,” he said, among the wealthy members of the financial sector who are involved with hedge funds, private equity firms, the insurance industry and other Wall Street entities.
Yeah, but when Clinton does it, its a scandal?
I'm still not entirely clear what this 'scandal' is. That BIll had an LLC?