Tax Experts Say Circuitous Paper Chain Helped Romney Avoid Taxes
Via Political Wire, a McClatchy report out today details “a maze of transactions involving the Romney family portfolio that were engineered in tax-neutral nations. The gradual emergence of outlines of these deals in recent weeks is prompting some experts to challenge Romney’s pronouncement that his scores of offshore investments haven’t lowered his federal taxes by so much as a dollar.”
“It appears likely that offshore entities helped his investments avoid taxes or adverse tax consequences,” David Miller, a prominent New York tax attorney, told McClatchy…
Details of the Romneys’ offshore investments are evidenced in the couple’s recently released 2011 tax returns, the GOP presidential nominee’s financial disclosure statements, a trove of internal Bain documents posted by the Internet site Gawker.com, and filings in Luxembourg and Ireland obtained by McClatchy.
As of Dec. 31, 2011, Romney and his family had as much as $50 million or more invested abroad, according to his disclosures.