Tuesday, September 25, 2012

Why are Romney's tax numbers not being challenged?

One of the big stories out of the Romney campaign lately has been the supposed divulgence of his 2011 tax records

Romney claims to have "earned" just over 20 million, and paid an effective tax rate of about 14%.

The media in general has decided to take that story at face value. There is the predictable umbrage taken on the left about how this tax rate is half of what middle-class taxpayers typically pay, but that's about it.

About a month before Romney released those numbers the Gawker  website posted hundreds of pages of financial statements that showed most of Romney's fortune appeared to be stashed offshore, particularly in the Cayman Islands.

There are good sound reasons why fortunes are stashed offshore, particularly in the Cayman Islands. The primary reason would be that no one who does such a stashing would then declare income earned in the Cayman Islands on their USA tax filings.

That's the whole point of stashing your loot in the Cayman Islands in the first place!

Something stinks!

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