Is it wrong for someone running for President to have tax-sheltered accounts in other countries?

[kentuck]

Nobody knows where Mitt Romney has his money or how much he might have?

He wants to be President of this country but he doesn't want to invest his money in this country. He has taken it overseas, to Switzerland or the Cayman Islands or somewhere else, to escape paying taxes to the country that he wants to lead. Does that sound like someone you would want to lead your country?

And why has he not cleaned up this mess by now? He has been running for President for years and he still has these foreign accounts? Why? Is he so greedy that he wants that extra 10-15% in tax breaks, even if voters question his judgement in investing in these countries?

So far, nobody has said that anything is illegal. But he refuses to disclose what he has or where? Is this the type of person this country is going to put in the White House? I certainly hope not.

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[thelordofhell]

1. Yes

[Nye Bevan]

2. Yes, because if it's "tax sheltered", that would be illegal.

US citizens owe US taxes on all of their worldwide income, so for a US citizen there is no such thing as a "tax sheltered" offshore account. Not legally, anyway.

[kentuck]

3. If the tax rate were the same in this country...?

Why take it overseas??

It seems like a tax shelter to this novice.

[Iggy]

4. YES

it's wrong-- wayy wrong.

1.) We already have enough tax dodging millionaires in the senate-- including democrat Dianne Feinstein-- one of the
wealthiest senators, if not THE wealthiest.

2.) One of the reasons Greece is crashing is their serious tax evasion problem, in both the private and
public sectors. we can't run the U.S. with small beer revenue.

The POTUS as leader can't be involved in numerous tax breaks, deferrments, and off shoring. it shows he's
dodging taxes, and if he does it, all of the other greedy dickweeds think they can do it too.

[Ezlivin]

5. He loves this country so much he doesn't want to support it through his taxes

Other parents send off their children to fight our wars in support of our country. They and their children give their all.

Mitt? He won't even let his money "fight" in support of our country. No, he takes it out of circulation and supports his lifestyle in other countries.

Yeah, real patriotic.

[kentuck]

7. I'm not a flag-waving, Tea Party patriot but...

I simply could not trust someone who would do this.

[DevonRex]

8. Neither can I. Funny, my flag waving, Tpp

wealthy relative also doesn't like to pay taxes. So just didn't for years. Now there's a bit of a kerfuffle. We shall see how it turns out...

[aint_no_life_nowhere]

10. And the sum and substance of Romney's campaign is "trust me"

"I won;t give you any specific details of what my policies will be as President, but since I have business experience you have to trust me."

Would you buy a used car from this man?

[DevonRex]

6. Yes it's wrong and no he's not the kind

of person we want as president if he can't pay what his taxes like all the rest of us do.

[demosincebirth]

9. Yep, all off shore accounts should be taxable.

[Sgent]

11. Its *probably* not saving him any money right now

US Citizens are taxed on worldwide income. It doesn't matter if I own stock out of a Swiss brokerage or a US one, I owe equal tax.

The reason that his Bain Capital holdings are offshore have to do with attracting international capital. These investments are partnerships of probably 50-100 very wealthy people from around the world. If the partnership were located in the US, the foreign partners would owe taxes on the entire income. By putting it in an offshore tax haven, the foreign (not US) partners could escape US taxes on income derived from non-US assets (say if the partnership invested in a EU company).

In addition, investments like this have much higher regulatory hurdles if based in the US when attracting non-US investors.

All of the above being said, the year before Romney's last released tax return the IRS was running an amnesty program -- which I would like to see explored by the media / Obama administration more fully. At that time, an investor with significant unpaid (but owed ... ie committed tax evasion) taxes from offshore investments was allowed to "fess up" and pay the taxes + interest + penalty. The IRS agreed to forgo prosecution for tax evasion.

Romney's last released return was the year AFTER this would have appeared on it, so one year prior could have a bombshell on it.

[Nye Bevan]

14. Interesting.

I think if it turns out that Romney was dodging taxes, and took advantage of the amnesty, the election is over.

[JoePhilly]

16. So if I follow ... we're giving Mitt and those like him tax breaks, so they can

invest, not with US partners, but with global partners ... and that's going to lead to more jobs in the US, right?

The reality is that Mitt is no longer an American, he's really a global citizen. He is rich enough to live, and invest, in any country that he wants to. His allegiance is no longer to the US, its to the other super rich global citizens from all around the world.

And as President, he'd be able to increased the wealth of that core global constituency.

[kentuck]

17. I think you have encapsulated his attitude...

...and his philosophy. He doesn't consider himself an American citizen. He is a global capitalist.

[dimbear]

12. No, those little third world countries can collapse at any time and you need a safety net.

They all do it. Oh, wait.........here?

[spanone]

13. absofuckinglutely

[Zoeisright]

15. Yes.

Shows a lack of confidence in this country, plus trying to hide something.