2016 Postmortem
Related: About this forumBain Capital Under Investigation For Tax Evasion
Maybe romney should be, too?!
http://thinkprogress.org/politics/2012/09/01/787661/romneys-former-company-under-investigation-for-tax-evasion/
Newsflash: Romneys Former Company Under Investigation For Tax Evasion
Bain Capital, the private equity firm founded by presidential candidate Mitt Romney, is under investigation for questionable tax practices, according to the New York Times. Since July, New York Attorney General Eric Schneiderman has been issuing subpoenas to private equity firms including Bain, which he believes intentionally changed management fees into capital gains as a way of hanging onto millions of dollars that would have otherwise been taxed at a higher rate. Bain alone is estimated to have saved more than $200 million in federal income taxes and more than $20 million in Medicare taxes. It is unclear whether the tax strategy was used while Romney was at the helm of the company, but the Times reports that Romney is still making money on funds that are using the method in question. A lawyer who handles Romneys money says he can confirm that neither he nor the trust has ever done this, whether before or after he retired from Bain Capital. Still, little is known about Romneys finances, except that he makes a windfall on capital gains each year, since he has refused to release his tax returns.
DURHAM D
(32,609 posts)the charges will be filed in October.
babylonsister
(171,057 posts)ProgressiveEconomist
(5,818 posts)will be subpoenaed immediately. There is no statute of limitations on tax fraud. Voters could go to the polls while Romney's lawyers are fighting subpoenas for Mitt's federal and state tax returns back to Bain Capital's founding in the early 80s.
alp227
(32,019 posts)The attorney general, Eric T. Schneiderman, has in recent weeks subpoenaed more than a dozen firms seeking documents that would reveal whether they converted certain management fees collected from their investors into fund investments, which are taxed at a far lower rate than ordinary income.
Among the firms to receive subpoenas are Kohlberg Kravis Roberts & Company, TPG Capital, Sun Capital Partners, Apollo Global Management, Silver Lake Partners and Bain Capital, which was founded by Mitt Romney, the Republican nominee for president. Representatives for the firms declined to comment on the inquiry.
johnnyrocket
(1,773 posts)mary195149
(379 posts)there were articles of Romney claiming he was an active investor at Bain in 2010. This gave him a higher bracket of tax losses vs being a passive investor. Unbelievable, playing both sides at all times even with the IRS. If he was active as he claims on his tax returns, this Bain tax evasion investigation might come back to bite him. Watch for an amended tax return claiming he mistakenly
checked the wrong box.
WhoIsNumberNone
(7,875 posts)It's only billionaires and big corporations that are able to pull this kind of dodge, and without any investigators they'd never get caught.
ejbr
(5,856 posts)amuse bouche
(3,657 posts)how delicious
Nancy Waterman
(6,407 posts)So much for the GOP convention changing anything!!