With the release of the Gawker Files and assuming they are accurate (no one has yet to claim they are not), some interesting new information is now in public view.
Take, for example, the case of Bain Capital Fund VIII LP, a fund the Romneys admit to receiving money from in 2010 and 2012.
According to Gawker, (read the paragraph carefully for the bombshell), this fund states:
The Partnership is a qualified intermediary and intends to conduct it operations so that it will not be engaged in a United States trade or business and, therefore, will not be subject to United States federal income or withholding tax on its income from United States sources.... Under the current laws of the Cayman Islands, there are no income, estate, transfer, sales, or other Cayman Islands taxes payable by the Partnership.One phrase in the paragraph above is the key. I highlight it and explain its relevance below the magic sperm-preventing squiggle below.
UPDATE 1 - 11:56am Mittens is the gift that keeps on giving
Mit Clarifies Everything. Shares more Bain experience:
HOPKINS, Minn. - Creating a potential headache for his campaign, Republican presidential candidate Mitt Romney said big businesses in the U.S. were "doing fine" in part because they get advantages from offshore tax havens.UPDATE 2 - 12:05 pm
Many thanks for the rec list. Haven't been here for a long time. Also thanks to someone who cross-posted this to DU. I think there is much more to this story, especially after Mit's slip noted in Update 1 above. Harry Reid was onto something.
UPDATE 3 - 12:09 pm - I missed this little tidbit earlier
From the NYT article, para 7: Bain official confirms accuracy of Gawker Files:
"The unauthorized disclosure of a number of confidential fund financial statements is unfortunate," said Alex Stanton, a Bain spokesman.UPDATE 4 - 1:27 pm
Thanks to many others are doing great work sifting through all this.
Check bobswern's diary currently on the Rec List: NYT: Bain's tax "dodging" is "not legal," "subject to serious I.R.S. challenge"
Also hungrycoyote's just posted diary: NYT Finds Hidden Clues in Romney's 2010 Taxes to Calculate What 2009 Taxes Looked Like
See more about Mit's claim of 13% taxes paid from the NYT article at the bottom of my diary.
bolding mine:
The Partnership is a qualified intermediary and intends to conduct it operations so that it will not be engaged in a United States trade or business and, therefore, will not be subject to United States federal income or withholding tax on its income from United States sources... Under the current laws of the Cayman Islands, there are no income, estate, transfer, sales, or other Cayman Islands taxes payable by the Partnership.According to the Wall Street Journal, Romney has VERY CAREFULLY told an interviewer:
"The so-called offshore account in the Cayman Islands…is an account established by a U.S. firm to allow foreign investors to invest in U.S. enterprises and not be subject to taxes outside of their own jurisdiction," Mr. Romney said.Romney is clearly speaking about himself. HE and his wife, Ann, (and any other partners) seem to be the "foreign" investors in Bain Capital Fund VIII LP under Cayman Islands law.
As a result, confirmed by Bain Capital Fund VIII LP's own written statement, one purpose of Bain Capital Fund VIII LP is to "not be subject to United States federal income or withholding tax on its income from United States sources..."
Their stated purpose is "to invest in U.S. enterprises" and at the same time to "not be subject to United States federal income or withholding tax on its income from United States sources..."
Is that really what ANYONE wants in a leader of this country?
rest at http://www.dailykos.com/story/2012/08/24/1123704/-Bain-Tax-Bombshell-Bigger-than-Before
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