Rich Mitt: Holdings in Foreign Tax Havens, Cayman Islands, Switzerland, Ireland and Luxembourg

Tuesday, January 24, 2012

Willard “Mitt” Romney is a very wealthy man. He and wife Ann are worth from $190 million to $250 million; earned $21.7 million in 2010 and paid a 13.9 percent tax rate, a rate lower than a person earning $50,000. The amount the Romneys paid in taxes in 2010 was about $3 million.

Willard’s reluctance to embrace his father’s transparency on the subject of income taxes is increasingly clear with releasing their tax returns from 2010. The Romneys’ income is mostly derived from investments, mostly in the form of capital gains which are taxed at a lower rate than other types of income.

The couple’s investments are scattered from the United States, to the Cayman Islands, Switzerland, Ireland and even Luxembourg. The Swiss bank account is now closed. In 2010, the Romneys gave nearly $3 million to charity, half of that going to the Church of Jesus Christ of Latter-day Saints also known as the Mormon church.

Romney’s tax information which includes more than 500 pages can be found on his website.

This entry was posted in Mitt Romney, Mormons, News, Politics, Rich Republicans and tagged , , , , . Bookmark the permalink.

14 Responses to Rich Mitt: Holdings in Foreign Tax Havens, Cayman Islands, Switzerland, Ireland and Luxembourg

  1. Joe in Colorado says:

    Willard Mitt Romney has more money than did John F. Kennedy when he ran or John Kerry when he sought the nomination. The only candidate with more money is Donald Trump and he was never a serious candidate. What is it with the American people who feel the need to elevate these elites to the role of leader of the free world?

  2. feminazi says:

    Mitt Romney likes to call himself a patriot but he loves America so much that he stashed his money in foreign accounts to avoid paying income tax. He’s just another extremely rich, Republican hypocrite. Now wonder he’s never been able to get more than 25% in the polls. His support is limited to the GOP country club crowd.

  3. TOM339 says:

    That Romney has done well over the years isn’t the point.

    What I think the US Dept of Justice needs to look at and investigate are the rumors that Romney’s investments include business investments in Iran. The Iran and Libya Sanctions Act of 1996 (ILSA) was a 1996 act of Congress that imposed economic sanctions on firms doing business with Iran and Libya.

    On September 30, 2006, the act was renamed to the Iran Sanctions Act (ISA), as it no longer applied to Libya. If Romney Inc is doing business with Iran then, he is in direct violation of this law and should be prosecuted.

  4. Brigadoon says:

    TOM339 – Business dealing with Iran? Really? I think Justice should be tipped off, don’t you?

  5. Harry says:

    Evangelical voters will never elect a Mormon president. It ain’t going to happen.

  6. The Real Adam says:

    The only reason Romney instructed his accountants to close his tax-free Swiss Bank account was the U.S. demanded and received access to Swiss accounts held by uber-rich Americans who sought to avoid paying income tax on their earnings.

    Romney didn’t do this because he’s a nice guy.

  7. Abbey Peripatetic says:

    Congress writes IRS tax law.
    98% of Congress is made up of millionaires.
    Nuff said.

  8. DMason says:

    I would never, ever vote for anyone as wealthy as Romney. Someone worth three-quarters of a billion dollars can’t possibly relate to people like me and my family. Romney is part of the 1% and therefore, part of the problem. We need to stop rewarding men like this with the keys to the White House.

  9. Rachel says:

    The tax laws have always favored the rich. Romney isn’t collecting a salary; he’s living off money he earned and in vested invested. It’s called capital gains income and this form of income is taxed at a much lower rate than regular income. Conservatives claim taxes on capital gains amounts to double taxation. Romney is a wealthy man who takes advantage of a tax system that favors the rich over the middle class. I blame our elected lawmakers.

  10. Carpe Diem says:

    The system is rigged in America to favor the rich. It always has been but it has become worse.

  11. Fran says:

    The second contract released Tuesday night provides more detail on the work Gingrich was hired to perform, including “serve as advisor to Freddie Mac in the areas of strategic planning and public policy.” It also called on Gingrich, who is mentioned by name in the second contract, to “engage in discussions” with Freddie Mac’s chief lobbyist and senior officers “to strategize on approaches to Freddie Mac business opportunities and challenges.”
    Gingrich, who was hired to help the company reach out to Republicans, also was expected to “contribute to Freddie Mac corporate planning and business goals” and to “meet with major stakeholders of Freddie Mac.”
    The contract also states that “neither The Gingrich Group nor Newt Gingrich will provide lobbying services of any kind nor participate in lobbying activities on Freddie Mac’s behalf.”
    The second contract also provided up to $1,000 a month for Gingrich’s expenses.

    “engage in discussions” with Freddie Mac’s chief lobbyist and senior officers “to strategize on approaches to Freddie Mac business opportunities and challenges.”
    Romney ramped up criticism for not making the details public sooner. Gingrich said it wasn’t only up to him because he no longer controls the firm named in the contract.‘‘They have a number of confidentiality agreements.”



  12. Randy Arroyo says:

    There’s something fundamentally wrong with voters who vote GOP.

  13. Jim says:

    So much for the All-American.

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