Another reason Mitt WON'T release his tax returns

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    Aug 08, 2012 10:52 PM GMT
    "Son of Boss"

    Mitt Romney's refusal to release tax returns in the critical years of his income accumulation has done little to dispel the legitimate concern that arises from hints buried in his scant disclosure to date: Did he augment his wealth through highly aggressive tax stratagems of questionable validity?

    Romney has had a close, long-standing, personal and business connection with Marriott International and its founders. He served as a member of the Marriott board of directors for many years. From 1993 to 1998, Romney was the head of the audit committee of the Marriott board.

    During that period, Marriott engaged in a series of complex and high-profile maneuvers, including "Son of Boss," a notoriously abusive prepackaged tax shelter that investment banks and accounting firms marketed to corporations such as Marriott. In this respect, Marriott was in the vanguard of a then-emerging corporate tax shelter bubble that substantially undermined the entire corporate tax system.

    Son of Boss and its related shelters represented perhaps the largest tax avoidance scheme in history, costing the U.S. many billions in lost corporate tax revenues. In response, the government initiated legal challenges that resulted in complete disallowance of the losses claimed by Marriott and other corporations.

    In addition, the Son of Boss transaction was listed by the Internal Revenue Service as an abusive transaction, requiring specific disclosure and subject to heavy penalties. Statutory penalties were also made more stringent to deter future tax shelter activity. Finally, the government brought successful criminal prosecutions against a number of individuals involved in Son of Boss and related transactions not associated with Marriott, including principals at major law and accounting firms.

    What emerges from this window into corporate tax compliance behavior is the picture of an executive who was willing to go to the edge, if not beyond, to bend the rules to seek an unfair advantage, and then hide behind the advice of so-called experts to deflect criticism when a scheme backfires.

    Do you think Romney is a felonious tax scoundrel?

    Discuss.
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    Aug 08, 2012 10:56 PM GMT
    GAMRican said"Son of Boss"

    Mitt Romney's refusal to release tax returns in the critical years of his income accumulation has done little to dispel the legitimate concern that arises from hints buried in his scant disclosure to date: Did he augment his wealth through highly aggressive tax stratagems of questionable validity?

    Romney has had a close, long-standing, personal and business connection with Marriott International and its founders. He served as a member of the Marriott board of directors for many years. From 1993 to 1998, Romney was the head of the audit committee of the Marriott board.

    During that period, Marriott engaged in a series of complex and high-profile maneuvers, including "Son of Boss," a notoriously abusive prepackaged tax shelter that investment banks and accounting firms marketed to corporations such as Marriott. In this respect, Marriott was in the vanguard of a then-emerging corporate tax shelter bubble that substantially undermined the entire corporate tax system.

    Son of Boss and its related shelters represented perhaps the largest tax avoidance scheme in history, costing the U.S. many billions in lost corporate tax revenues. In response, the government initiated legal challenges that resulted in complete disallowance of the losses claimed by Marriott and other corporations.

    In addition, the Son of Boss transaction was listed by the Internal Revenue Service as an abusive transaction, requiring specific disclosure and subject to heavy penalties. Statutory penalties were also made more stringent to deter future tax shelter activity. Finally, the government brought successful criminal prosecutions against a number of individuals involved in Son of Boss and related transactions not associated with Marriott, including principals at major law and accounting firms.

    What emerges from this window into corporate tax compliance behavior is the picture of an executive who was willing to go to the edge, if not beyond, to bend the rules to seek an unfair advantage, and then hide behind the advice of so-called experts to deflect criticism when a scheme backfires.

    Do you think Romney is a felonious tax scoundrel?

    Discuss.
    Without doubt.
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    Aug 09, 2012 12:10 AM GMT
    Where is the MSM in reporting this?
    Why isn't Romney's business record getting the thorough vetting the American people deserve?

    There are a lonely few serious journalists examining Romney's unethical double dealings - but most of the MSM is taking a lazy see-no-evil speak-no-evil approach to covering Romney's disgustingly corrupt behavior in his business career.

    The MSM is almost totally worthless.
    The only thing they really give a damn about is their own ratings.
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    Aug 09, 2012 5:00 AM GMT
    I hope that Mitt's decision to withhold his tax returns continues to dog his campaign up through the election. Lack of transparency is a "red flag" regarding candidates for public office.
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    Aug 09, 2012 6:15 PM GMT
    GAMRican saidI hope that Mitt's decision to withhold his tax returns continues to dog his campaign up through the election. Lack of transparency is a "red flag" regarding candidates for public office.






    No presidential candidate in US history has ever had ANY offshore tax shelters.
    Romney has had MANY offshore accounts - including at least one Swiss bank account and one in the Cayman Islands.

    And those are just the ones we know about.
    God only what horrors lurk in all the years of tax returns he's hiding from the American people.
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    Aug 10, 2012 4:08 AM GMT
    RickRick91 said
    GAMRican saidI hope that Mitt's decision to withhold his tax returns continues to dog his campaign up through the election. Lack of transparency is a "red flag" regarding candidates for public office.






    No presidential candidate in US history has ever had ANY offshore tax shelters.
    Romney has had MANY offshore accounts - including at least one Swiss bank account and one in the Cayman Islands.

    And those are just the ones we know about.
    God only what horrors lurk in all the years of tax returns he's hiding from the American people.


    From: Vanity Fair: "Where the Money Lives"

    To give but one example, there is a Bermuda-based entity called Sankaty High Yield Asset Investors Ltd., which has been described in securities filings as “a Bermuda corporation wholly owned by W. Mitt Romney.” It could be that Sankaty is an old vehicle with little importance, but Romney appears to have treated it rather carefully. He set it up in 1997, then transferred it to his wife’s newly created blind trust on January 1, 2003, the day before he was inaugurated as Massachusetts’s governor. The director and president of this entity is R. Bradford Malt, the trustee of the blind trust and Romney’s personal lawyer. Romney failed to list this entity on several financial disclosures, even though such a closely held entity would not qualify as an “excepted investment fund” that would not need to be on his disclosure forms. He finally included it on his 2010 tax return. Even after examining that return, we have no idea what is in this company, but it could be valuable, meaning that it is possible Romney’s wealth is even greater than previous estimates. While the Romneys’ spokespeople insist that the couple has paid all the taxes required by law, investments in tax havens such as Bermuda raise many questions, because they are in “jurisdictions where there is virtually no tax and virtually no compliance,” as one Miami-based offshore lawyer put it.

    romney-palin-mccain.jpg
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    Aug 11, 2012 1:56 AM GMT
    Uh Oh! Mitt's in the shit!

    A New Tax Avoidance Question Surfaces About Mitt Romney

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