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Cayman Islands
  • Romney Didn't Cheat IRS, He Sent His Money on Caribbean Vacation

    When will the socialist media stop persecuting Mitt Romney for being a paragon of model capitalism?

    Mitt Romney’s campaign has attacked an ABC News report on the candidate's offshore investments, saying his holdings in the Cayman Islands and elsewhere have no effect on the amount he pays in U.S. taxes.

    But the campaign's assertions may be wrong or misleading. Tax experts said some of the offshore holdings are likely intended to help Mr. Romney avoid paying an obscure but hefty tax of as much as 35% on some of those investments, held in a tax-deferred retirement account.

    [I]t is very common for private-equity funds such as Bain to set up vehicles in offshore locales such as the Cayman Islands. Such a structure allows American tax-exempt entities, including IRAs, to avoid paying UBIT.

    Right! Of course! Just because Mitt Romney is an insanely rich guy who made his fortune out of bending the rules and doing whatever needed to be done to stuff an extra couple million dollars under his mattress, we should just assume that he sent his money to the Cayman Islands to shield it from the IRS. Just because that's what happens so often that the words "Cayman" and "Islands" are pretty much synonymous with "tax" and "haven." Ugh!

    Look, do I really have to explain this to you people like you're in kindergarten? Mitt Romney is a highly successful businessman. He makes investments. That means that his money WORKS FOR HIM. So, essentially, that money is his employee. As such, it's only natural that he should send his employees on vacation every once in a while.

    So, clearly, Mitt Romney's money was in the Cayman Islands because it was on vacation. Is that so hard to understand?

    Photo by Justin Sullivan/Getty Images News/Getty Images

    Tags: Bain Capital, Cayman Islands, Mitt Romney, Money, Taxes