Mitt Romney--using tax loopholes "in a way that few but the country's super-rich can ever hope to do"
CHICAGO—Obama for America released a new web video today called “Mitt Romney’s Tax Loopholes”, which highlights the ongoing questions about what Mitt Romney is hiding about his personal finances, including his use of complex tax strategies, and juxtaposes them with Congressman Paul Ryan’s pledge to get rid of tax shelters and loopholes that help the wealthiest Americans avoid paying their fair share of taxes. The Washington Post explains that “Mitt Romney exited Bain Capital with rare tax benefits in retirement.” Romney had a Swiss bank account, a stake in funds in the Cayman Islands, a shell corporation in Bermuda, and extensively used tax loopholes, all while advocating for a plan that would require raising taxes on middle class families to pay for tax cuts for the wealthy.
Mitt Romney’s running mate, Paul Ryan, said in a recent “60 Minutes” interview that he wanted to implement tax reform and “take away the tax shelters that are uniquely enjoyed by people in the top tax brackets, so they can't shelter as much money from taxation.” What he should have known is that no one is more familiar with the kind of tax loopholes he described than his running mate, Mitt Romney.
With Mitt Romney calling the shots, one thing is certain: a champion of tax loopholes would be leading the tax reform effort.