ABC is flat wrong. The Romneys’ investments in funds established in the Cayman Islands are taxed in the very same way they would be if those funds were established in the United States. These are not tax havens and it is false to say so.

Romney campaign spokeswoman Andrea Saul • Trying to quell the swirls of criticism that have emerged over Mitt Romney’s tax information. This all came to a head, in a way, during Monday night’s presidential debate in South Carolina, when Mitt Romney gave an extremely uncomfortable, unprepared seeming answer on whether or not he’d release his tax information, which all but forced them start letting some information out. The fact that Romney only pays (legal though it is) 15% in taxes has caused a stir, but not as much as subsequent reports by ABC News might; they report that Romney maintains millions in investments held in the Cayman Islands, notorious as an offshore tax haven, allowing him to pay an even lower rate. source (via • follow)

All I can say is “Don’t hate the playa, hate the game.” If you think this tax code sucks then let’s change it, I’m all for that. I won’t support beating someone up for doing EXACTLY what he is legally expected to do.

Source: shortformblog

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