Republican presidential candidate Mitt Romney has been hesitant to disclose his tax records and personal finances, and now it might be clear why: the former Massachusetts Governor has hidden tens of millions from the U.S. Treasury in secret offshore accounts in the Cayman Islands, according to ABC News.
Offshore accounts used as so-called “tax havens” cost the U.S. over $100 billion a year, and are commonly utilized by the wealthiest citizens and corporations as a means of avoiding U.S. taxes on lucrative profits.
Romney, one of the wealthiest people to ever seek the presidency, said recently he pays about 15 percent of his income in taxes, insisting that he follows all applicable laws. That tax rate is actually much lower than what most Americans pay — the average U.S. household can expect to pay roughly 19 percent in federal taxes each year, according to the Tax Policy Center, a Washington thinktank.
ABC News noted that Romney has invested over $33 million in more than a dozen funds listed in the Cayman Islands. In addition, their examination of securities records revealed that his former company, Bain Capital, holds 138 accounts in the Cayman Islands.
Romney’s campaign told the network that the candidate was simply investing in funds that provided the best opportunity for profits.
“Gov. and Mrs. Romney have money invested in funds that the trustee has determined to be attractive investment opportunities, and those funds are domiciled wherever the fund sponsors happen to organize the funds,” a campaign spokesperson told ABC News.
The candidate’s tax records have become a subject of recent concern among other Republicans seeking the party’s nomination, and Romney was directly challenged by Texas Gov. Rick Perry to release them as soon as possible. Romney said he’d likely do so in April, long after the crucial Republican primary races have ended.
Here are 7 wild, bizarre and pathetic moments from Trump’s ‘campaign launch’
On Tuesday night, President Donald Trump held a rally that was billed as the official launch his re-election campaign — though he has never really stopped holding campaign rallies.
As expected, the president ranted, lied, and engaged in the raucous attacks that are central to his connection with Republican voters. Some of it was actually just sad, such as his continued obsession with Hillary Clinton.
Here are seven of the wildest, disturbing and pathetic moments from the rally:
1. He said Democrats "want to destroy our country as we know it."
Trump casually accuses Democrats of "want[ing] to destroy you and they want to destroy our country as we know it." pic.twitter.com/4K79KlbEeR
British PM candidates clash over Brexit as Boris Johnson skips debate
Candidates to become Britain's next prime minister clashed over Brexit strategy at their first debate on Sunday but the frontrunner, Boris Johnson, dodged the confrontation.
The 90-minute debate on Channel 4 featured the five remaining candidates and an empty podium for Johnson, the gaffe-prone former foreign secretary and former mayor of London.
In sometimes ill-tempered exchanges, four of the five candidates said they would seek to renegotiate the draft Brexit divorce deal agreed with Brussels even though EU leaders have repeatedly ruled this out.
Michael Cohen ordered back to Congress on March 6
President Donald Trump's so-called "fixer" is being asked to return to Congress for more questioning on March 6.
Outside of the closed-door committee hearing Thursday, Cohen said that the House Intelligence Committee is seeking further information, according to Washington Examiner writer Byron York.
Michael Cohen finished closed-door testimony before House Intel Committee, says he's coming back for another session March 6. Again: No reason for secrecy. Transcripts should be released ASAP.
— Byron York (@ByronYork) February 28, 2019