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View Diary: Headlines you won't see in 2012: 'Income tax returns for last 12 years revealed by Romney' (56 comments)

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  •  It will be legal and taxes will be paid (0+ / 0-)

    Any large investment partnership will always have two parallel funds, one in the US and one in an offshore tax haven. The one in the US is for US entities and tax payers, the offshore one is for all individuals and institutions outside the US. If you are not a US taxpayer having to deal with the IRS is something you definitely want to avoid. Non-US individuals and institutions will pay taxes according to the laws of the country where they are located. The managing partner of both funds, in this case Bain Capital, has an ownership interest in both funds. If the funds are profitable, offshore income will be generated. These are fully disclosed to the IRS and taxes are paid exactly in the same fashion at the US based fund. The offshore fund is a convenience for non-US investors, and is a common business practice.

    "let's talk about that"

    by VClib on Wed Jan 18, 2012 at 05:39:42 PM PST

    [ Parent ]

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