Skip to main content

View Diary: Obama campaign to Romney: Release just five years of returns (updated 2X) (315 comments)

Comment Preferences

  •  yes, i did see that after i posted that. (1+ / 0-)
    Recommended by:
    VClib

    i didn't realise the thread extended as far down as it did!  so, my apologies, and you may have a point: PWC would be liableas well.

    KEEP YOUR MITT OFF MY MEDICARE! (-9.75 / -9.05)

    by doesnotworkorplaywellwithothers on Fri Aug 17, 2012 at 11:45:54 AM PDT

    [ Parent ]

    •  doesnot - I have worked extensively with the PWC (2+ / 0-)

      tax people, although not in Boston, but including the national office. I just don't think they would be party to anything like undisclosed foreign accounts.

      "let's talk about that"

      by VClib on Fri Aug 17, 2012 at 11:48:28 AM PDT

      [ Parent ]

      •  that certainly makes sense. (1+ / 0-)
        Recommended by:
        VClib

        but i've read other tax lawyers on blogs about this, who are saying that basically there is no reason for a foreign account but to cheat, but to not disclose.

        i'm not in a position to really know what the truth of that could be.

        KEEP YOUR MITT OFF MY MEDICARE! (-9.75 / -9.05)

        by doesnotworkorplaywellwithothers on Fri Aug 17, 2012 at 06:41:18 PM PDT

        [ Parent ]

        •  doesnot - there are many valid reasons to have (0+ / 0-)

          foreign accounts beside cheating. Something like half all the investment capital in the world is managed in Switzerland. Accordingly they have some of the best managers. In many cases funds held overseas are not subject to the US court system so many wealthy people have offshore deposits just as an insurance policy. This is particularly common with physicians. It doesn't apply to Romney but some families with significant wealth have homes, and financial assets in several parts of the world, just in case people do grab the lanterns and pitchforks they can quickly fly to a safe haven on a moments notice.

          All private equity funds raise each successive investment partnership in two parallel entities. One in the US for US organizations and taxpayers, and a sister partnership in an offshore tax shelter for non-US taxpayers. As the managing partner the executives at Bain Capital would have an ownership interest in that foreign partnership and when investments are sold the proceeds would go to the foreign account. Romney may have found people in those countries that he is likes to manage a portion of his assets and just kept them there.

          "let's talk about that"

          by VClib on Fri Aug 17, 2012 at 08:37:53 PM PDT

          [ Parent ]

Subscribe or Donate to support Daily Kos.

  • Recommended (150)
  • Community (71)
  • Baltimore (68)
  • Bernie Sanders (49)
  • Freddie Gray (38)
  • Civil Rights (38)
  • Elections (27)
  • Hillary Clinton (27)
  • Culture (24)
  • Racism (23)
  • Labor (20)
  • Education (20)
  • Economy (19)
  • Rescued (19)
  • Media (19)
  • Law (19)
  • Science (16)
  • Politics (15)
  • 2016 (15)
  • Barack Obama (14)
  • Click here for the mobile view of the site