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View Diary: How has nobody mentioned this mega-gaffe by Romney? (214 comments)

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  •  The offshoring thing is really about deferring (5+ / 0-)

    tax, not avoiding it altogether.  That's why Romney said he didn't know about any tax deduction for offshoring.  

    The profits are taxed once you repatriotic the money but that may not be for many years--and the r's are always pushing for an amnesty to repatriate the money without being taxed.

    Some people fight fire with fire. Professionals use water.

    by Happy Days on Thu Oct 04, 2012 at 10:42:02 AM PDT

    [ Parent ]

    •  Heck, if you're slick, you may never have... (2+ / 0-)
      Recommended by:
      Happy Days, Creosote

      ...to repatriate it, for example:  borrow the money you want/need to use here, and pay it back via the Caymans or Swiss account that the profits from the offshored facility are ultimately deposited (Presumably sent to your lender's offshore account).  I'm not sure what the IRS would say about this, but it seems to me like something someone like Mitt would try.

      I wonder how much he personally made off of this sort of deduction.  Enough to buy a car elevator?

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