OFFSHORE TAX SHELTERS HELP ROMNEY GET RICH

Offshore Tax Shelters Factor Into Romney’s Business Success

LA Times   |  Bob Drogin   |   December 17, 2007 06:08 PM

While in private business, Mitt Romney utilized shell companies in two offshore tax havens to help eligible investors avoid paying U.S. taxes, federal and state records show.

Romney gained no personal tax benefit from the legal operations in Bermuda and the Cayman Islands. But aides to the Republican presidential hopeful and former colleagues acknowledged that the tax-friendly jurisdictions helped attract billions of additional investment dollars to Romney’s former company, Bain Capital, and thus boosted profits for Romney and his partners.

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