Tag: bain capital

The likely Republican presidential candidate and quintessential vulture capitalist, Mitt Romney, chided President Obama for not being sufficiently fearful of Venezuela’s socialist president, Hugo Chávez Friás last week.  In the conservative Daily Telegraph Mitt is quoted as saying:

“The idea that this nation, this president, doesn’t pose a national security threat is simply naive and an extraordinary admission on the part of this president to be completely out of touch with what is happening in Latin America,” Romney said of Chavez in an  interview Wednesday with Fox News.

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Yes, socialist Venezuela, the country which was recently ranked the 5th happiest in the world, following four social democratic countries, presents a threat to Mitt’s vulture business model and his support base, who largely come from the 92,000 wealthy individuals who sequester their wealth in “tax havens” such as Switzerland the Cayman Islands. (See rt. com  for its report on “The Price of Off Shore Revisited”.

After President Chavez was elected to office in 1998, Venezuela has had currency controls in place to prevent its national wealth from being looted and sent to extra-territorial banks, a model which defeats the efforts of would-be off shore tax evaders in Venezuela.  Other countries have allowed themselves to be systematically raped of their needed tax revenues.

Venezuela also jailed its criminal banksters for speculating with their depositors money.  Here, Mitt, you would likely be in jail for creating tax-evading investment vehicles in the Cayman Islands.  No, socialist Venezuela, under President Chavez, is definitely not a vulture-capitalist friendly country.  That is why it is now thriving.

Mitt Romney has not released a single year of his full taxes. We want to know what is he hiding, join us in demanding he release his full tax returns at www.whatishehiding.com.

He has released part of his 2010 returns but omitted to release the IRS documents on his vast cash hoards sitting in offshore accounts.

According to reporting by the Huffington Post,

Tax experts say it is almost certain that Romney did file the form, known as a Report on Foreign Bank and Financial Accounts, or “FBAR” in accountant slang. The penalty for not filing an FBAR can be severe, and the IRS would have expected to receive the form since Romney listed the Swiss bank account on his tax return. Listing the account on his tax return and then failing to file the subsequent FBAR would have been asking for a hefty fine, and would probably have heightened IRS scrutiny of prior tax filings.

Nevertheless, Romney’s omission of the form from the earlier disclosure raises questions for tax policy experts about the function of his Swiss bank account, and whether or not Romney used other offshore bank accounts that did not generate interest.

“The campaign has never told us why he had a Swiss bank account,” said Rebecca Wilkins, senior counsel for federal tax policy at Citizens for Tax Justice, a nonprofit tax reform group. “It just looks bad.”

For individuals seeking to game the U.S. tax code, Swiss bank accounts are only useful when used illegally. Swiss accounts are prized by global elites for their extreme levels of secrecy. That secrecy has allowed thousands of American taxpayers to stash income from offshore companies in a Swiss account, shielding it from the IRS.

The question is What Is He Hiding?

Please take a minute and add your voice to the growing call for Mitt Romney to release his full tax returns and reveal to the American people what he has been hiding, go to www.whatishehiding.com.