Wednesday, July 18, 2012

Mitt Romney: Cayman Islands Accounts Used By Foreign Investors To 'Not Be Subject To' U.S. Taxes

WASHINGTON -- Some tax experts are alarmed by Mitt Romney's apparent admission that Bain Capital set up offshore accounts in the Cayman Islands to help wealthy investors avoid paying U.S. taxes.

During an interview with the National Review's Robert Costa, Romney said that offshore sub-companies in the Cayman Islands help foreign investors avoid paying taxes on investments in the United States. Bain Capital currently has 138 such sub-companies headquartered in the Cayman Islands.

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