Romney evades taxes through Dutch tax evasion route

The Volkskrant (a Dutch quality though centre left leaning newspaper) has reported:

The fiscal tax evasions of Mitt Romney also pass through the Netherlands. The private equity firm Bain Capital, in which the presidential candidate is a participant, is said to have evaded about 80 million euro's in dividend taxation.

Presidential candidate Mitt Romney and Bain capital take advantage of the beneficial fiscal path that leads through the Netherlands. The Netherlands is for the American Bain Capital, a link it it's elaborate international web of trusts and holdings.

By routing the investment from the 2004 acquired Irish Warner Chilcott through the Netherlands, Bain has evaded dividend and capital gains taxes. As the stock/shares has been transferred to the Netherlands, about 389 million dollar in dividend was paid to stockholders and Bain sold about 334 million dollars worth of shares.

This has been found by "Follow the Money"/Volkskrant investigation of the information deposited by Bain at the SEC, Romney's tax returns, the documents made public by Gawker and information gathered from the Dutch chamber of commerce.

The fiscal evasion routes of Mitt Romney also pass through the Netherlands. The private equity fund Bain Capital has evaded approximately 80 million euros in dividend taxes.

According to dutch tax specialist Jos Peters, who is among others advisor to large private equity firms, Bain has evaded about 80 million euros in dividend taxes. Bain also saves a big percentage on their Irish taxes when the shares are sold through the Netherlands. Bain and the campaign team of Romney have been asked repeatedly and elaborately for a reaction but have not responded.

Even though Romney left Bain as an active investor in 1999, he was allowed as part of his leaving arrangement, to participate in Bain. In 2004 he and his wife participated in the Bain Capital Fund VIII. This fund (registered in the Cayman Islands) has a large share of the stock portfolio of Warner Chilcott. Of the 37.5 million share acquired by Bain in september 2010, 25.7 million are part of the Bain Capital Fund VIII.

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It might be legal, but is this the behavior of a man who wants to be president? I do not think so. I do not expect someone to be clean as a whistle in all his behaviors but this, IMHO, is not behavior that is befitting a presidential nominee of any political party.

That is evidence of the disgraceful nature of the US Tax Code, not of those that use it to their advantage. Dont like tax shelters or the tax code? Blame those who created it, not those who live under it.

Fletch said:

That is evidence of the disgraceful nature of the US Tax Code, not of those that use it to their advantage. Dont like tax shelters or the tax code? Blame those who created it, not those who live under it.

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In part you are right, but this is also symbolic of someones moral values IMHO. Romney is a man who will do no matter what to get elected and will find any loophole to avoid paying taxes for the services the USA provides with the revenue.

Fletch said:

That is evidence of the disgraceful nature of the US Tax Code, not of those that use it to their advantage. Dont like tax shelters or the tax code? Blame those who created it, not those who live under it.

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Its also a matter of such a tax code being the product of people like romney and an economic (im)moraility that he wants to perpetuate.

How many here, regardless of which country, would not take a legal tax deduction to
reduce the amount of taxes you owe?
I guess we all have the same moral shortcomings!

Tax avoidance IS NOT tax evasion. People letting others claim their kids to maximize their EIC for a cut is tax evasion--taking a legal deduction/credit is not. (and all you liberals who deny it happens can save it. You are wrong.)

He also donates a significant portion of his yearly income to charity, donated his inheritance to charity, and worked on the Olympics and as governor of MA for free.

How do those facts tip the scale for those of you screaming moral outrage?

Peter King said:

In part you are right, but this is also symbolic of someones moral values IMHO. Romney is a man who will do no matter what to get elected and will find any loophole to avoid paying taxes for the services the USA provides with the revenue.

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You are denouncing Romney for doing what every taxpayer does. I do it. I have a small business and I pay an accountant to find every legal avenue to reduce my taxes to the lowest legal amount. That doesn't make me, or Romney, immoral.

Fletch said:

You are denouncing Romney for doing what every taxpayer does. I do it. I have a small business and I pay an accountant to find every legal avenue to reduce my taxes to the lowest legal amount. That doesn't make me, or Romney, immoral.

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Yes, normal regular ways to pay as little tax as possible but what Romney does goes far far far beyond regular tax limitation.