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Thursday, August 23, 2012

The Bain Files: a look into Mitt Romney

Before I start, I want to give full credit to the guys at Gawker for digging up this story. It's an amazing piece that shows just how the wealthy shield their money from U.S. taxes so that they pay more, and we pay less.

For weeks the media has been asking to see Mitt Romney's tax returns, to see just where he stores his vast wealth from U.S. taxation and as a result of that, just how much he actually paid in taxes compared to those who would be voting for him.

Although the Romney's have consistently said no to "You people" when it comes to the state of their finances;  citing that whatever they release is so bad that it will just give the Obama campaign more ammunition to use against them, despite that fear, just the fact that they will not even provide transparency has led to many people into speculating about what Mitt is actually hiding; if anything.

Just so happens it seems to be worse for him than any of us realized.

There is so much information in those Bain files and I can admit that it is too much for me to sit down and read at one time, I am not a tax guy, but I know a fraud when I see it.

I also happen to know a little thing about hypocrisy.

But what really has struck me is the fact that his investments in the Caymans were strictly made to avoid U.S. taxes.

"The Partnership is a qualified intermediary and intends to conduct it operations so that it will not be engaged in a United States trade or business and, therefore, will not be subject to United States federal income or withholding tax on its income from United States sources.... Under the current laws of the Cayman Islands, there are no income, estate, transfer, sales, or other Cayman Islands taxes payable by the Partnership." 

How can Romney make the case that he wants to invest in America and help American business when his businesses are all based in shell corporations that go out of their way to avoid U.S. taxes?

Another way Mitt has avoided paying taxes is using something called an Equity Swap, essentially an agreement to transfer the losses and gains on a particular asset or set of assets without actually transferring ownership. These help offshore hedge funds avoid paying taxes by disguising who owns the stock in order to help clients avoid a withholding tax. 

Like I said, I don't quite get how it works, but it's already seems pretty sketchy. 

So how is all this stuff actually relevant? 

This shows the type of character that Mitt Romney is, a ruthless businessman that does everything in his power to make every last penny. He's calculating, cold and efficient. He's willing to invest in things that he publicly opposes, like cigarette companies and casinos, and even a company that disposes of aborted fetuses.

So much for Pro-life.

All of this shows that Mitt Romney is as moral as the corporations he owns, not intrinsically good, not completely bad, but amoral. As Cenk Uygur of the Young Turks always says. Corporations are amoral machines, their only purpose is to make as much money as possible. So to is Romney, only out to make the most money the best way he can, and the only thing left for him to do in order to maximize profit, is to become president and ensure taxes on himself and his businesses are the lowest possible. He is the embodiment of the corporation.

So when you think about the election and where Mitt Romney's real motives lie you have to realize two things. It's not about leadership, it's not about America. 

It's about money.

In case you missed it you can find the Gawker Article here.

1 comment:

  1. know isn't part of being the president not lying about who you are...about being honest enough to disclose who you are completely, including taxes and the such? I know if I were running for president, I would share my tax information, I would share anything deemed necessary so they know they are not voting for a liar. Mitt is holding something back and I am sorry but if you hold something back from me, that makes me far less able to trust you in the long run. Mitt you have got to understand that you cannot lie about who you are or what you did in the past because it will effect you and in turn effect us too. Remember that, please.