Mitt Romney's shady financial train-wreck just became an international train-wreck with a member of British parliament proposing legislation to close the Cayman Islands as a tax haven.
Many of those investments are associated with Bain Capital, the private equity firm Romney co-founded, which has an extensive history of using such tax havens to boost profits at a multi-billion dollar cost to American taxpayers. Those tax havens aren’t just causing outrage among Americans, however. The Cayman Islands are a British territory, and British MP John Cryer, a former member of the British Treasury Select Committee, told the British blog Left Foot Forward that it is “a disgrace” that corporations and investors like Romney and Bain can use them to avoid paying taxes. [...]
According to Left Foot Forward, Cryer proposed a motion last week calling on the House of Commons to immediately close the Cayman Islands as a tax haven. The motion states that the House is “alarmed” by reports that Romney and others are using the Caymans to “avoid paying the same tax rate as other US citizens” and “concerned about the continued use of tax havens by the top 1% in the US and UK to avoid paying the correct tax in their own country.” The motion then “calls on the UK government to introduce urgent legislation to help close tax havens and increase transparency so that the very richest pay their fair share of tax in their respective countries.”
I wouldn't hold my breath waiting for it to happen, but this is yet another layer of bad press for Team Romney.
Can you imagine electing a president that is internationally well-known to be sheltering vast amounts of wealth in an off-shore territory?
