"Tax Prophet", a tax expert, analyzes Mitt Romney's Tax Return of year 2010 and is astonished to find that this is the Greatest Master of Not Paying Taxes. Tax Havens, Offshore Money, Fiscal Paradises. Mitt is almost a borderline felon :

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 This Tax Expert finds questionable Mitt's dealings and accounts :

A Felon is a person who neglects or fails to do what law or duty requires :

Swiss Bank Account
    Romney's 2010 tax return disclosed ownership (or control) of a Swiss bank account, held in UBS, that was omitted from his federal financial disclosure documents.

    When asked about the UBS account, Brad Malt, the trustee of Ann Romney's blind trust (and Mitt Romney's personal attorney), explained that it was:

            (i) held in Swiss francs (worth $3.0 million US);

        (ii) opened in 2003 and closed late in 2010;

        (iii) opened for "diversification"; and

        (iv) "closed to remove any possible source of embarrassment."

    In 2010, the account earned just $1,747 in interest (0.006%).

        Note: In February, 2009, a criminal complaint was filed by the U.S. government against UBS for involvement in a massive tax evasion scheme. UBS agreed to a $780 million fine and to provide the names of U.S. depositors.

    Mr. Malt's explanation makes no sense. The beneficiary of a blind trust cannot have any control over the trust or its assets.

    Why did Mitt and/or Ann Romney have ownership over an account that was held by a blind trust? Why did Romney list an asset on his personal tax returns that supposedly belonged to a blind trust, unless they retained control over that asset? If the Swiss account belonged to the blind trust, it should have listed it. Why was the account not closed when UBS agreed to criminal sanctions and instructed U.S. depositors to close their accounts?


    Romney's tax return offers a peek into the tax savings and financial transactions utilized by the super-rich to avoid paying taxes on much of their wealth. The use of the carried interest and charitable deduction rules, along with offshore IRAs and defective grantor trusts grow tax-free, illustrate how the affluent circumvent the tax code.



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Sources :


Mitt Romney's Tax World, part 1 of 3

http://www.taxprophet.com/newsletters/News_Feb12.html


Mitt Romney's Tax World, part 2 of 3

http://www.taxprophet.com/newsletters/News_Mar12.html


Mitt Romney's Tax World, part 3 of 3

http://www.taxprophet.com/newsletters/News_Apr12.html



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