Recent reports have shed some light on where Mitt Romney keeps most of his finances, and although we were not 100% sure why he did it, speculations were that Romney kept his millions in the Cayman Islands to avoid paying taxes here in the United States. Well tonight in his victory speech, Mitt Romney put an end to all the speculations and unknowingly confirmed what a majority of Americans already believed, that avoiding taxes was the reason he parked his dollars in off shore bank accounts.
In his speech tonight, trying to show differences between himself and President Obama, Romney made some statements that are nothing but lies. Statements like, “President Obama wants to raise your taxes. I will cut them,” when the simple fact is that taxes are lower now under President Obama than they’ve been over the last 60 years. As a matter of fact according to the Bureau of Economic Analysis, “Federal, state and local income taxes consumed 9.2% of all personal income in 2009, the lowest rate since 1950.” But Romney never let the facts get in the way of his lies.
He then went on to unknowingly explain why he bank overseas.
He [Obama] proposed tax increases on small businesses and job creators. I will lower the corporate tax rate to 25%. I will make the R&D tax credit permanent to foster innovation. And I will end the repatriation tax to return investment to our shores. Lets finally have a tax plan that puts people to work.
Is the IRS paying attention? Sounds like an audit is necessary here.