Romney Son of Boss Tax Scandal
Posted by
politicol
on August 9, 2012
18
The latest scandal with Mitt Romney and it is difficult to pick just one, since they are coming out every day of the week is the Son of Boss Scandal.
Romney has a long history with the Marriott Hotels International and the individuals who founded the company and he was also on the Marriott Board of Directors.
During this time the Marriott commenced a series of complicated maneuvers, one of which is called “Son of Boss” where abusive tax shelters are sold to investment banks and accounting firms to sell to corporations seeking to avoid taxes.
The Son of Boss tax shelter method is the largest tax scam in history and avoids billions of dollars of taxes for corporations which of course increases their revenues. The US government countered Marriott’s schemes by not allowing the losses of Marriott and other corporations to be written off.
Mitt Romney hasn’t explained how he blew up his IRA Pension fund to 101 million dollars nor has he released his past 23 years of tax returns that he gave in 2008 to John McCain for a VP pick.
But today there is the Son of Boss scandal where Romney approved of a fictional tax claim loss of over 70 million dollars generated by the Son of Boss transaction.The IRS has called it an abusive transaction which requires detailed disclosures and is accompanied by heave fines or penalties.
Mitt Romney’s Fictional Tax Write Offs worth Over 70 Million in the Marriott Hotel Chain
Mitt Romney played a role in the Marriott scandal as Chairman he approved the fictional tax loss in a tax return which was way over 70 million dollars by the Son of Boss method. This is just one more nail in Mitt Romney’s coffin as he tries to explain away these numerous scandals and tax fraud cases he has been involved in for the past 20 years or more. In fact the Marriott’s claim of a 70 million dollar tax loss was purely fictional.
Mitt Romney is involved in more than a few shady, underhanded and deceptive acts were he personally could be up for felony charges.
The list is getting longer by the day when investigators, journalists and tax experts take a hard look at his financial dealings. The response has been furious and fast on internet media with comments such as: he would regress the economy by allowing millionaires and billionaires like himself to use dirty manipulation of tax laws to avoid paying their fair share of taxes.
By operating many different accounts in five countries, Romney’s empire has many loopholes to take advantage of and he has done so in spades. With an army of tax lawyers, accountants and with the help of other billionaire investors Romney has accumulated more than his stated 320 million in assets, we believe he has billions of dollars stashed away.
But American voters will never know what he has done because he won’t release his tax returns in the political vetting process that is common in every election.
A Brief Explanation of what Son of Boss Abusive Tax Shelters Do
Basically Son of Boss is an elaborate shell game which whittle down capital gains taxes, where a company creates fictional losses to off set taxes. The nation is losing billions in taxes payable by corporations through these loopholes and people like Mitt Romney take full advantage in any conceivable way to not pay any taxes.Romney also likes teaching others on “how to avoid paying taxes” not exactly a role model for a President.
How to Avoid the Law
This is why the tax revenues are so low, coming from corporations like Marriott, Bain Capital and any of Romney’s business dealings. It is time for the IRS to step up the hard line penalties for such illegal manipulations and close the loopholes that people like Mitt Romney now enjoy.
For more information on Son of Boss Tax Evasion See: Son of Boss
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