Mitt Romney’s reluctance to release his tax returns suddenly makes perfect sense. According to a report filed by the ABC News investigative team late on Wednesday, the Romneys have invested millions of dollars in offshore tax havens — specifically, in several accounts domiciled in the “notorious” Cayman Islands.
Headlined “Romney Parks Millions In Cayman Islands,” an article on the network’s website describes Romney as “one of the wealthiest candidates to run for president in recent times,” adding that “he has used a variety of techniques to help minimize the taxes on his estimated $250 million fortune.” Earlier this week he admitted paying as little as 15 percent of his multi-million-dollar income in federal taxes. But the ABC report said that “in addition to paying the lower tax rate on his investment income, Romney has as much as $8 million invested in at least 12 funds listed on a Cayman Islands registry.” Romney has at least one other holding, with a value he estimated between $5 million and $25 million, that securities records show is domiciled in the Caymans. ABC also reports that Bain Capital, Romney’s private equity firm, “has set up some 138 secretive offshore funds in the Caymans” for its clients and partners.