TPM: Romney Team Silent On Key Offshore Tax Avoidance Question
On February 1, 2012, Talking Points Memo reported:
Romney has disclosed a substantial individual retirement account (IRA) that, as the Wall Street Journal first noted, could have made offshore investments that circumvented an obscure U.S. tax called the Unrelated Business Income Tax (UBIT).
Boston Globe: Boston Lawyer Brad Malt In Crossfire Over Romney Investments
On January 30, 2012, the Boston Globe reported:
In 2007, as Romney prepared his first run for president, Malt sold stock in dozens of potentially controversial companies, including casino operators, tobacco growers, and firms with ties to Iran. Last year, after Romney pushed for tougher trade sanctions against China, Malt dumped a number of Chinese holdings. He recently shed a money market mutual fund that had invested in government-backed mortgage companies, Fannie Mae and Freddie Mac, which are blamed for exacerbating the housing bust.
POLITICO: Connie Mack Relishes Newt-Stalker Role
On January 29, 2012, POLITICO reported:
But Mack’s big splash into the presidential race has also earned him enhanced media scrutiny. After Mack’s critique of Gingrich for not talking about profits he made from Freddie Mac, The Miami Herald uncovered that the congressman had turned a profit off its cousin company, Fannie Mae.
Miami Herald: Freddie Mac Attack Boomerangs On Connie Mack
On January 27, 2012, the Miami Herald reported:
And, it turns out, Mack and his wife, California Rep. Mary Bono Mack, have turned a profit as well off Fannie Mae, a government-sponsored enterprise that, along with Freddie Mac, is blamed for stoking the mortgage crisis.
BuzzFeed: Romney Camp Keeps Bad News Out Of The Emails
On January 26, 2012, BuzzFeed reported:
For example, last Monday, during a press call with Tim Pawlenty, a Miami Herald reporter asked the campaign surrogate about Romney's investments in Freddie Mac. "The Democratic group American Bridge has pointed out that Mitt Romney invested in these federal government loan ventures as well, and therefore his hands aren't clean," reporter Marc Caputo said. "Can you respond to that?" Pawlenty punted on the question--saying that he'd "have to ask the campaign to follow up with you." But when the Romney press shop e-mailed out a transcript of the call later that day, the exchange was nowhere to be found.
MEMO: 12 Things We Could Learn From Previous Romney Tax Returns
ICYMI: With Mitt Romney still refusing to release his pre-2010 returns, we wanted to be sure that you saw our previous memo explaining why it is so important that Mitt Romney release them. Click through for the 12 questions that Mitt Romney needs to answer by releasing his previous years’ tax returns.
National Journal: FACT CHECK: Some Romney Housing Investments Were Not In Blind Trust
On January 26, 2012, National Journal reported:
Yet, according to Romney's financial disclosure forms, not all of his mutual funds were part of a blind trust. The Boston Globe reported in September that Romney owned between $250,001 and $500,000 in a mutual fund called the Government Obligation Fund that invests in debt notes of various government entities, including mortgage giants Fannie Mae and Freddie Mac, and he made between $15,001 and $50,000 in interest from those investments. Since those assets were considered a charitable trust rather than a blind trust, Romney could have reviewed them himself.
Boston Globe: Romney’s Returns Open A Window On The Wealthy
On January 25, 2012, the Boston Globe reported:
The returns also offered a window into the finances of the rich, complete with a Swiss bank account, investments in the Cayman Islands, and Social Security taxes for domestic help - all well within the law, Romney’s spokesman said yesterday. Romney declined to field questions from reporters about his returns.
TPM: Three Key Questions Raised By Romney’s Tax Revelations
On January 25, 2012, Talking Points Memo reported:
Romney’s revelations confirm that his effective tax rates in the past couple years have been as low or lower than those of workers with truly modest means. They also confirm that he’s availed himself of truly complex tax strategies designed to boil his liability down to the lowest level allowed by the country’s heavily rigged, labyrinthine tax code. And we know, too, that these are things Romney didn’t want voters to know — at least not yet. But they raise a series of new questions that will likely require Romney to disclose several years’ worth of additional tax returns if he wants to answer them satisfactorily. Here are three big ones that touch generally on the theme of Romney’s efforts to reduce his tax burden by taking advantage of areas of the law that simply aren’t available to most people...
AP: Thompson Earned At Least $8.5 Million Since 2005
On January 24, 2012, the Associated Press reported:
Former Wisconsin Gov. Tommy Thompson has earned more than $8.5 million in compensation since 2005 from a web of private sector companies that includes a prominent Washington lobbying firm, a medical device manufacturer and a globally recognized consulting firm, according to public filings and reports. Thompson's work in the private sector is getting fresh scrutiny as he mounts a bid for a political comeback, running for the U.S. Senate seven years after he left his last public post, as President George W. Bush's Secretary of Health and Human Services, and more than 13 years since he last faced voters. American Bridge 21st Century, a Democratic political group that researches Republican candidates and proposals, provided documentation of all of Thompson's publicly disclosed earnings to The Associated Press. They were then reviewed and independently verified.