CalGTR Wrote:
Sep 05, 2012 2:25 PM
As others have mentioned, that's not how he got rich. Now, what most seem to fail to grasp is that Romney is not hiding anything or avoiding even a penny in taxes by investing in these Cayman and Swiss entities. First, diversification is smart. While the vast majority of Romney's money is held in the U.S., he's wise to not put all his eggs in a single basket (even if that basket is the great USA). Second, a fund like the one based in the Caymans is set up that way so that foreign investors can participate without having to pay double taxes (both in their own country and in the U.S.). It is extremely typical to set up these international funds this way. I bet a lot of folks with 401k accounts or the like have money in funds such as these.