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Mitt Romney investment in Ireland attacked by Barack Obama as a ‘tax haven’

Presidential candidate’s investments come under scrutiny from Democrats

PATRICK COUNIHAN,

IrishCentral Staff Writer

Published Thursday, July 5, 2012, 7:14 AM

Updated Thursday, July 5, 2012, 8:58 AM

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President Barack Obama and Mitt Romney

Photo by Google Images

US President Barack Obama has described Ireland as a ‘tax haven’ in an online attack on Mitt Romney’s investment policy.

The allegation about Ireland’s tax status is contained in a graphic posted on the US leader’s website according to the Irish Times newspaper.

A report in the paper says that the graphic image illustrates the investments of Romney, Obama’s rival in the US Presidential election.

The graphic says that Romney has invested in Ireland, the Cayman Islands, Bermuda, Switzerland, and Luxembourg.

The paper reports that the headline on the graphic reads: ‘Has Mitt Romney avoided US taxes by investing millions in tax havens?’

The Irish Times says that the website: “Notes that a trust associated with Mr Romney held an undisclosed amount of money in a Goldman Sachs fund and in other accounts in Ireland.

“While Bermuda and the Cayman Islands are listed as having zero tax, Ireland is listed as having a tax rate of 12.5 per cent (the corporation tax rate).”

A note in small type at the bottom of the graphic states that the featured countries have been mentioned as ‘tax havens’ in a Congressional Research Service report.

Romney’s published tax returns for 2010 gave details of his wealth around the globe, income, and the tax he pays.

The report says that, despite being the richest candidate to contest the presidency, he pays a rate of tax less than that of a US middle-income citizen.

“Tell Mitt Romney to bring his offshore accounts back to the USA,” urged the Obama website.

The Obama administration is reported to be considering measures aimed at imposing a minimum level of tax on the profits of US multinationals that are located outside the US.

Critics believe this move could act as a disincentive to foreign direct investment into Ireland.

Nster.com

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29 Comments

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irishpjk | Aug 05, 2012, 10:24 PM EDT

wtf Would some of you people please read what you write, God never said money was the root of all evil, that was someone who wanted more money than he already had. # 1 problem in the world Greed, # 2 power hungry, # 3 laziness and idleness, followed by envy. Everyone wants to get more than his share without having to work for it. Tax the rich and support the lazy with their money. Please listen to our president speak, he reminds me of a snake oil salesman from the old western movies, or one of them southern preachers asking you to give your money to Jesus, anyone ever see Jesus’s name on a checking account. People starting thinking for yourself please, stop falling for a line of BS.

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BrianO | Jul 10, 2012, 05:16 PM EDT

KatieMurpy Blatant lie, normal tactic from the left, tell a lie, tell it loud, tell it often. Romney was invovled in turnin around companies, as is, if they don't turn around they go out of business. romney when in charge of Bain saved a lot of companies.

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seanomelb | Jul 07, 2012, 08:59 PM EDT

America has always been a police state.

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Pittsburghkid | Jul 07, 2012, 03:37 PM EDT

Is America a Free Trade Country or not? Obama wants to make everything political. What business is it of Obama where Romney invests his money? Soon we are going to need permission to withdraw from Obama to withdraw from our savings. With Obamacare, Americans are going to need to report everything concerning our healthcare to the IRS. America is becoming a police state.

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BrianO | Jul 07, 2012, 01:47 AM EDT

Story "Has Mitt Romney...?" not a fact but a surmise, further in article " a trust associated with Romney held undesclosed funds in a Goldman sachs fund" seems like there is a lot of surmising here. Why is Romney's income tax lower? Because he accumulated wealth and invests it, the resulting dividends and capital gains are lower than personal income tax rates however these funds have already been taxed once at the corporate level, a fact most leave out.

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OBPiper | Jul 06, 2012, 09:56 PM EDT

I'd like to separate U.S.A. investments in foreign assets from U.S.A. outsourcing of jobs and industry. The average investment is only tangential to creation of jobs, but the average outsourcing of jobs is devastating. I'd like Obama to get back on message and focus on penalizing outsourcing, and rewarding insourcing, of jobs and industry. I understand that foreign investments by U.S.A. citizens will be subject to U.S.A. taxes. I am all in favor of investment of anything in Ireland because it is the ancestral home of most of those in the American Revolution.

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seanomelb | Jul 06, 2012, 08:14 PM EDT

Four more years for the greatest president in living memory.

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EphraimKibbey | Jul 06, 2012, 05:53 PM EDT

@peterson - you CAN! Obama released a bunch of them when he started running last time. That is one of the reasons that everyone is asking for Romney's. That and that McCain released a bunch last time and George Romney released a bunch when he ran and said that if you just released one, it could be a fluke or a dodge. So even Mitt Romney's father would think Mitt's failure to release more of them looked crooked.

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S.Shaughnessy | Jul 06, 2012, 02:08 PM EDT

Murph46; your absolutely right. He goes over to Ireland saying he has Irish blood in him; then the jerk talks out the other side of his face about Ireland. He has the U.S. in a lot of trouble; trouble I don't know that can ever be fixed. I think we ought to let them have it and; us Irish need to move back home!!!!

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peterson | Jul 06, 2012, 01:16 PM EDT

Obama appointed many of his tax cheater friends to his infamous group of approximately 30 Czars. How come no one can examine his tax records ??

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hollabackgurl | Jul 05, 2012, 10:50 PM EDT

How patriotic of Mitt Romney to hide his million in Swiss Bank Accounts and in untaxed Irish tax havens.

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Springfield9 | Jul 05, 2012, 08:45 PM EDT

Any candidadate for President better have enough brains to find good investments. Turning this argument around, BHO is saying that Romney is not as dumb as I am.

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seanomelb | Jul 05, 2012, 07:11 PM EDT

The right wing "doomsdayers" are barking once more. From a US perspective Obama is correct.The party of no objects to every piece of legislation that would put more jobs in the economy and better health services for the middle class.Obama put country before likability and made the hard decisions and created 1million jobs saved the car industry.This was done after that diabolical financial mess left him by those who now despise him(Bush an Co).Four more years are his and the teaparty ingrates should hang their racist heads in shame.

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averagejoewa | Jul 05, 2012, 07:02 PM EDT

I wonder if Obama would have any problems with Romney investing in Israel? Somehow I don't think so.

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EphraimKibbey | Jul 05, 2012, 05:22 PM EDT

US Corporate tax rate is 35% (unless you are one of the corporations blessed with corporate welfare loopholes and exemptions like big Oil that lowers your effective rate.) Ireland's Corporate tax is 12.5% according to the article. So Ireland IS a tax haven although not as good as those with 0% Corporate tax. Obama has been badgering the GOP congress to do away with the corporate welfare to no avale. Much of his stimulus was in tax breaks for small businesses and individuals. His main point is that tax breaks should be continued for those who are struggling and ended for those who have profited form the Bush years. If there is nothing illegal about Romney's tax avoidance, why is he so reticent to put forward his returns? Does Romney's skill at tax avoidance qualify him to be President?

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