Tax havens: Mitt Romney and the state of Delaware
July 11, 2012
A new Vanity Fair article investigates Mitt Romneyâ€™s use of offshore and foreign tax havens and is drawing more attention to the Republican presidential candidateâ€™s finances. In the August issue, journalist NICHOLAS SHAXSON tracks Romneyâ€™s accounts in Bermuda, Cayman Islands, and Switzerland. Â President Obamaâ€™s reelection campaign has seized on this asking on its website â€śHas Mitt Romney avoided U.S. taxes by investing millions in tax havens?” Â But offshore shelters arenâ€™t the only problem. A recent New York Times piece by business reporter LESLIE WAYNE argues that Delaware is in many ways a bigger corporate tax haven then the more notorious Cayman Islands. Delawareâ€™s corporate and tax friendly laws Wayne writes, have led to a state where corporations outnumber people. Today, journalists Leslie Wayne and Nicholas Shaxson talk to Marty about foreign and domestic tax havens and the loopholes that allow them to thrive.