The Real Problem With Romney's Offshore Investments
motherjones.com — Mitt Romney's taxes are once again in the news thanks to Friday's release of his full 2011 tax return. As with his 2010 filings, the documents highlight the GOP candidate's extensive overseas holdings, which some tax experts believe has allowed him to lessen his tax liability. But the problem with Romney's reliance on offshore tax havens goes beyond his own tax bill. The Internal Revenue Service and many members of Congress have sought for years to close some of the loopholes that are draining billions of dollars from the federal treasury and shifting the tax burden from wealthy corporations to average individuals. Yet through his work at Bain Capital and his personal investments, Romney has supported a shadowy financial system with far-reaching ramifications for the U.S. and foreign governments.