Mitt Romney's five sons, who never did anything for society have a slush trust fund running into millions of dollars; $100 million to be exact, to date. (Politico.com, 02/07/12).
It has been amassed through tax loopholes the ordinary person did not know they existed in the United States tax code; and methods that could be used to syphon off profits of all sorts have been deliberately manipulated and directed money into the sons' ever growing trust fund to make them rich, while they practically did nothing.
In other words, the different investments that Romney made have their benefits, first for himself and then for his sons, through gifts with little or no tax ever to be paid. All the kids have to do was to just sit back and wait for the money to flow into their bank accounts, tax free, from dear, good, old Dad.
Some of the companies that made him rich included Apple, Goldman Sachs, Target and Oracle, all of which were Fortune 500 concerns; plus the Bains Capital inflow of funds called "carried interest", the share of investment profits that is paid to private equity fund managers."
Remembering that Romney managed Bains till 1999, when he left; but the "pay" kept coming in, unabated.
The article in Politico.com summed up the investment strategies that Romney has been using in high growth companies as an "intentionally defective grantor trust," a tricky tax strategy, which made his fortune to be a lasting "proposition" forever.
He has been spending his life to become rich, so that the idea of being poor would never cross his mind, and he was passing it (idea) to his children and posterity, infinitum.
His holdings in off-shore financial interests were enormous, with some in the Cayman Islands and Bermuda; plus his Swiss bank accounts too numerous to fully ascertain in any sense of the word. Everything in his life went to show that he was a big player in Wall Street greed.
Now, he was running in the Republican Party nomination race, and could become the nominee to challenge President Barack Obama for the nation's highest post, the U.S. presidency. He was spending tons of money to achieve his goal.
To him, the 2012 election was about nothing but making more money for himself and his family, when that "goal" was reached; however, at whose expense? One might bother to ask.
Well, you guessed it right; that the answer should be, "at the expense of the American tax payer", and he would do so through the tax code, which he was promising on the campaign trail to "change and make it better"; and again for whom? For his family and friends, undoubtedly.
Everything he has done so far was legal, and that could never be taken away from him; but Americans should be on notice that they were dealing with a very crafty person. He was passing his "skills" to his sons, who would want to follow through with their own individual and future ambitions; and for that reason, they (Americans) must be very, very careful.
National political positions could be bought and sold, and be paid for as on the stock exchange. That, my friends, could not be far fetched, come to think of it.
"You've got people who are paid $1 million a year to work 3,000 hours just to figure out ways to transfer money from older generations to younger generations, and Romney has the money to hire the best of the best," (Politico.com, 02/07/12).
This should not be looked on as "My three sons" television show; for this was real life.
Tuesday, February 7, 2012
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