Mitt Romney has long claimed that paying less taxes allows the super rich, himself included, to create jobs now a report from Bloomberg claims that in his past Romney wasn’t only paying less then 15.5% in personal taxes, he was helping Marriott International setup tax schemes to trick the IRS into believing the company was recording losses.
During his close ties to Marriott International the company used Romney’s tax advice to setup a plan nicknamed “Son of BOSS” in which the company used newly created partnerships to create $71 million in tax losses out of thin air, even though Marriott actually recorded a profit.
The Son Of BOSS maneuver was eventually struck down by a tax court which called it nothing more than a “scheme,” “fictitious,” “artificial,” and an “illusion.”
That’s not where the issues end for Romney and his time with Marriott. The company also took various fraudulent deductions which eventually led to the IRS hitting the company with $220 million in penalties.
The company also earned hundreds of millions from a fuel subsidy program that was once characterized as a “scam” by Senator John McCain.
Under Romney’s leadership the company’s effective tax rate at time fell below 6.8% even as Marriott International continued to bring in profitable returns.
While Romney eventually left Marriott International he returned in 2009 only to leave one year later, just in time setup his Presidential campaign.
Do you think Mitt Romney will allow big business to continue the path towards fraud and tax dodging if he’s elected as President of the United States?