Can I get a tax accountant up in here, please?

    By erica20 on Fri, 01/27/2012 - 6:10pm |

    I know you guys are having a fine time over there deciding whether Mitt Romney's religion should/does matter, and that is awesome.

    But when there's a break in the action, I'd love it if some of you more economic-smart folks would be interested in figuring out the following:

    (Or if you've seen anyone else share these numbers it would be great.)

    1. How much would Romney have paid in taxes if the "Cayman Capitalist" loophole were closed? (i.e. no offshore accounts)

    2. How much more total Federal revenue if the Cayman Capitalist loophole were closed? (for all taxpayers)

    3. Since State income tax is calculated based on Federal income numbers, how much additional revenue would the State of Utah have gained if Mitt's Cayman Capitalist loophole were closed?

    4. How much (roughly) more revenue would come to states, cities, etc. if the Cayman Capitalist loophole were closed?

    My goal is to make a strong case that Made in America money can't possibly create American jobs if it's sitting in accounts in the Caymans or Switzerland. (If it's Made in America, it oughta be Paid in America, either to the govt in the form of taxes, or to American workers, not sent to who knows where.)

    And, what does happen to money sent to the Cayman Islands? Does it ever come back to the USA?

    My apologies if this information is widely available elsewhere! 

     

    Comments

    IANAA, but I have seen numbers in the hundreds of billions (in foregone taxes) bruited about, albeit without the sort of granularity of data which would  permit answers to your several questionsl.

    I'll make a run at a more detailed set of figures in a while.


    by jollyroger on Sat, 01/28/2012 - 2:04am

    Much appreciated, Jolly!


    by Erica (not verified) on Sat, 01/28/2012 - 10:20am

    We're trying to hit a moving target--in the meanwhile, 29 new accounts have surfaced that were ellided in Romney's prior (mandatory) financial disclosures.

    The plot thickens.

    O what a  tangled web we weave, when first we practice to deceive...


    by jollyroger on Sun, 01/29/2012 - 9:41pm

    Jolly, do you have a link? I'll look as well.


    by erica20 on Mon, 01/30/2012 - 10:51am

    Erica, tried to post this last night, must have deleted it. A Washpo article written on Jan 18 has some good references, including one to an estimate of $100B tax revenues lost by the U.S.


    by Oxy Mora on Sat, 01/28/2012 - 3:08pm

    Thanks Oxy--I will track it down.


    by erica20 on Mon, 01/30/2012 - 10:52am

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