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Against this backdrop, one of the most devastating political ads of the last decade — Romney warbling "America the Beautiful" while the screen shows his tax havens and foreign shelters — hit its target like a bunker-busting bomb.
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The Internal Revenue Service has sued two accounting firms over foreign tax shelters it says they set up for wealthy investors, including Mr. Simon.
It should be remembered that, in those years, the law facilitated the use of domestic and foreign tax shelters, and most high-income earners made liberal use of them to reduce their tax burdens.
One would think that someone running to be the government's chief executive would be proud to make tax payments, and would not try to reduce them through exotic foreign tax shelters and an outsized IRA, as Mr. Romney has done for years.
Or more specifically, foreign tax shelters.
Big business will fight to keep their foreign tax shelters.
Mitt's holdings in foreign tax shelters aren't putting Americans back to work, and they're contributing to bankrupting our government.
Apple, the nation's most profitable tech company (we love our Apple everything), dodged taxes on an estimated $74 billion in earnings over a four-year period through foreign tax shelters and loopholes.
Instead of making it harder for working families to send their kids to college, we must end the foreign tax shelters that enable the wealthy and large corporations to avoid paying tens of billions in U.S. taxes.
In 2000, the Cahoon group also bought from PriceWaterhouse a foreign leverage shelter.
When PricewaterhouseCoopers later declined to issue its own favorable formal tax opinion for the private partnership set up by the Cahoon group for the foreign leverage shelter, KPMG "offered to write tax opinions supporting PWC's FLIP," the lawsuit contends.
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