Romney’s Offshore Investments Did Avoid Taxes

Mitt Romney’s campaign has attacked reports “on the candidate’s offshore investments, saying his holdings in the Cayman Islands and elsewhere have no effect on the amount he pays in U.S. taxes,” the Wall Street Journal reports.

“But the campaign’s assertions may be wrong or misleading. Tax experts said some of the offshore holdings are likely intended to help Mr. Romney avoid paying an obscure but hefty tax of as much as 35% on some of those investments, held in a tax-deferred retirement account.”