From USA today, quoting Andrea Saul, campaign spokeswoman for US presidential candidate Mitt Romney:
“The Romneys’ investments in funds established in the Cayman Islands are taxed in the very same way they would be if those funds were established in the United States. These are not tax havens and it is false to say so.”
My emphasis added. This is, of course, parroting the official line from the Cayman Islands. And Romney’s camp is in good company. Here are a couple of others in this vein:
- Switzerland isn’t a tax haven, apparently.
- Panama definitely isn’t a tax haven, either.
- Bermuda (another Romney favourite) is not a tax haven. Even the British government says so!
- Monaco a tax haven? Moi? Non!
- Jersey isn’t a tax haven. Perish the thought!
- Barbados, of course, isn’t a tax haven either!
- Gibraltar isn’t a mucky little tax haven conduit for dirty Russian money. Definitely not!
- And on and on.
If you look properly, you will see that all the tax havens have disappeared! There aren’t any, anywhere!
And if you believe that, then I have a magnificent, sturdy bridge from Miami to George Town that I’d like to sell you.
They all deny it, because the term ‘tax haven’ conjures up all sorts of really bad images. And rightly so. Read Treasure Islands, and you’ll be left in no doubt as to just how bad it all is.