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Liberal Website Bases Itself in Cayman Islands

Posted by Steve Markowitz on September 1, 2012

Newsbusters.org posted a story on another example of Leftist hypocrisy.  Gawker, a liberal website, earlier this week attacked Mitt Romney’s tax avoidance referencing his Cayman Islands offshore accounts with the following verbiage:

Today, we are publishing more than 950 pages of internal audits, financial statements, and private investor letters for 21 cryptically named entities in which Romney had invested—at minimum—more than $10 million as of 2011 (that number is based on the low end of ranges he has disclosed—the true number is almost certainly significantly higher).  Almost all of them are affiliated with Bain Capital, the secretive private equity firm Romney co-founded in 1984 and ran until his departure in 1999 (or 2002, depending on whom you ask).

Many of them are offshore funds based in the Cayman Islands.  Together, they reveal the mind-numbing, maze-like, and deeply opaque complexity with which Romney has handled his wealth, the exotic tax-avoidance schemes available only to the preposterously wealthy that benefit him, the unlikely (for a right-wing religious Mormon) places that his money has ended up, and the deeply hypocritical distance between his own criticisms of Obama’s fiscal approach and his money managers’ embrace of those same policies. [Emphasis added]

Incredibly, while attacking Romney for Romney’s Cayman Islands accounts, the Gawker Media Group is domiciled in the same Islands.  Yikes, speak of hypocrisy.

The US tax code is loaded with all sorts of special deductions supposedly created to positively influence the economy and social policy.  However, the multi-thousand page tax code is purposely created to benefit some taxpayers at the expense of others.  Politicians from both political parties, especially the Left, are against simplifying the code because such action would lessen their ability to pay off constituents.

Most if not all Americans take advantage of loopholes in the tax code to lessen their tax burdens.  Attacking Romney for doing what most Americans do is as hypocritical as the Gawker’s Cayman Island domicile.

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