Republican presidential candidate Mitt Romney has revealed he has been making growing use of foreign tax havens. This comes at a time when polls show he is losing ground to President Barack Obama in America’s two most crucial election battlegrounds.
Romney and his wife Ann more than doubled their income from foreign sources, according to new tax returns released by his party.
In 2011, nearly 3.5 million dollars out of 13.7 million dollars income came from abroad, and some of it can be traced to controversial tax havens such as Bermuda, the Cayman Islands and the British Virgin Islands. According to the Daily Mail, in 2010, the Romneys’ foreign income was just seven percent of their income.
While the couple’s financial strategies are entirely legal, the large amount of income they get through countries with lighter tax regimes will only highlight the glaring contrast between their finances and those of ordinary Americans, the report added.
The multi-millionaire businessman’s failure to connect with Americans is seen as a major factor in his lagging performance in the crucial ‘battleground’ states.