Romney Parks Millions in Cayman Islands

Candidate says he pays full U.S. taxes on offshore money.
2:57 | 01/18/12

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Transcript for Romney Parks Millions in Cayman Islands
Politics your voice your vote with less than three days to go before voters in South Carolina way in a new poll showing former speaker Newt Gingrich gaining ground. In under a month he -- cut Mitt Romney's lead in South Carolina nearly in half. And last night we told you about Romney acknowledging paying a low tax rate compared to a lot of middle class Americans -- tonight. Another tax question that has haunted the candidate. ABC's chief investigative correspondent Brian -- follows the trail to the Cayman island. Mitt Romney's big money supporters say his wealth is a sign of success is what we aspire to -- There but his wealth how he made it and the relatively low tax -- you didn't he pays -- closer to the 15% rate that it had become a big campaign issue. His personal finances. Are poster child -- of what's wrong. With the American ten anxious. For example ABC news is that millions of dollars of Romney's personal wealth is in investment funds set up in the Cayman island. Notorious Caribbean Texas where secrecy is the rule. Nothing in Romney's financial disclosure statements reveals his connection to the payments but we -- at least twelve of the funds he lists set up by his former company Bain Capital and potentially involving as much as thirty million dollars track them all to an address in the -- I'll post office box at the central post office. This is the Bain Capital address right here post office box 908. Tax experts say such offshore accounts allow US taxpayers access to a number of tax loopholes and keep secret which companies the funds invested. As we learn from -- registered agents in the -- it. Can't talk about forty. Nothing at all the fatal. The Romney campaign says the candidate would pay the same Texas if the accounts were not in the caimans. And Romney says he follows all tax laws if there's a an opportunity to save taxes we like anybody else in this country we'll follow that opportunity. But a larger issue involves how main and others use such offshore accounts to help foreign investors avoid US taxes. Treasury is an estimated 100 billion dollars a -- because of tax payments. And Brian Ross is here now and brandishing the Romney camp sent -- another note saying Romney's investments in those funds in the Cayman Islands. Are taxed as they would be if the investments we're here in the US that's right Diane this same issue was raised when Romney ran for president the last time -- had the same thing. Who would not answer questions then as to why he put his money in the -- in the first place. And without access to run these tax returns it's impossible to know all those details he now says he may release his latest tax return in April. And if he does it will then be aware -- the super rich are able to arrange their affairs. Brian Ross reporting and --

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