Romney says he pays about 15 percent in income tax

[Papa_Complex]

Originally Posted by Homeslice

On the return. Not the principal.

If the offshore account earns 2%, he's earning 2% instead of the 2% - (2% * 0.38) he'd earn in the US.

Which means 2% instead of 1.2%.

If it's offshore and he isn't declaring, which is kinda the point of housing funds offshore, then his principle isn't being reduced by 38%. Whatever it earns, after that, is a tiny fraction of the real benefit.

That's the point.

If you put $1,000,000.00 in an offshore account, then it's immediately worth $380,000.00 more than a million dollars that you kept in the US.