Romney’s Cayman Islands income not included in today’s numbers

(Before It's News)

Romney is trying to claw back a bit of the credibility he has squandered over the past week or so by releasing his 2011 tax records. He claims to have earned 13.7 million and we have no reason to doubt him.

However, that is only the money he made and declared in jurisdictions subject to American tax laws. Since the bulk of Mitt’s fortune is in offshore tax shelters, the income earned there does not have to be declared in the US.

Nothing illegal about that given the way tax laws are structured, but anyone who thinks that Romney has come clean about his finances is guilty of wishful thinking.

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