The latest scandal with Mitt Romney and it is difficult to pick just one, since they are coming out every day of the week is the Son of Boss Scandal.
Romney has a long history with the Marriott Hotels International and the individuals who founded the company and he was also on the Marriott Board of Directors.
During this time the Marriott commenced a series of complicated maneuvers, one of which is called “Son of Boss” where abusive tax shelters are sold to investment banks and accounting firms to sell to corporations seeking to avoid taxes.
The Son of Boss tax shelter method is the largest tax scam in history and avoids billions of dollars of taxes for corporations which of course increases their revenues. The US government countered Marriott’s schemes by not allowing the losses of Marriott and other corporations to be written off.
Mitt Romney hasn’t explained how he blew up his IRA Pension fund to 101 million dollars nor has he released his past 23 years of tax returns that he gave in 2008 to John McCain for a VP pick.
But today there is the Son of Boss scandal where Romney approved of a fictional tax claim loss of over 70 million dollars generated by the Son of Boss transaction.The IRS has called it an abusive transaction which requires detailed disclosures and is accompanied by heave fines or penalties.
Mitt Romney’s Fictional Tax Write Offs worth Over 70 Million in the Marriott Hotel Chain
Mitt Romney played a role in the Marriott scandal as Chairman he approved the fictional tax loss in a tax return which was way over 70 million dollars by the Son of Boss method. This is just one more nail in Mitt Romney’s coffin as he tries to explain away these numerous scandals and tax fraud cases he has been involved in for the past 20 years or more. In fact the Marriott’s claim of a 70 million dollar tax loss was purely fictional.