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When Wealth Is Baggage

 

When Wealth Is Baggage

Under duress two days before the pivotal South Carolina primary, Republican front-runner Mitt Romney acknowledges he has part of his millions invested in the Cayman Islands, although his aides say he never used the location as a tax haven.

Neither Romney nor his campaign is providing details, including how much he has invested there, or why, or if any of his money is invested elsewhere outside the United States.

Romney was set to address supporters outside his Charleston headquarters Thursday morning, though it wasn't clear if he would answer questions about his tax returns, the Cayman Islands or Perry's decision.

"Gov. and Mrs. Romney's assets are managed on a blind basis. They do not control the investment of these assets," campaign spokeswoman Andrea Saul said in an emailed response to questions Wednesday night. Romney has not personally addressed the issue, although it's likely to come up at a candidates' debate Thursday night.

Scrutiny of Romney's private-sector background couldn't come at a worse time — just as he is riding high on back-to-back victories in Iowa's caucuses and New Hampshire's primary. He came into South Carolina with anti-Romney conservatives unwilling or unable to coalesce behind a single challenger.

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Rich American investors are a great part  of the American economic engine that creates and maintains American jobs. Because of this fact American investors are given a lower tax rate to spur further investing. However in a near recession with millions of Americans out of work and with the "class warfare" encouraged by the Obama Administration, GOP candidate Mitt Romney's wealth, much of it investor's wealth, may be a major roadblock in his Presidential campaign, particularly in the fall general election against the Obama Chicago style poltical machine. Governor Romney will have to defend his wealth strongly in tonight's final South Carolina debate against the powerful debater, Newt Gingrinch. Both Mitt Romney and Newt Gingrinch have a lot of baggage to tote into the 2012 Presidential race but in my opinion, Mitt Romney still has the best chance to defeat incumbent President Barack Obama.


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