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FINANCE > Mitt Romney has shares in Turkish company Turkcell

Tolga TANIŞ WASHINGTON – Hürriyet

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Republican presidential candidate former Massachusetts Governor Mitt Romney. REUTERS photo

Republican presidential candidate former Massachusetts Governor Mitt Romney. REUTERS photo

Mitt Romney, one of the Republican presidential hopefuls for this year’s race, has invested in Turkcell, a dominant mobile operator in the local market, according to daily Hürriyet. 

Romney decided to release his tax records for years 2010 and 2011 after he stumbled in the North Carolina primary losing to his rival Newt Gingrich and the tax records revealed the he owns Turkcell shares.

The rich Americans work with off-shore banks, open bank accounts in Switzerland to exploit tax advantages. The disclosure also revealed that using such cunning financial ways Romney has lowered the tax rate he pays to 15 percent while average tax rate for Americans is at 35 percent.

Aside from Turkcell he has invested in institutions such as National Bank of Greece and Chinese Life Insurance Company, according to the tax records.

With a net worth estimated at $250 million Romney’s revenue for the last two years was $42,6 millions the records has revealed.

January/27/2012

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Tomas Giovanni

1/27/2012 10:21:40 PM

smart business man

Benjamin Noble

1/27/2012 9:16:36 PM

The capital gains tax in the United States for long-term investments is 15%. The vast majority of Mr. Romney's income derives from these long-term capital gains. Your statement that he used "cunning financial ways" is therefore innaccurate.

Chris Green

1/27/2012 6:00:11 PM

I guess the investment in the National Bank of Greece was not one of his wisest investments!
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