Sunday, February 26, 2012

Son of BOSS

Mitt Romney joined Marriott's Board of Directors in 1993, and has served on it for 11 of the past 19 years, including six years as Chairman of the Audit committee. In 1994, while he was head of the audit committee, Marriott used a tax shelter called “Son of BOSS.”

A federal appellate court ruled "Son of BOSS" illegal, agreeing with the U.S. Department of Justice, which called Marriott’s the attempt to avoid taxes using the shelter “fictitious,” “artificial,” “spectral,” an “illusion” and a “scheme.”

At the same time Marriott also avoided hundreds of millions of dollars in income taxes using a federal tax-credit program John McCain called a "hoax" and a "scam."

Marriott also dodged taxes by shifting its profits to a shell company in Luxembourg with one employee.

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