A Lot of Mitt Romney's Money Is in Offshore Tax Havens

ABC News is going to do a report about this tonight, so expect this to show up at the Republican debate tomorrow night.

Although it is not apparent on his financial disclosure form, Mitt Romney has millions of dollars of his personal wealth in investment funds set up in the Cayman Islands, a notorious Caribbean tax haven. A spokesperson for the Romney campaign says Romney follows all tax laws and he would pay the same in taxes regardless of where the funds are based.

Romney has been running for president for the last, oh, 6 or 7 years. How did it not occur to him at any point during that time to pull his money from international tax havens? This is a tremendous weakness for Romney: Picture President Obama promising in a debate to lock down loopholes that allow corporations to get away with stashing their money overseas and then, as if in an afterthought, gently pointing out that Mitt Romney benefitted from those same loopholes. That could be devastating for Willard.