Romney Helped Marriott Dodge Taxes
'Son of BOSS' scheme implemented during his audit board tenure
By Kevin Spak, Newser User
Posted Feb 23, 2012 2:46 PM CST
Mitt Romney delivers remarks to the Conservative Political Action Conference (CPAC) at the Marriott Wardman Park February 10, 2012 in Washington, DC.   (Getty Images)

(Newser) – Another ghost from Mitt Romney's business past may be coming back to haunt him. Romney has long maintained close ties with Marriott International, and he led its audit board for several years, Bloomberg points out. During that time, Marriott instituted a tax maneuver it nicknamed "Son of BOSS," in which it used newly created partnerships to record a $71 million tax loss, even though the company actually profited. A court later struck down the maneuver, calling it a "scheme," "fictitious," "artificial," and an "illusion."

During Romney's tenure, Marriott also took deductions that eventually led to a $220 million settlement with the IRS, and reaped hundreds of millions from a fuel subsidy program that John McCain once criticized as a "scam." The company's effective tax rate at times fell as low as 6.8%. As an audit board member, Romney would have been deeply involved in approving these tax plans. He returned to Marriott in 2009, before leaving again last year.

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Showing 3 of 23 comments
JT119
Sep 27, 2012 2:57 PM CDT
With all the shit swirling arround this guy, how is he even qualified for running for the president,if all these financial improprieties were leveled at a democrat seeking the office of the president, he would be asked to step aside even by his democratic colleagues, I cant even imagine what the republicans would be doing, some how this guy is able to continue his run for the presidency......??????????
piankeshaw
Feb 24, 2012 9:43 AM CST
Mormon Mafia. From my experience, they are secretive, judgmental, self-serving SOB's.
793tango
Feb 24, 2012 3:41 AM CST
So I gather from the postings here that it's perfectly OK for a multibillion dollar corporation to claim a ' loss' and dodge their tax obligations when they actually made profits? I guess then it's also OK that GM and a dozen or so other multimillion/billion dollar corporations also paid little or no taxes (while the rest of us did?). None of these companies are going to be hurt by paying their fair share of taxes. The Marriot isn't going to go out of business if they pay up. I don't want to hear anyone here crying 'foul' when Exxon/Mobil announces their 200 million dollar (or more)quarterly profits or their execs multimillion salary/bomus packages.