Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Romney Helped Marriott Dodge Taxes

'Son of BOSS' scheme implemented during his audit board tenure

By Kevin Spak, Newser Staff

Posted Feb 23, 2012 2:46 PM CST

(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.

Mitt Romney delivers remarks to the Conservative Political Action Conference (CPAC) at the Marriott Wardman Park February 10, 2012 in Washington, DC. (Getty Images)

« Prev« Prev | Next »Next » Slideshow

CLICK BELOW TO VOTE

18%

10%

19%

37%

To report an error on this story, notify our editors.

OTHER STORIES ON OUR RADAR

Getty Images

Man Goes to Hospital For Kidney Stone...Leaves a Woman (Huff Post)

Is Chase Crawford Dating a Cougar? (Bleacher Report)

My Boss Walked in on Me Touching Myself, Now He Won't Stop Flirting (Slate)

7 Gross Celebrity Items Sold at Auction (The Week)

The Lowest-Rated Show on TV Is Actually Awesome (Slate)

Partner Links

Sponsor Links

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

COMMENTS

Read the comment policy

Showing 3 of 20 comments

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.

JohnQT

Feb 24, 2012 2:01 AM CST

Umm...fuck the IRS..i can't fault an individual or a company not wanting to give the money the EARNED to the government..so they can waste it on shit..

What's Popular Now on Facebook

Cops Shoot Naked Guy Eating Man's Face on Highway

Japanese Artist Serves Up Own Cooked Genitals

Bloomberg (Source Grid »)

Politics • Money

Mitt Romney • John McCain • IRS • Marriott • tax shelter

More Newser Stories

Romney's Likely VP Pick: 'Incredibly Boring White Guy'

Campaign aims to do the opposite of McCain

(NEWSER) - Team Romney’s rule of thumb: Do the opposite of everything John McCain did in 2008, or so reports Politico in a look at the campaign's strategy. The approach applies broadly, say advisers—focus hugely on the economy, fully engage in fundraising, integrate early with the Republican National Committee—but comes most into play in the search for a VP. The campaign doesn’t want to end up with its own version of Sarah Palin, so it is going to great lengths to avoid anyone who could be seen as unprepared. The goal, according to one official: Go with an "incredibly boring white guy." More»

McCain Jokes: Palin for VP

He calls GOP campaign so far 'disastrous'

(NEWSER) - John McCain stopped by CBS This Morning today and held forth on a number of topics, including health care reform, the GOP presidential contest, and most amusingly, the vice presidential sweepstakes. Asked who Mitt Romney should choose as his running mate, McCain, unable to keep a straight face, replied, "I think it should be Sarah Palin." The studio laughed appreciably, and McCain dutifully listed some more plausible candidates. "Obviously, it's a tough choice," he said, smiling again. More»

GOP Liked McCain Way More Than This Year's Field

Poll: Only about a third would vote 'enthusiastically' for Romney, Santorum

(NEWSER) - Believe it or not, Republicans are not terribly excited about their presidential candidates. A new Gallup poll found that only 35% would vote "enthusiastically" for Mitt Romney, with an essentially identical 34% saying the same for Rick Santorum. To put those numbers in perspective, during the 2008 primaries, 47% were enthusiastic about John McCain. Romney's number back then was the exact same 35% it is today. More»

Mitt Romney's Biggest Donors? Bain Capital

Bain-related donors have given more than $2.7M over the years

(NEWSER) - When Mitt Romney ran Bain Capital, his leadership made billions of dollars for the investment firm. And Bain Capital's associates have supported Romney's political ambitions in turn, giving nearly $3 million to his state and national campaigns—a sum that easily makes them Romney's largest group of donors, reports Politico . Bain Capital executives and family members have given $2.7 million over the years to Romney campaigns or supporting PACs, according to a report by the Sunlight Foundation . More»

John McCain Endorses Mitt Romney

Says his former rival 'will lead from the front'

(NEWSER) - No last-minute change of heart: As expected , John McCain today endorsed former rival Mitt Romney for president in New Hampshire, reports NPR . "He will lead from the front as Ronald Reagan did, not from behind as this president does," said McCain. Four years ago, Romney endorsed McCain after dropping out of the GOP race, and McCain returned the favor today. “I am really here for one reason and one reason only, and that is to make sure that Mitt Romney is the next president of the United States,” McCain said. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Romney Helped Marriott Dodge Taxes

'Son of BOSS' scheme implemented during his audit board tenure

OTHER STORIES ON OUR RADAR

Mitt Romney • John McCain • IRS • Marriott • tax shelter

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Romney's Likely VP Pick: 'Incredibly Boring White Guy'

Campaign aims to do the opposite of McCain

McCain Jokes: Palin for VP

He calls GOP campaign so far 'disastrous'

GOP Liked McCain Way More Than This Year's Field

Poll: Only about a third would vote 'enthusiastically' for Romney, Santorum

Mitt Romney's Biggest Donors? Bain Capital

Bain-related donors have given more than $2.7M over the years

John McCain Endorses Mitt Romney

Says his former rival 'will lead from the front'

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?