It was called Son of Boss:
Reporter: “Was there ever any year where you paid lower than the 13.9%?”
Mitt Romney: “I haven’t calculated that. I’m happy to go back and look.”
Voiceover: “Did Romney pay 10% in taxes? 5%? Zero? We don’t know. But we do know that Romney personally approved over $70 million in fictional losses to the IRS as part of the notorious Son of Boss tax scandal. One of the largest tax avoidance schemes in history. Isn’t it time for Romney to come clean?”
And this guy wants to be president!
Image above / story below: liberalsarecool
A key troubling public manifestation of Romney’s apparent insensitivity to tax obligations is his role in Marriott International’s abusive tax shelter activity, as previously reported by Jesse Drucker in Bloomberg.
Romney has had a close, long-standing, personal and business connection with Marriott International and its founders. He served as a member of the Marriott board of directors for many years. From 1993 to 1998, Romney was the head of the audit committee of the Marriott board.
During that period, Marriott engaged in a series of complex and high-profile maneuvers, including “Son of Boss,” a notoriously abusive prepackaged tax shelter that investment banks and accounting firms marketed to corporations such as Marriott. In this respect, Marriott was in the vanguard of a then-emerging corporate tax shelter bubble that substantially undermined the entire corporate tax system.
Son of Boss and its related shelters represented perhaps the largest tax avoidance scheme in history, costing the U.S. many billions in lost corporate tax revenues. - CNN