HARFOLD, Vt. - According to sources close to presumptive Republican nominee Mitt Romney, the former Massachusetts governor took in with great interest the decision of Facebook co-founder Eduardo Saverin to renounce his U.S. citizenship in exchange for a Singaporean passport. The move appears to have to do with Singapore's favorable income tax laws.
After disclosing that he paid more than $3 million in income taxes in 2010, Romney made it no secret that he felt he'd paid his fair share, even though at a 15% income tax rate, his share was less than middle-income Americans.
"He was all abuzz today," said one source. "He was googling Singapore, looking a the map of the country, and even checking to see if there were laws against transporting a dog on your car."
At first glance, a move to Singapore makes no sense. A tiny Asian country of five million people, its tax bracket tops out at 20%, much lower the the United States' 35%, but still higher the 15% that Romney pays due to the fact that his income comes from capital gains.
However, only income that is earned in Singapore is subject to tax. The $20 million Romney would earn from investments located primarily in the U.S. would be virtually tax free.
But the tax benefits, it seems, aren't the only thing Romney likes.
"What with gay marriage being such an issue," said another source, "Mitt likes Singapore because not only is gay marriage illegal, so is being gay!"