British Members Of Parliament Call For Closure Of Romney's Cayman Islands Tax Haven

Former Massachusetts Gov. Mitt Romney (R) admitted last week that his tax rate was about 15 percent because his income mainly comes from investments that are taxed at lower rates than normal income. Romney's income is also bolstered by the fact that several of his investments — worth millions of dollars — take advantage of offshore tax havens in the Cayman Islands to boost profits.

Many of those investments are associated with Bain Capital, the private equity firm Romney co-founded, which has an extensive history of using such tax havens to boost profits at a multi-billion dollar cost to American taxpayers. Those tax havens aren't just causing outrage among Americans, however. The Cayman Islands are a British territory, and British MP John Cryer, a former member of the British Treasury Select Committee, told the British blog Left Foot Forward that it is “a disgraceâ€