Do you have an offshore bank account?

Vanity Fair and the Associated Press have reported that Mitt Romney has put huge sums of money into investments in offshore tax havens like the Cayman Islands and Bermuda. Is he avoiding paying U.S. taxes by having money in those tax havens? Was he trying to hedge against the dollar by having a Swiss bank account? We asked some ordinary Americans what they think of Mitt Romney's financial arrangements.

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Transcript:

Vanity Fair Magazine has released a very deep look into Romney's money including offshore accounts in tax havens like the Cayman Islands.

I do not have a bank account outside of the US.

I do not have a Swiss bank account. I don't have an account in the Caymans.

I've never heard of anyone that I know having an overseas bank account.

I wouldn't have an overseas bank account and I don't think our next President should an overseas bank account either.

I've never heard of a President actually having an overseas bank account. I think mostly they have all their money right here in the US.

He needs to come clean about where that money is and why it's there.

I don't have a problem with people making tons of money, but there are questions that
are raised about why are you keeping your money offshore. Right?

I don't know if he's doing that because he's trying to shelter his money from taxes or

whether he just doesn't believe in the American economy, but either way it's not a very good sign.

Where there's smoke there's fire, right?