Associated Press
Last week, Senate Majority Leader Harry Reid (D-Nev.) caused quite a stir when he said he'd heard from a Bain Capital investor that Mitt Romney hadn't paid income taxes for 10 years. Which investor? Reid didn't say. Why should anyone take the claim seriously? Reid couldn't say. He heard a rumor, and he passed it along.
Team Romney and the Republican establishment were apoplectic, but Reid didn't back down. On the contrary, the more the GOP complained, the more the Senate leader repeated the claim.
Yesterday, Reid's office even added some new details.
A top aide to Senate Majority Leader Harry Reid (D-Nev.) provided new details Wednesday on the identity of Reid's source for the claim that Mitt Romney did not pay taxes for 10 years. Romney has since called on Reid to release the name of the source.
"This person is an investor in Bain Capital, a Republican also, and somebody who has been dealing with Romney's company for a long, long time and he has direct knowledge of this," said Reid aide Jose Parra, referring to Romney's tax returns.
Romney told ABC News that he would check his records to determine if he ever paid a lower rate than the 13.9 percent he paid in 2010. Despite requests from the network, however, Romney has yet to provide the information.
These are some pertinent details, to be sure, and would appear to narrow the universe of possible Reid sources. Indeed, speculation picked up overnight about the identity of the unnamed investor.
But there's a related angle to this that's also worth considering while we wait for tax returns that Romney refuses to disclose. The various fact-checkers who've slammed Reid have raised a relevant argument: putting aside the propriety of sharing unsubstantiated allegations, the claim is unreliable because it can't be true. Romney, the argument goes, couldn't have gone a full decade without paying income taxes.
And if Reid's underlying claim is just too implausible to believe, nothing else matters -- his source, at that point, is irrelevant.
The closer one looks, however, the more it appears this pushback is itself dubious, and it'd be a mistake to dismiss the possible veracity of Reid's claim out of hand.
Brian Beutler had a good report on this yesterday.
For instance, a TPM reader posited that, under the terms of his retirement, Romney's severance could have flowed directly into his tax exempt IRA, shielding it from taxation for years, and driving his effective rate down dramatically.
Tax experts TPM spoke with believe it's a plausible strategy -- but question whether he'd be able to whittle his effective tax rate down to zero.
To erase his federal tax liability this way Romney would've had to eschew other income sources, or figure out ways to zero out his effective tax rate on that income too.
"[I]t struck me as plausible," NYU tax expert Daniel Shaviro, who's been a leading analyst of Romney's public financial information, told TPM. "The reason people have been saying he must have paid something is that they've figured he must have (as in 2010) had some dividend and interest income plus other ordinary (rather than capital gains) stuff such as speaker fees. Zeroing all that out, if he had such income every year, would have required tax shelter losses that would very likely be deemed (by the IRS and many legal experts) as abusive."
This doesn't prove Reid is right, of course. It just means Reid could be right, in large part because of Romney's suspicious IRA with over $100 million in it.
One more thing: if the accusation is true -- at this point, it's still a big "if" -- Romney has a very serious problem. It would be inordinately difficult for an out-of-touch, car-elevating, Swiss-bank-account-owning, multi-multi-millionaire to tell mainstream voters, "While you were working hard and paying taxes, I was using accounting tricks to shield my vast fortune -- a fortune I made while laying off American workers."
Indeed, a whole lot of Republicans would start asking their presidential candidate, "If you knew about this all along, why did you even run?"
Leave a Comment:
The GOP vetting problems have moved up the ladder.
"Show me the returns".
Over the weekend, an additional tidbit will be released- "deepthroat" is tall, bald, and walks with a limp.
Causing reporters to overload Google's search engines, crashing servers worldwide.
Harry Reid will be admitted Bethesda Naval Hospital, suffering from uncontrollable laughter.
I was speculating that the next clue in this game of What's My Line is that he's a Mormon as well.
It is masterful how Harry is orchestrating this. By drip-drip-dripping a new clue every week he is keeping the issue alive.
Give 'em hell, Harry!
"I don't give them hell. I tell the truth, and they think it's hell."
Harry Reid has been looking like a genius to me. He does not have to run this year, and his comments are protected speech ~ even if the tax returns ever surface and prove him wrong. We ALL owe him our gratitude for keeping this issue front and center.
"If you can't stand the heat, get the hell out of the kitchen!"
Romoney is now learning the game of hardball, something he thought he learned but never did.
Before Romney came along, those same pundits who insist no one could have gone ten years without paying taxes, would have also laughed at the notion that anyone could legally stuff $100M into an IRA account. Why people still give Romney the benefit of the doubt on anything, I don't know. He has shown himself to be like the most ferocious of the Ferengi (Star Trek) when it comes to money.
Bloggers and pundits make a lot of claims basically because the only subject on which they have expertise is their own opinion.
Says the guy pretending to have no sense of irony posting what he pretends to be his opinion on the internet...
LOL! Exactly right slappy magoo! LOL!
I decided to be like you guys and just write unsupported opinions on subjects that I don't have a clue about.
I'm going to stay away from the name calling however. Maybe I'll pick that up later.
What the hell do you think this comment section is, a place to discuss thermonuclear dynamics? No you friggin' moron, people state their, wait for it... OPINIONS!!!
Jeez
And occasionally facts, for those who believe that facts exist.
Opinions yes. What I was referring to is the continuous little league attacks by posters like donna and slappy against me personally for my opinions which I always cite references for, and nothing BUT personal attacks.
bb,
And once again the old saying of "it takes one to know one" applies here.
And you do not "always have references" for the nonsense you spout.
You are a troll. Just like shooter. I just have the nerve to call you out for who and what you are.
And I could care less if you have a problem with the truth or the way I express myself.
Wow, BannedAgain just made three trips to the hydrant just here - so, little troll, you have a 5-gallon bladder?
Another point- if it is true, the longer he holds out and continues to slam Reid, the worse the inevitable collapse will be.
Exactly!
Romney refuses to answer the question, "Have you stopped beating your wife?"
This is beginning to take the form of a Chinese water torture. Keep drip, drip, dripping the "release your tax returns" and "what are you hiding?" on Mitt until he breaks.
Am I a bad person for enjoying this?
Watching a bad person get what's coming to him does not make the observer a bad person. In fact it is perfectly all right to be joyful as one watches the truth that justice does exist.
Easy enough if he juggled accounts such that (for instance) assets held in an S corporation realized a capital loss that offset his earned income, while benefiting another corporation or account he and his family owned which retained the unrealized gains.
There's also the matter of his tithe to the Church. If he's been more conscientious about it than about taxes (no fudges on realized vs. unrealized gains, or exempt income, etc.) then that also can be arranged to offset a lot of income.
http://www.youtube.com/watch?v=DABbkpHzg3o
Here's a likely root of this brewing trouble for Romney - The Son of Boss Tax Scheme.
The Obama campaign Thursday released another TV ad suggesting that rival Mitt Romney may not have paid any income taxes at all in prior years, the latest in a relentless campaign centered on his refusal to release more than two years of tax returns. And it adds a fresh element, highlighting his role on the audit committee at Marriott International Inc., a period during which the company used improper tax strategies.
Attribution and More Info: [www.son-of-boss.com]
Synopsis:
Tax Shelters in a Nutshell
Here is the basic pattern contained in the son of Boss type tax shelters. These transactions reduce or eliminate capital gains by creating artificial capital losses. Although the pattern is simple, it is obfuscated with mounds of paperwork, intricate financial instruments and virtually incomprehensible tax code provisions.
Tax shelter promoter sets up two companies, Company A and Company B and funds each company with $50. Company A buys a briefcase for the $50.Client comes to promoter and says, "I have a $1.0 million capital gain." Promoter says, "No problem, I can eliminate that gain for you by generating a $1.0 million loss to offset your gain." Promoter devises the following plan:
Client purchases the $50 briefcase from Company A by paying Company A $1,000,050!Client pays $50 in cash. In addition (here's the tax shelter part), Client "pays" another $1.0 million by signing a promissory note (a promise to pay) payable to Company A for $1.0 million in 30 years .
For tax purposes, Client purchased the briefcase for the cash payment and the promissory note, so the tax cost for Client's briefcase is $1,000,050. Client then sells the briefcase to Company B for $50. Thus, economically, Client is made whole; Client paid $50 for the briefcase and sold the briefcase for $50. However, Client's tax basis in the briefcase was $1,000,050 and by selling the briefcase for $50, Client incurred a $1.0 million loss!
That loss will then be used to offset Client's $1.0 million capital gain, effectively zeroing out his tax liability.Assume that Company B then sold the briefcase back to Company A for $50. Promoter is ready for his next client now that Company A has the briefcase and Company B has $50, and the pattern can be repeated.
The foregoing example illustrates the core principles of how tax shelters work. The transaction is legal and fits within the literal rules of the tax code. Millions of taxpayers offset capital gains with capital losses. But does the transaction work? Of course, the answer is clearly no; otherwise, no one would ever pay a dime in capital gains taxes. This is an example of an "artificial basis step-up transaction," the cornerstone of many tax shelter schemes. The promoter, through an sham transaction designed solely for the purpose of manipulating the tax code, creates a purported tax loss where there was no corresponding economic loss.
Romney's spokesperson has not specifically addressed this charge.
Yes, the Obama campaign will suggest virtually anything could have occurred because they have been taking notes from the birthers on how to make charges.
I have a feeling this one is going to gain a lot more traction among independents and moderates than the birther claims ever did.
I think this is what is sitting in Romney's tax return, as well.
Perhaps he has since paid taxes, fines and/or penalties, but that he used this tax shelter (as was done with Marriott, where Romney was on the audit committee). He saw how much Marriott was able to shelter and thought, "Man, I have to get in on that."
Just one correction. "Legal" is kind of an ambiguous term in the tax world when the taxpayer is a one-percenter.
The IRS immediately disallowed deductions under these kinds of shelters under the "no actual business purpose" principal as soon as it was able to penetrate the layers of obfuscation piled on top of the underlying transactions and recovered billions in evaded taxes. Most people who bought into the shelter were hit with penalties in the 10-20% range (the "you had a lawyer telling you it was legal but you should have known better" penalty), some got smacked with the 40% penalty (the "Dude, WTF?" penalty).
And then there was the guy who managed to find a federal judge who was either dumb enough or wingnut enough to say "duuuuh, looks on the up and up to me!"
But so far, no taxpayer's been hit with the 75% penalty that comes with a "pack a toothbrush, we'll provide the room, board and orange scrubs" attached to it. And in a certain segment of the top one percent, "will I go to jail if this goes to crap" is where the decision line really gets drawn on whether to get into a shelter.
Romney was certainly willing to draw the line there as a member of Marriott's audit committee. The question is whether he was willing to draw the line there when his own hiney was on the line. I'd like to think not, but I also once wanted to think that a guy who was cheating on his wife while she was dying of cancer wouldn't think he could run for president without anything bad happening.
BannedAgain, I have completely misjudged you, you little bridge troll. You must have a 50-gallon bladder.
Every day this remains a story is a day lost to the Romney campaign. Romney knows he can put this claim to rest with a simple disclosure of his returns. He continues to stonewall. Why? My guess is disclosure is worse than the speculation.
Keep it coming Harry, keep it coming.
Keep lying Harry, keep lying.......not surprised the left is all for this type of behavior.
Keep lying
Harry,Mitt keep lying.......not surprised theleftright is all for this type of behavior.There. I corrected your post for you.
You're welcome.
Well, I figured you would have to change it to a lie to fit this site. Fits with the MSNBC reporting. Expected, yes, surprised, no.
Ah, whattya know, BannedAgain must have handed over the hydrant-marking assignment to Eric. How big a bladder do you have, little bridge troll?
Wingnuts coming out against lying is like Hitler coming out against anti-Semitism.
"This person is an investor in Bain Capital, a Republican also, and somebody who has been dealing with Romney's company for a long, long time and he has direct knowledge of this," said Reid aide Jose Parra, referring to Romney's tax returns."
Yes why would a Reid staff member lie to support his boss? Who could believe such a thing?
Again it's simply not possble that "a Bain investor", even "a Republican" and God knows what will come out next ("a Mormon" probably) could know what Romney paid. Simply not possible. Only a person like Reid and his staff who has no knowledge of how PE investments are structured for tax purposes could make such a claim. That's another way you know it's a fairy story. An actual Bain investor would know he didn't know.
Unless Romney bragged about it.
or an overheard conversation perhaps, or an email left open on a computer, or virtually any way that continues innuendo in the face of the simple impossibility of this being true.
You don't think that all the smarties at Bain didn't place side bets on who could dodge taxes the best? I bet everyone knew everyone else's tax returns in that sleazehole.
Actually, if it's someone who is, or runs, an investor in a Bain fund, he or she's going to be privy to more than enough details of Romney's severance agreement to piece together the tax purpose and likely effect.
Same reason the government makes public corporations put those details into the corporation's 10-K's. Investors, particularly rich ones, have this odd tendency to think they're entitled to know how hard management is, or will be, screwing them when they're making investment decisions.
calling
If you just want to speculate endlessly then certainly that's not something that can be refuted on any reasonable basis so I actually don't have any problems with you believeing this.
Yeah. It's a real shame that "poor" Willard has to put up with all these foul calumnies and slanders. Oh, wait... he doesn't have to. He could just release his tax returns, the way every other Presidential candidate for the last half-century or so has done (including Willard's own Daddy), they way he himself already did to Sen. McCain when Willard was being considered for Vice-President, and prove that they're WRONG.
Of course, he won't, because either the allegations are TRUE, or the truth is something even worse. And I love the comparisons to the "birther" idiocy, love them!
Come on, Willard, show us your long-form worth certificate!
;-)
Absolutely right, Pretzellogic!
But somehow this is all about Reid, not about the fact that Robme is unwilling to release his taxes.
Robme can put this all to rest, show Reid to be a liar, and actually have something to run on: Reid is a liar.
But he won't.
Makes you wonder why, doesn't it?
According to a CNN poll 63% of people think robme should release his taxes, 67% of independents think so too.
Robme sees these numbers. But won't release them. What is he hiding?
Rachel Maddow gives you a pretty good idea of what he is hiding: he did the same thing 10 years ago when he was running for governor.
Robme gave 23 years of tax returns to McCain. And McCain chose Palin. Makes you wonder, doesn't it?
And folks got a problem with Reid?
You can't show Reid to be a liar because he says an anonymous source told him. So even if Romney proved that he paid a ton of taxes, Reid would just say that's not what he was told.
So logically speaking, there is literally no way to prove Reid a liar, even though we know that he is.
Robme sure can show Reid to be a liar.
Reid says he paid no taxes for 10 years. Releasing robme's tax returns will show that he has paid taxes, showing Reid to be a liar, regardless of what Reid says.
So logically speaking, you are full of @!$%#. And unless robme releases his taxes, Reid is not a liar. But it sure looks like Robme is.
No, actually, I don't know that Reid is a liar. If Romney releases his returns and this proves Reid is lying, only then will I believe it.
However, I do know Romney is a liar. He has proven it again and again and AGAIN over the course of this campaign. I wouldn't trust him now if he said the sky is blue. Romney has done nothing to earn the benefit of the doubt here, because he has lied continuously to the electorate throughout the campaign.
It must be a 60-gallon bladder. I stand in awe.
"If you knew about this all along, why did you even run?"
Spot on, Steve. He ran because he's an arrogant SOB who thought he was above the law and everybody else. He thinks he "deserves" the presidency. "It's our turn," as Queen Ann said.
Hoping he loses in the most lopsided victory in history.
And if they do, they'll know how we felt when the news broke about John Edwards and Rielle Hunter.
He'll probably carry the Old Confederacy . You know, that part of the United States with a minus-number collective IQ? Minus North Carolina and Virginia, where notherners have been moving in and displacing the hillbillies.
I have a "source" who says Harry Reid's source is Rev. Jeremiah Wright. Of course, I can't reveal who my source is...but take my word he is reliable.
I have a "source" who says you're a moron. Of course, I don't need to reveal who my source is because everyone can see it for themselves.
And your source carries just as much weight as Harry Reid's. The campaign that was supposed to be about "Hope and Change" has become More of the Same. Dirty smear political BS rather than talking about issues that people care about. Now as to yourself....calling people morons....very well played. How clever of you. Really well thought out . Congratulations. Your children should be so proud. Keep up the good work! Hope for Change.
Oh, it wasn't me calling you a moron. It was my source.
And we could - and would - have Hope and Change if the GOP were willing to do anything but filibuster and run their smear campaign against Obama. They originated much of what is called Obamacare, but now they have to be against it because it was Obama who signed it. They asked for flexibility at the state level for Welfare to Work; Obama gave it to them and now they try to turn it against him and lie to make it sound like he's taking away the work requirements. They bitch about the lack of job creation under Obama, but won't even consider passing the American Jobs Act. Obama wants Ohio's early voting to apply to all Ohio citizens rather than just active military, but the GOP spins it (lies) to make it sound like he's taking something away from the military. I could go on all day about GOP obstruction. What do you have that shows Democrats are preventing progress?
The economy is recovering slowly thanks to Obama. The recovery is too slow, thanks to the GOP.
Gee, I'm glad its just the GOP that is "spinning". I'm sure the Republicans really have declared a "war on women"...there must be a declaration of war lying around somewhere that Harry Reid's source could lay his hands on. And Mr Obama had a Democratic House AND Senate for the first half of his term and still didn't manage to get much done because Nancy Pelosi and Harry Reid fought him for not being far enough to the left. And what is the President doing spending his time trying to dictate what's right for Ohio voters?
I for one am not particularly fond of the term "war on women." But when you look at the body of Repulican legislation and rhetoric these past two years, you do have to wonder why any self-respecting woman would vote GOP.
I do wish the Dems had gotten more done before the 2010 midterms, but it's not like nothing at all got done. We got healthcare reform and many other things. I suggest you Google "Obama accomplishments first two years." You'll find some pretty long lists.
Obama is not trying to dictate Ohio voting laws. He is trying to restore voting rights that were taken away from everyone but active military personnel. How is that dictating? The GOP is clearly trying to restrict the vote in Ohio and lower turnout in order to increase their chance of winning. Because they know that the more people who vote, the lower their chances.
And another little bridge troll crawls out from under the bridge to go urinate on fire hydrants.
Keep strutting that Dem class TC.....beats talking about the issues, right? Your Momma must be so proud of you !
Polistink - you insist on talking about issues? I'm still waiting on your list of ways the Dems have blocked economic progress...
KJ, I never said that they have taken steps to block economic progress. Just don't think they managed to do much to create it during their initial two years. They blew their full political capital on healthcare and misdirected their stimulus dollars. Have you seen any large infrastructure programs kicking into gear anywhere near you and creating jobs? I look around me here in the northeast and I see no signs of it. The lack of economic improvement and the arrogance of Nancy Pelosi and Harry Reid cost them the mid term elections and squandered their ability to get anything more accomplished. I happen to agree with Obama's bail out of the US auto industry, but his failure to go after the banking industry was driven by campaign dollars rather than economic or moral issues. No prosecutions have resulted.
I'm a registered Republican who voted for Obama first time around in the hopes that he really would take a bipartisan approach to bring about the changes the country needed. But he was unwilling to buck Nancy Pelosi and Harry Reid's determination to proceed in a very non bipartisan manner and with none of the transparency that was promised. Result: Of course the Republicans dug in. And now the Dems want you to believe that they are trying to work with the Repubs but the Repubs are evil.. All of them, Dems and Repubs are cut from the same cloth and are more interested in Party Politics than they are in what is good for you or I or the country. Don't kid yourself that the Dems are some sort of humanitarian purists with high moral standards. Nancy Pelosi has lined her and her husband's pockets and cashed in on sweetheart stock deals...but heaven forbid she release her tax returns . Harry Reid made $1 million on a quick flip real estate deal with awkward political links, but God forbid he should be asked to release his tax return.
I had hoped for change. But on both sides of the aisle, its about party and personal gain, not country. So kid yourself all you want that Romney is evil and Obama is pure and good, but at the end of the day about the only difference is we finally got a black President and african - americans can be proud, and Obama did get Bin Laden. Healthcare? The jury is out as to whether it will make much difference to the average citizen other than to cause your employer to stop providing healthcare benefits and send you out on your own. You won't be penalized for having a pre-existing condition...but you'll also be paying a much larger chunk out of your own pocket from the get go.
You want real change? Find a way to get the money out politics. Otherwise, you will never again have a representative democracy whose average citizens are the represented party. Both sides represent their monied interests.
I had hoped for so much more.
Yes, we're just putting the finishing touches on a brand new federal courthouse in Cedar Rapids. Jobs created/supported.
I don't disagree that there are problems on both sides of the aisle. And neither side has the corner on morality, to be sure. I just happen to believe that Democrats are looking out more for people like me in the middle class than Republicans. That seems more true in this election than any of the others I've voted in over the last 35 years.
And I DO agree with you that we have to get money out of politics. Back in Harry Truman's day, nobody ever got rich just by being elected. Now it seems to be the sole reason people try to get elected, and we end up with people who either don't care to do anything, or don't know how.
Sorry about the 'moron' thing earlier. I knee-jerked. My bad. Glad we could actually discuss our views. The country needs more of that and less name-calling.
The man in the Ad doesn’t say Romney murdered his wife, but the lack of concern Romney has about other people is true. Romney created his money machine business to make money at any cost, what do you expect. These types of businesses never have any concern or caring about others, except to use any deception and lies available to get what they want, even if it leads to someone’s death. You see how Romney plays his game by the Ads he puts out with no truth in it at all, but so easily squeals and cries, when the truth comes back to bite him in the butt. Romney is belly aching about the truth coming out about what he has really done to other people and none of it is good, except to serve his own selfish interests. Just as Romney threw the gardener down the steps as his sons stood by laughing, as he violently attacked a teenage boy to cut his hair, and how he dressed as a police officer to demand power and control over other people. This is what Romney takes pleasure and amusement in, but when any factual truth comes out about him he cries foul like an immature baby. But this is the nature of men like this and they do have a very hidden violent nature, when they do not get their way. Americans and people of the world need to be very careful with a man like this, because you will regret everyday of your lives, if he ever gets any form of real power and control over others. Romney looks like he more leans toward being a Political Psychopath.
But lies that advance Mormonism, like lies that advance Islam, are quite OK as they are for higher purposes. In Mittwit's case, it is after all to fulfill a prophecy. Winning would vindicate the means.
Vapidity writ large.
My goodness...I love you guys...even the trolls. ' Only a person like Reid and his staff who has no knowledge of how PE investments are structured for tax purposes could make such a claim.' Really? I guess one more time your argument is LEFTISTS ARE STUPID. Let's see...Harry Reid did not become as RICH and as POWERFUL by 'not understanding' how investments are structured. That is why ONE of the pushbacks was 'Harry show us YOUR taxes'...this is the GOP argument on basically everything. 'We're not going to TELL you anything, how dare you ask, but it couldn't possibly be true because we are SMART and the left is stupid'...and 'taking notes from the birthers' except the whole birther claim was debunked except in the GOP bubble and taxes? Hey nothing has been released and nothing debunked. Tsk tsk...or poppycock as Harry would say...
Actually, its Nancy Pelosi's returns I want to see. Notice she clammed up because she doesn't want to reveal her husband's dealings and her sweetheart stock deals. If the Dem's are so up in arms about tax loopholes...pass a flat tax.......oh no, wait a minute...that won't work...because then the 47% of people who pay zero tax would actually have to start paying some. What a dilemna that must be for you.
Polstink: Nobody pays zero tax.
The big problem with a flat tax is that there is no agreement on what "income" is. Wages? Dividends? Olympic prize money? Interest? Lottery Winnings? Prize money from winning the Indy 500? Capitol Gains? Carried Interest? Inheritance? Pensions? Social Security? Military Retirement? Disability payments? SSI?
Tigersharktoo ... There are other problems with the flat tax. I'll issue the same challenge to our right wing participant that I've issued 30 or so times before. Nobody has ever accepted it, nor will he. But here goes anyway:
Flat tax advocates--Answer the following questions about your proposal:
1. Are you going to tax gross or net business income? (Be careful how you answer!)
2. Are you saying that we should unite AICPA accounting rules about income and deductions with the Internal Revenue Code? (Again, be careful!)
3. Do you propose taxing social transfer payments (welfare, aid to dependent children, food stamps, all of social security)?
4. What do you plan to do with the mortgage interest, property tax, medical expense, and charitable contribution deductions on Schedule A?
5. How do you propose to account for capital gains that have not been taxed at the time of the taxpayer's death?
I'm still waiting, flat tax advocates. Got defensible answers?
Like your response, I was just keeping it on the personal income tax side.
As for the business side, could you imagine the consternation at the NRA (the restaurant folks) if all deductions were eliminated? No more written off meals?
Once again, I notice a distinct lack of interest in those on the right discussing the moronic "flat tax" proposal.
Tigershark, the biggest problem is with the first question. If you tax gross income, most manufacturing and retail businesses will quickly go bankrupt. If you allow the calculation to get down to "net" income, you've re-created the problem that the flat tax is supposed to solve--all that tax code language that determines what deductions are allowed and which aren't. That currently occupies several volumes of the tax code, and is the source of a large percentage of tax court cases.
Nobody cares about that, you bloody moron. All Romoney has to do to prove Reid wrong is release his taxes. He doesn't because doing so would be more damaging that what Reid is saying.
But thanks for coming along an relieving BannedAgain from having to urinate on the hydrant again. How big is your bladder, little bridge troll?
It is a mystery to me that Romney's activities at Bain capital are accepted as being OK.The fact that he effectively stole the livelihoods of thousands of good people who were doing their jobs and living their lives. Then Mitt the Destroyer moves in, devours their livelihood and puts it all in his pocket. What once was a fountain of life for thousands of people, is now just more numbers on a balance sheet. Just millions of additional dollars in the pocket of of someone who already had more money than he could possibly spend in several lifetimes. Someday we as a species will look back at these activities in the same way we now look back at slavery, as being fundamentally wrong and evil.
Making guesses about Reid's source has become a favorite pastime amongst our family & friends. The current favorite is Dan Liljenquist.
If this campaign is an example of how Mitten's would run the country & negotiate with the rest of the world .It's not very impressive.
The whole thing is a lesson in miss management ......the tax returns,the overseas trip,the staff he picked to run his campaign,the lies ,the walk backs......it smacks of a total lack of know how.Are you sure this person has run for office before ?.He totally doesn't get it......& he seems 2 dimensional.......he needs a total personality transplant.....drop the charmless automaton persona.......it's really unattractive.This issue & ohters should have been dealt with day one.
I honestly don't believe Mitt can do that. The little - and big - quirks in his personality are so deeply embedded, he couldn't possibly fake another personality and make it believable. And certainly not after doing this for 6 years.
Romney could easily disprove Reid's claim -- if it was false -- by releasing just his 1040's. That would demonstrate the amounts of income and taxes paid, but still preserve "privacy" for all the details. But he hasn't. So I believe Reid.
Remember how Romney was guffawing after telling those Floridians at the local cafe how he was unemployed too? http://www.youtube.com/watch?v=TgGXKA43WY4
I wonder how many of them were making nearly sixty thousand dollars a week being unemployed?
You should update this to reflect the retraction by Reid's aide which is the basis of the post.
http://www.bloomberg.com/news/print/2012-02-22/romney-as-auditing-chairman-saw-marriott-son-of-boss-tax-shelter-defy-irs.html
... how can anybody believe this man paid his fair share.
Willert made a living cheating on taxes for Marriot and anybody else he worked for. There is no way we'll ever see his tax statements. Tax shelters up the wazoo... some in the deep shade of what is legal. Nothing but trickery and deceit. The man is a walking violation of the spirit of any tax law. He'll make Dubya look like a saint if he get elected. Would you trust him to send your kids into battle. He is as cold and indifferent as deep space.
I know Reid had someone.Otherwise, he wouldn't have said that in the House....Get ready for the Fireworks people.....
Hope the Romney camp is ready for this...Okay Mitt , show an tell time in the school of hard knocks of the American People's Office...
Romney may have been a boss at Bain but in America .The PEOPLE ARE THE BOSS..
The TWO key questions will hit when someone in the media becomes smart enough to:
1. Ask the VP selection:"How many years of tax returns did you HAVE to submit to Gov. Romney's campaign?" THEN: "Why does the VP have to submit so many & the President only an incomplete ONE?"
2. THEN Ask Gov. Romney:
"Gov. why is YOUR Presidency exempt but you required XX, your VP choice, to submit X number of years of tax returns BUT you don't have to do the same?"
&
"How many years of tax returns will your cabinet nominees be required to furnish to the Senate?" (And be prepared to actually give him the number followed with: "Why that many returns to be JUST a CABINET Sec BUT only ONE to be the President?").
One of the problems w/ the media is that they do not prepare well for interviews. They want something newsworthy & explosive to happen BUT don't prepare w/ the knowledge & facts surrounding the very questions they ask - so they keep missing easy pitches. McCain submitted his last TWO years of returns during his campaign BUT those two only brought his tax return disclosures up to date. He had been disclosing for quite some time.
Had writers or talking heads done a little research after the first time the McCain defense came up they would have been prepared to rebut & embarrass both Romney & his advocates - BUT they weren't prepared & don't prepare so they just watched the perfect home run pitch sail by. Well done guys.