Jump to content



Photo
- - - - -

Why Won't Mitt Romney Release His Tax Returns?


  • Please log in to reply
14 replies to this topic

#1 PeaceFrog

PeaceFrog
  • VibeTribe
  • 8,284 posts
  • LocationWhisky a Go Go

Posted 19 October 2012 - 05:01 PM

Is it because he took amnesty for hiding money in a Swiss bank account? :dunno:

#2 Joker

Joker
  • VibeTribe
  • 11,623 posts

Posted 19 October 2012 - 05:39 PM

Harry Reid: Bain Investor Told Me That Mitt Romney 'Didn't Pay Any Taxes For 10 Years'

WASHINGTON -- Senate Majority Leader Harry Reid (D-Nev.) has what he says is an informed explanation for why Mitt Romney refuses to release additional tax returns. According a Bain investor, Reid charged, Romney didn't pay any taxes for 10 years.

http://www.huffingto..._n_1724027.html


Posted Image

#3 Tim the Beek

Tim the Beek
  • VibeTribe
  • 16,314 posts

Posted 19 October 2012 - 06:28 PM

Saying he had "no problem with somebody being really, really wealthy," Reid sat up in his chair a bit before stirring the pot further. A month or so ago, he said, a person who had invested with Bain Capital called his office.

"Harry, he didn't pay any taxes for 10 years," Reid recounted the person as saying.

"He didn't pay taxes for 10 years! Now, do I know that that's true? Well, I'm not certain," said Reid. "But obviously he can't release those tax returns. How would it look?


Y'all know I can't stand Romney, so it's not out of support him that I'm saying this.

Harry Reid is a shitbird of the worst kind. People like him make me wish I believed in hell.

#4 PeaceFrog

PeaceFrog
  • VibeTribe
  • 8,284 posts
  • LocationWhisky a Go Go

Posted 19 October 2012 - 07:07 PM

he's obviously hiding something, and whatever it is must be worse than dealing with people asking to see them.

#5 Jam Fan

Jam Fan
  • VibeTribe
  • 1,390 posts

Posted 19 October 2012 - 07:45 PM

i've heard that he has webbed toes and that is why he always makes appearances with shoes on.

#6 china cat

china cat
  • VibeTribe
  • 14,989 posts

Posted 19 October 2012 - 08:22 PM

Y'all know I can't stand Romney, so it's not out of support him that I'm saying this.

Harry Reid is a shitbird of the worst kind. People like him make me wish I believed in hell.


if there's ever an answer :lmao:

#7 Tim the Beek

Tim the Beek
  • VibeTribe
  • 16,314 posts

Posted 22 October 2012 - 02:35 PM

if there's ever an answer :lmao:


It's more lulz?

:lol:

#8 china cat

china cat
  • VibeTribe
  • 14,989 posts

Posted 22 October 2012 - 07:07 PM

:lmao:

#9 Nuthatch

Nuthatch
  • VibeTribe
  • 668 posts

Posted 23 October 2012 - 12:11 AM

"Our church doesn’t publish how much people have given. This is done entirely privately. One of the downsides of releasing one’s financial information is that this is now all public, but we had never intended our contributions to be known. It’s a very personal thing between ourselves and our commitment to our God and to our church."

#10 Nuthatch

Nuthatch
  • VibeTribe
  • 668 posts

Posted 23 October 2012 - 12:12 AM

Or, "you can never satisfy the opposition research team of the Obama organization."

#11 Nuthatch

Nuthatch
  • VibeTribe
  • 668 posts

Posted 23 October 2012 - 12:14 AM

Or,


“We have been very transparent to what’s legally required of us,” Ann Romney told NBC’s Natalie Morales. “There’s going to be no more tax releases given.”


#12 Nuthatch

Nuthatch
  • VibeTribe
  • 668 posts

Posted 23 October 2012 - 12:17 AM

Or,

“I did go back and look at my taxes and over the past ten years I never paid less than thirteen per cent. I think the most recent year is 13.6 or something like that, “So I pay taxes every single year.”

#13 mug

mug
  • VibeTribe
  • 1,029 posts

Posted 23 October 2012 - 04:36 AM

This is such a non- issue. Roomney did release his recent tax return. He paid his fair share and donated over a million dollars to charity.
Why won't Obama release his college transcripts?

he's obviously hiding something, and whatever it is must be worse than dealing with people asking to see them.

It's not the C- he received in Eco 101 that he's hiding, it's the fact that he applied for student aid as a foreign exchange student... See how this is played? Like I said, this is a non issue...wait, what?

#14 PeaceFrog

PeaceFrog
  • VibeTribe
  • 8,284 posts
  • LocationWhisky a Go Go

Posted 23 October 2012 - 10:25 AM

it's a non-issue because Mitch has so many other strikes against him that this is about the least of his problems. However; any other viable candidate would be expected to release a lot more years than he has.

Also, he only paid 13.9% in the year he released. You call that a "fair share?" I'm sure you paid a higher effective rate than that.

#15 Nuthatch

Nuthatch
  • VibeTribe
  • 668 posts

Posted 23 October 2012 - 12:19 PM

Actually, who the F knows why Mitt won't release them. But there has been some discussion as to why..This one was somewhat interesting.

http://www.cnn.com/2...-tax/index.html

By announcing that he will release no further tax returns beyond his 2010 and 2011 returns, Mitt Romney appears to have exempted himself from the proud bipartisan tradition of presidential nominees displaying genuine financial candor with the electorate.
What is more, his disclosure to date is in the wrong direction: It is the release of Romney's past returns, not his current ones, that matters.
Since George Romney inaugurated the practice more than 40 years ago by releasing 12 years of tax returns in his bid for the Republican Party nomination, presidential nominees have been transparent with voters about their personal finances. For this reason, we have not suffered a significant tax scandal involving a nominee or sitting president since President Richard Nixon's abuse of the tax code.
Either Romney has an unresolved father figure issue, or he has some special reason not to follow a tradition established by his father.


Posted Image
Edward D. Kleinbard

Given Romney's financial sophistication, it has been assumed by some that there cannot be any tax skeletons in his closet. His reluctance to disclose past returns, however, undermines that assumption. We are left with the difficult task of plausibly reconstructing his financial record based on the one full return that he has released. The result is troubling.
Mitt Romney is extraordinarily wealthy, but that is not a justification for nondisclosure. He has made no secret of his wealth, and required campaign disclosures already hint at its magnitude. While Romney may have dissembled about when he actually left Bain Capital, he has been disassociated with the firm long enough that he cannot argue that his tax returns will reveal proprietary secrets.
Nor is this just an exercise in financial titillation or gossip. Disclosure goes to the heart of the truthfulness with which a nominee engages the American people, and it assures us that he in fact has comported himself before the election with the high moral character we associate with a future president.
Romney's 2010 tax return, when combined with his FEC disclosure, reveals red flags that raise serious tax compliance questions with respect to his possible tax minimization strategies in earlier years. The release in October of his 2011 return will at best act as a distraction from these questions.
So, what are the issues?
The first is Romney's Swiss bank account. Most presidential candidates don't think it appropriate to bet that the U.S. dollar will lose value by speculating in Swiss Francs, which is basically the rationale offered by the trustee of Romney's "blind" trust for opening this account. What's more, if you really want just to speculate on foreign currencies, you don't need a Swiss bank account to do so.
The Swiss bank account raises tax compliance questions, too.
The account seems to have been closed early in 2010, but was the income in fact reported on earlier tax returns? Did the Romneys timely file the required disclosure forms to the Treasury Department (so-called FBAR reports)?
The IRS announced in 2009 a partial tax amnesty for unreported foreign bank accounts, in light of the Justice Department's criminal investigations involving several Swiss banks. To date, some 34,500 Americans have taken advantage of such amnesty programs. Did the Romneys avail themselves of any of these amnesty programs? One hopes that such a suggestion is preposterous, but that is what disclosure is for -- to replace speculation with truth-telling to the American people.
Second, Romney's $100 million IRA is remarkable in its size. Even under the most generous assumptions, Romney would have been restricted to annual contributions of $30,000 while he worked at Bain. How does this grow to $100 million?
One possibility is that a truly mighty oak sprang up virtually overnight from relatively tiny annual acorns because of the unprecedented prescience of every one of Romney's investment choices.
Another, which on its face is quite plausible, is that Romney stuffed far more into his retirement plans each year than the maximum allowed by law by claiming that the stock of the Bain company deals that the retirement plan acquired had only a nominal value. He presumably would have done so by relying on a special IRS "safe harbor" rule relating to the taxation of a service partner's receipt of such interests, but that rule emphatically does not apply to an interest when sold to a retirement plan, which is supposed to be measured by its true fair market value.
Third, the vast amounts in Romney's family trusts raise a parallel question: Did Romney report and pay gift tax on the funding of these trusts or did he claim similarly unreasonable valuations, which likewise would have exposed him to serious penalties if all the facts were known?
Fourth, the complexity of Romney's one publicly released tax return, with all its foreign accounts, trusts, corporations and partnerships, leaves even experts (including us) scratching their heads. Disclosure of multiple years' tax returns is part of the answer here, but in this case it isn't sufficient. Romney's financial affairs are so arcane, so opaque and so tied up in his continuing income from Bain Capital that more is needed, including an explanation of the $100 million IRA.
Finally, there's the puzzle of the Romneys' extraordinarily low effective tax rate.
For 2010, the Romneys enjoyed a federal tax rate of only 13.9% on their adjusted gross income of roughly $22 million, which gave them a lower federal tax burden (including payroll, income and excise taxes) than the average American wage-earning family in the $40,000 to $50,000 range. The principal reason for this munificently low tax rate is that much of Romney's income, even today, comes from "carried interest," which is just the jargon used by the private equity industry for compensation received for managing other people's money.
The vast majority of tax scholars and policy experts agree that awarding a super-low tax rate to this one form of labor income is completely unjustified as a policy matter. Romney has not explained how, as president, he can bring objectivity to bear on this tax loophole that is estimated as costing all of us billions of dollars every year.
The U.S. presidency is a position of immense magnitude and requires a thorough vetting. What the American people deserve is a complete and honest presentation by Romney of how his wealth was accumulated, where it is now invested, what purpose is served by all the various offshore vehicles in which he has an interest and what his financial relationship with Bain Capital has been since his retirement from the company. These are all factors that go to the heart of his character and values.
For a nominee to America's highest office, a clear and transparent reporting of his finances should be nothing more than routine.