Why is Mitt Romney hiding his tax returns?
Posted on Friday, July 06, 2012 at 01:34 PM
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In particular, I think it's time we learned what's in his tax returns. To date he has released only one year of returns for 2010. What on earth is he trying to hide?
We already know Romney has invested untold millions in multiple tax heavens around the world, a ploy that allows the super-rich to evade US tax laws, but the staggering sums that are piling up - he has $30 million dollars in the Caymen Islands alone - are a bizarre and insulting precedent for a United States presidential candidate.
We also know that Romney appears to believe that taxes are for the little people. We know this because in 2010 and 2011 he paid $6.2 million in federal tax on $42.5 million in income. That means he paid a tax rate of about $15 percent, which is a rate that most middle class tax payers can only dream of.
So if there's nothing to hide, and we assume there isn't, why is he hiding it? Has he made use of off shore havens to defer or avoid paying his federal income taxes? Did he buy any illegal or gray area tax shelters? Has an IRS audit ever uncovered any serious problems with any of his tax returns? Has it all been on the up and up, has it all been legal?
These are pretty simple questions and they deserve an answer from anyone who puts themselves forward to be commander in chief.
We already know that at Bain Romney made use of the 'covered interest' tax loophole that allowed him to treat his fees there as if they were capital gains (15% tax) rather than wages (35% tax). That's perfectly legal, if not exactly perfectly patriotic. But how many people are evening reporting on that yet?
The silence from the Romney camp is unsettling.
59 Comments
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seanomelb | Jul 11, 2012, 07:47 PM EDT
Oops! Briano sorry.What a Freudian slip
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seanomelb | Jul 10, 2012, 07:28 PM EDT
What do you get when you add an"R" to money Dano? Can't use a windmill got gas heating.
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BrianO | Jul 10, 2012, 12:38 PM EDT
Seano, sorry to hear the winter in"Oz" is harder this year, don't think you can blame that on Romney though, nor, can one use it for or against global warming as it is one data point in an ocean of data points. Throw another windmill on the fire and stay warm. cheers.
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localmedia | Jul 10, 2012, 11:46 AM EDT
1. not true, Romney has released tax documents
2. red herring, Obama hasn't released his tax documents
3. Obama's first Executive Order upon becoming President was to seal all his personal records: birth, passport usage, school, high school, college, work, etc. -- and some researchers say there's no one (classmates, profs) who recalls his attending Columbia University in the years that were claimed by him so he has a lot of explaining to do
4. this article and the whole PR push behind it are part of an effort by Obama to take spotlight off his past, which has been revealed to be not what he claimed in his books
5. the U.S. and the world needs a real leader in the White House -- Obama has revealed he knows nothing about economics and has made matters worse, turning a simple recession into a long, brutal worldwide slog
6. cold winters in Europe and Australia put lie to global warming being man-caused, which was just a Leftie tax grab -- time to get world's focus back on jobs and economic development everywhere -- Romney has a sterling business record (Bill Clinton said those words) and we need that acumen in charge
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seanomelb | Jul 09, 2012, 07:51 PM EDT
It's bloody freezing in Melbourne Briano coldest winter for many tears.I believe the reason is the world is freezing over with the thought that Romney may become the leader of the free world.LOL
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BrianO | Jul 09, 2012, 02:43 PM EDT
Gas prices have dropped due to the weakening economy they're almost at $3.00/gal I mean compare that to the bush administration, and unemployment is only 2% higher than promised, not bad really. Just believe things will get better, what can a president do in 3 1/2 years, believe him he wants you to feel better.
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hollabackgurl | Jul 09, 2012, 02:10 PM EDT
No, the reason this article is coming up is because Mitt Romney is running to give further tax cuts to the super rich, whilst avoiding giving us any details of his own tax arrangements.
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BulldogMania | Jul 09, 2012, 02:01 PM EDT
Perhaps another reason why this article was written...the radicalized liberal left media doesn't want anyone talking about the economy...because it's getting worse, not better...and so they are trying to cook up an issue they can, regardless of validity, to make Romney look bad.
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BulldogMania | Jul 09, 2012, 01:59 PM EDT
And one might ask why is Barack Obama hiding his medical records and his college transcripts, financial aid papers and papers he wrote while in college. All of this is VERY relevant.
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rainbowbrew | Jul 09, 2012, 11:15 AM EDT
Romney is not of the people, he is of the uber rich. he likes to fire the common person not find a way to keep them. He also had a major investment in a company that "took care" of aborted babies. He knew of it and continues supporting it, I imagine just for the money but it goes to show he has no class and lies. (Mother earth News)
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hollabackgurl | Jul 09, 2012, 11:04 AM EDT
Romney didn't in fact release his tax returns months ago. When his father ran for Governor he released ALL of his tax returns so the public could see he wasn't bucking the system he asks others to observe. Mitt Romney's taxes have not been released because they'd be politically damaging. Neither dos he want to talk about why's he's hoarding his wealth overseas in Swiss bank accounts and tax havens for the super-rich the Cayman Islands. How patriotic.
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rgray222 | Jul 09, 2012, 10:42 AM EDT
Not sure what this is all about because Romney released his tax returns months ago??
Anyone who thinks Romney was born wealth has bought into Obama's out and out lies. He earned everything he has and he came from very little. Romney father and grandfather were born in Mexico!
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BrianO | Jul 09, 2012, 08:23 AM EDT
hola please read comments before accusations, thank you for the continued demeaning insults, I hope you are well. Seano, according to hollaback and Cahir a persons lifestyle is their own business, Hope you are warm this time of year on yor side of the world,cheers.
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seanomelb | Jul 09, 2012, 12:17 AM EDT
No You wish to support Romney's lifestyle,if that what keeps you happy,good on ya mate
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