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10 Questions Romney Should Answer About His Taxes.

luvguins 2012/09/23 16:48:49
Woeful Willard would never have released that 2011 tax return if not beleaguered for a week over his faux pas of premature mouthing off about Libya, and the infamous fundraiser where he told Americans who he really is.
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By Think Progress:



Written by Seth Hanlon


On Friday afternoon, the Romney campaign released the candidate’s 2011 tax return, which showed that he paid a tax rate of approximately 14 percent on more than $13 million of reported income. The campaign also disclosed that Romney voluntarily forfeited about $1.8 million in charitable deductions to inflate the tax rate he would have to disclose to the public. The campaign continues to refuse to release returns prior to 2010, flunking an accepted standard of transparency, first established by Mitt’s father George Romney, of releasing multiple years’ returns.


In a blog post, Romney’s lawyer and the trustee of his “blind trust” said, “After you have reviewed all of the newly-posted documents, you may have further questions.” Yes, we do. Lots.


Here are 10 unanswered questions about Romney’s taxes:


1. After the election, when the subject of your tax returns is outside of the public glare, will you file an amended tax return to claim your full deduction of charitable contributions? Was the tax rate you reported for other years similarly manipulated?


2. Why was your 2011 income $7 million lower than you estimated it to be in January? How does someone overestimate their income by $7 million?


3. Financial disclosures show that you have as much as $82 million in your tax-deferred Individual Retirement Account, despite the fact that tax rules limited contributions into such accounts to $30,000 per year. Did you lowball the value of the assets you put into your IRA, as tax experts suspect? And did you do the same with gifts into your sons’ trusts?


4. What was the purpose of your Swiss bank account and the myriad offshore entities shown on your return, based in countries like the Cayman Islands and Luxembourg, if not to avoid taxes?


5. Can you explain what one tax expert has called a “mysterious one-time infusion of foreign tax credits” in 2008?


6. You have not disclosed any foreign bank account reports (FBARs). Did you file all FBARs on all of your offshore accounts with the Treasury Department by the legal deadlines each year?


7. You claim to have paid an average tax rate of 20 percent over the last 20 years based on a flawed calculation. What was your real tax rate?


8. Your 14 percent tax rate –- not to mention the approximately 10 percent tax rate you would have paid had you not inflated it — is less than what many middle-class Americans pay. And you paid just 0.2% of your income in payroll taxes, while most Americans pay about 15%. Do you think that is fair?


9. Your tax returns show that the Marriott Corporation paid you $260,390 in directors’ fees in 2011. When you were the company’s audit committee chair in the 1990s, were you aware that the company was abusing a notorious illegal tax shelter?


10. You say you’ve made a “commitment to the public” that your tax rate should not be below 13 percent. If you believe that the richest Americans shouldn’t be paying an exceptionally low tax rate, why don’t you support President Obama’s “Buffett Rule”?


Romney’s lack of transparency on his tax returns is especially troubling given that he is similarly evasive on the details of his tax policies. From what we know about his tax plan, Romney would shower massive tax breaks on the wealthiest Americans, which means that it can only adds up with a major middle-class tax hike. How much will Romney raise your taxes in order to cut taxes for people like him? That’s the biggest unanswered question of all.


This post was originally published by ThinkProgress.



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Top Opinion

  • StarWarsBob 2012/09/23 18:52:11
    StarWarsBob
    +7
    The question I have about Mitt Romney's tax returns is not covered in the Think Progress list of ten.
    11. Did Mitt Romney take advantage of the IRS Tax Amnesty program of 2009, which was extended by the IRS in 2010?
    http://www.cbsnews.com/2100-5...

    That amnesty program was first started in 2005 for American taxpayers that had unreported assets overseas. Do to weak participation, the IRS extended the program again in 2009 called the IRS Offshore Voluntary Compliance Initiative.

    Cheating or trying to cheat on ones taxes is not exactly the best thing to have on your resume when running for President.

    I believe this is why Mitt Romney will never release his tax returns prior to 2010.

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Opinions

  • findthelight2000 2012/09/25 23:42:01
  • Embalmer 2012/09/24 21:56:24
    Embalmer
    +1
    It takes a right wing mind to believe someone can run for president and be a tax dodger at the same time.

    And a tax dodger is not the same as someone who owes back taxes.
  • findthe... Embalmer 2012/09/25 23:33:53
    findthelight2000
    +2
    True..., the RWNJs in Florida voted in the criminal that stole more tax-payer dollars than anyone else in history:

    Rick scott is a criminal Rick scott is a criminal true rwnjs florida voted criminal stole tax-payer dollars history Rick scott is a criminal
  • Embalmer findthe... 2012/09/26 01:19:55
    Embalmer
    +2
    Scott is an empty ballsack.

  • Matt 2012/09/24 17:19:54
  • findthe... Matt 2012/09/25 23:35:14
    findthelight2000
    +2
    If Romney gets in, you will no longer get that tax credit for your children, but Ann Romney will still get her $77,000 tax credit for her horse.
  • fcgrif 2012/09/24 13:03:24
    fcgrif
    +1
    I've said it before and I'll say it again a worse crook than Tricky Dick Nixon!
  • C. C. Rider 2012/09/24 12:24:42
    C. C. Rider
    +2
    This guy robs this country of its taxes every year. He is the very reason we are in this mess. IF he would of paid them along with the other one perceters imagine what a great country we would be. This guy should be jail.

    HELL he does not even fly the American Flag on his party ship.


    http://m.static.newsvine.com/... cartoons on romney taxes
  • Huntclan 2012/09/24 04:10:47
    Huntclan
    Only 10 questions? Now, if he released 10 years worth of Tax Returns, that would be at least 100 questions. Now it is clear why he doesn't release them. It doesn't really matter what is in those records, it is the distraction they can create from Obie's record.

    rosanna rosanna danna its always something
  • diane RN 2012/09/24 02:47:59
    diane RN
    +1
    Omg, this is so funny to me. EVERYBODY tries to avoid paying taxes! If you don't then you need to go back to math 101. There are accountants throughout America that make a good living by manipulating the tax code. Those of us that make a decent income do it all the time............
  • Huntclan diane RN 2012/09/24 04:03:17
    Huntclan
    +1
    It is as American as Apple Pie:-)
  • Don 2012/09/23 23:31:57
    Don
    +3
    You carp about it before he gave his taxes.
    You carp about it after he gave his taxes.
    It wouldn't matter what he produced - you just keep right on running your pie hole.
    Face it - democraps got punked. He makes more than your boy, he pays more than your boy and he's more generous than the Empty Suit and "Plugs" Biden.
    You got nothing!
  • luvguins Don 2012/09/23 23:50:37
    luvguins
    +4
    Worthless Willard has no character, convictions, nor ethics. He won't be elected.
  • Magus BN-0 Don 2012/09/24 01:49:50 (edited)
    Magus BN-0
    +2
    He hasn't shown us his taxes.

    And no, he doesn't pay a higher rate than Obama. Nor does he donate more to charity. And calling Obama "boy" is obvious race-baiting.
  • Don Magus BN-0 2012/09/25 00:56:55
    Don
    Can't win the argument, got to play the race card.
    Typical lib.
    He's have white - remember.
  • Magus BN-0 Don 2012/09/25 04:33:35
    Magus BN-0
    I already have won the argument, I won when you falsely claimed that Romney has given us his tax returns.
  • Embalmer Don 2012/09/24 21:59:33
  • diane RN Don 2012/09/25 00:20:04
    diane RN
    The most overlooked thing about this that the MSM knows but doesn't report is that his income was from INVESTMENTS which are taxed at the long term capital gains rate. The reduced 15% tax rate on eligible dividends and capital gains, previously scheduled to expire in 2008, was extended through 2010 as a result of the Tax Increase Prevention and Reconciliation Act which also reduced the 5% rate to 0%. Toward the end of 2010, President Obama (yes, Pres Obama) signed a law extending the reduced rate on eligible dividends until the end of 2012. Now he has commercials out ripping on Romney for a bill that he extended, lol. Kind of surprised that no one on here is an accountant who could have set us straight on this.
  • santa6642 2012/09/23 21:13:19
    santa6642
    +1
    I don't care and as a Independent I am voting for ROMNEY & RYAN.
  • Embalmer santa6642 2012/09/24 22:00:17
    Embalmer
    Why is that?
  • redhorse29 2012/09/23 21:03:33
    redhorse29
    +1
    This is all historical bunk and liberal progressive elitist noise. We still do not have all the personal inside information on Obama and never will. Obama has far more to hide from us then Mitt.
  • mich52 2012/09/23 20:51:32
  • explorer1618 2012/09/23 19:05:54
    explorer1618
    +4
    #1 is just what a tax dodger will do !
  • luvguins explore... 2012/09/23 19:28:44
    luvguins
    +4
    You know douche bag Romney will be filing an amended return right after the election.
  • explore... luvguins 2012/09/23 19:41:26
    explorer1618
    +3
    Why sure he is expert at tax evasion and typical republican flip- flop POS !!!
  • santa6642 explore... 2012/09/23 21:14:06
    santa6642
    obamadodger
  • StarWarsBob 2012/09/23 18:52:11
    StarWarsBob
    +7
    The question I have about Mitt Romney's tax returns is not covered in the Think Progress list of ten.
    11. Did Mitt Romney take advantage of the IRS Tax Amnesty program of 2009, which was extended by the IRS in 2010?
    http://www.cbsnews.com/2100-5...

    That amnesty program was first started in 2005 for American taxpayers that had unreported assets overseas. Do to weak participation, the IRS extended the program again in 2009 called the IRS Offshore Voluntary Compliance Initiative.

    Cheating or trying to cheat on ones taxes is not exactly the best thing to have on your resume when running for President.

    I believe this is why Mitt Romney will never release his tax returns prior to 2010.
  • luvguins StarWar... 2012/09/23 21:17:54
    luvguins
    +1
    Good question. I am sure he took advantage of anything he could get away with.
  • StarWar... luvguins 2012/09/24 02:17:43
    StarWarsBob
    +1
    I agree. The whole idea of off-shore tax shelters and Swiss bank accounts is to avoid paying taxes.
  • Magus BN-0 StarWar... 2012/09/24 01:51:15
    Magus BN-0
    Yeah, that's the most important question.
  • Manwé StarWar... 2012/09/24 05:06:54
    Manwé
    +1
    I think #6 "You have not disclosed any foreign bank account reports (FBARs). Did you file all FBARs on all of your offshore accounts with the Treasury Department by the legal deadlines each year?" is aimed at getting that information.
  • StarWar... Manwé 2012/09/24 17:40:02
    StarWarsBob
    +1
    While that info may try to get to the information, it really doesn't. Mitt Romney may have filed all his FBAR's and still took advantage of the Amnesty program.

    My question deals directly with the IRS off-shore accounts amnesty program, which would require amended returns, and the fact that Romney has amended returns is already known.
  • aherbert 2012/09/23 18:50:50
    aherbert
    +3
    Romney is so arrogant he thinks he can buy his way into the Whitehouse. He also think a majority of Americans are stupid and will vote for him because Ms. Romney told "you people too" I for one will not listen to that snobby biotch... or Romney five grandmothers.
  • diane RN aherbert 2012/09/24 02:44:50
    diane RN
    Its disgusting when people not only slam the candidate but slam their families, you should be ashamed. As much as I dislike the current president, I would never disrespect his wife or children. People like you are what is wrong with America.
  • aherbert diane RN 2012/09/24 19:42:10
    aherbert
    "You people" stated like Ms. Romney insults the President and his family on a daily bases .... I.e. he is not American to the point where you say he is not Christian .... therefore piss off as you do not have an moral stance on anything. http://llwproductions.files.w...
  • diane RN aherbert 2012/09/24 21:06:46
    diane RN
    and you sir apparently have no morals.
  • aherbert diane RN 2012/09/24 21:08:55
    aherbert
    I can say the same thing about you Mister ...
  • jeepster4 2012/09/23 18:49:48
    jeepster4
    +5
    Releasing information on a Friday afternoon is the traditional way of avoiding embarrassing questions.
  • Keeping It Real 2012/09/23 18:27:21
    Keeping It Real
    +4
    It's very obvious that Reverse Robinhood thought he could get away with not revealing his tax returns. It's also obvious the liar made a calculation that what's in his tax returns is much more damaging then the ridiculing by others.
  • beavith1 2012/09/23 17:55:13
    beavith1
    +2
    libbie BS.

    has he done anything illegal? has he done anything wrong? has he done anything beyond reproach? no.

    but let's go through them.

    1.) dumb question. what he does with his taxes are his business.
    2.) when he makes his income off capital gains, next year, if the economy sucks (which it is guaranteed to do under an Obama 2nd term), he could earn zero dollars or even take a loss.
    3.) if 'tax experts' suspect something, what does that have to do with anything. the auditors that vetted his return would disclose known issues. if they existed.
    4.) because he makes so much FREAKING money its going to be all over the place. if you have mutual funds or a 401k YOU have money overseas. It's unavoidable unless you DEMAND that your investments be solely domestic.
    5.) no. can you explain where that tax expert got that info, and exactly what is he bitching about?
    6.) if he didn't file them, he'd be wearing the IRS like a cheap suit. i'm not seeing ANY IRS complaints. ever.
    7.) ok. so what? see 2.
    8.) most middle income people don't make the pay from capital gains. what does 'fair' have to do with anything? he paid every penny he owed to the IRS.
    9.) interesting question, but irrelevant to his presidential campaign. if this is the kind of level you have to dig to ...


    libbie BS.

    has he done anything illegal? has he done anything wrong? has he done anything beyond reproach? no.

    but let's go through them.

    1.) dumb question. what he does with his taxes are his business.
    2.) when he makes his income off capital gains, next year, if the economy sucks (which it is guaranteed to do under an Obama 2nd term), he could earn zero dollars or even take a loss.
    3.) if 'tax experts' suspect something, what does that have to do with anything. the auditors that vetted his return would disclose known issues. if they existed.
    4.) because he makes so much FREAKING money its going to be all over the place. if you have mutual funds or a 401k YOU have money overseas. It's unavoidable unless you DEMAND that your investments be solely domestic.
    5.) no. can you explain where that tax expert got that info, and exactly what is he bitching about?
    6.) if he didn't file them, he'd be wearing the IRS like a cheap suit. i'm not seeing ANY IRS complaints. ever.
    7.) ok. so what? see 2.
    8.) most middle income people don't make the pay from capital gains. what does 'fair' have to do with anything? he paid every penny he owed to the IRS.
    9.) interesting question, but irrelevant to his presidential campaign. if this is the kind of level you have to dig to find questions about his past, this guy is a SAINT.
    10.) because the Buffett rule is stupid. you seem to forget that the AMT was a small tax that applied to the few very rich that didn't pay any tax. it now effects Millions because a tax law was written to punish a few. why don't we just fix the broken tax code instead of tinkering at its edges for some sort of theoretical political advantage?

    yeaah. its a hummer.
    (more)

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