ClydeR
07-15-2012, 04:16 PM
Pressure was building on Romney from within his own party to be more forthcoming with his finances, a day after he declared he would not release past income tax returns beyond his 2010 tax records and, before the November election, his 2011 taxes
On the sidelines of the National Governors Association meeting in Williamsburg, Alabama's Republican governor, Robert Bentley, called on Romney to release all the documents requested of him.
"If you have things to hide, then maybe you're doing things wrong," Bentley said. "I think you ought to be willing to release everything to the American people."
More... (http://www.foxnews.com/us/2012/07/14/obama-criticizes-romney-jobs-record-in-new-ad/)
I'm pretty sure I've figured out why Romney won't release his tax returns.
I'll explain it in two parts. But I must warn you that it is complicated, and socialist liberals, like many of you are, may not be able to understand it.
First look at Romney's tax return for 2010 (http://www.scribd.com/doc/79233213/Mitt-And-Ann-Romney-2010-Individual-Income-Tax-Return), the only one he has released. Then go to the first page of Schedule D, which is on page 13. Look at line 14. That's why.
As you know, almost all of Romney's earnings from Bain are taxed at the special capital gains rate of 15%, which is lower than the rate paid by middle class taxpayers. The line I referred you to shows that he had excess capital losses from 2009 or prior years of $4.8 million. He used those losses form prior years to reduce his income for 2010. The reason he had extra losses from those prior years is that he completely offset all of capital gains income in 2009 and had some loss left over. That means he paid almost no tax in 2009 and possibly prior years.
The reason he won't release tax returns for any years before 2010 is because he doesn't want anybody to know the source of that loss.
Second read this article about Romney's service as chairman of Marriott's audit committee..
During Romney’s tenure as a Marriott director, the company repeatedly utilized complex tax-avoidance maneuvers, prompting at least two tangles with the Internal Revenue Service, records show. In 1994, while he headed the audit committee, Marriott used a tax shelter known to attorneys by its nickname: “Son of BOSS.”
A federal appeals court invalidated the maneuver in a 2009 ruling, siding with the U.S. Department of Justice, which called Marriott’s transaction and attempted tax benefits “fictitious,” “artificial,” “spectral,” an “illusion” and a “scheme.” Marriott had argued the plan predated government efforts to close such shelters.
More... (http://www.bloomberg.com/news/2012-02-22/romney-as-auditing-chairman-saw-marriott-son-of-boss-tax-shelter-defy-irs.html)
While he chaired the audit committee, Marriott used sham tax shelter transactions to generate fake losses. Pay attention to the fact that courts did not rule on such sham transactions until 2009.
Summing up, I think Romney used sham tax shelter transactions on his own tax returns to generate fake tax losses before the courts ruled in 2009. That's why he won't release any of his tax returns from before 2010.
So says Clyde. You heard it from me first.
It's like when Mitt Romney's dad ran for office and released 12 years of his tax returns, saying, "One year could be a fluke, perhaps done for show." Romney has only released one year of his tax return.
On the sidelines of the National Governors Association meeting in Williamsburg, Alabama's Republican governor, Robert Bentley, called on Romney to release all the documents requested of him.
"If you have things to hide, then maybe you're doing things wrong," Bentley said. "I think you ought to be willing to release everything to the American people."
More... (http://www.foxnews.com/us/2012/07/14/obama-criticizes-romney-jobs-record-in-new-ad/)
I'm pretty sure I've figured out why Romney won't release his tax returns.
I'll explain it in two parts. But I must warn you that it is complicated, and socialist liberals, like many of you are, may not be able to understand it.
First look at Romney's tax return for 2010 (http://www.scribd.com/doc/79233213/Mitt-And-Ann-Romney-2010-Individual-Income-Tax-Return), the only one he has released. Then go to the first page of Schedule D, which is on page 13. Look at line 14. That's why.
As you know, almost all of Romney's earnings from Bain are taxed at the special capital gains rate of 15%, which is lower than the rate paid by middle class taxpayers. The line I referred you to shows that he had excess capital losses from 2009 or prior years of $4.8 million. He used those losses form prior years to reduce his income for 2010. The reason he had extra losses from those prior years is that he completely offset all of capital gains income in 2009 and had some loss left over. That means he paid almost no tax in 2009 and possibly prior years.
The reason he won't release tax returns for any years before 2010 is because he doesn't want anybody to know the source of that loss.
Second read this article about Romney's service as chairman of Marriott's audit committee..
During Romney’s tenure as a Marriott director, the company repeatedly utilized complex tax-avoidance maneuvers, prompting at least two tangles with the Internal Revenue Service, records show. In 1994, while he headed the audit committee, Marriott used a tax shelter known to attorneys by its nickname: “Son of BOSS.”
A federal appeals court invalidated the maneuver in a 2009 ruling, siding with the U.S. Department of Justice, which called Marriott’s transaction and attempted tax benefits “fictitious,” “artificial,” “spectral,” an “illusion” and a “scheme.” Marriott had argued the plan predated government efforts to close such shelters.
More... (http://www.bloomberg.com/news/2012-02-22/romney-as-auditing-chairman-saw-marriott-son-of-boss-tax-shelter-defy-irs.html)
While he chaired the audit committee, Marriott used sham tax shelter transactions to generate fake losses. Pay attention to the fact that courts did not rule on such sham transactions until 2009.
Summing up, I think Romney used sham tax shelter transactions on his own tax returns to generate fake tax losses before the courts ruled in 2009. That's why he won't release any of his tax returns from before 2010.
So says Clyde. You heard it from me first.
It's like when Mitt Romney's dad ran for office and released 12 years of his tax returns, saying, "One year could be a fluke, perhaps done for show." Romney has only released one year of his tax return.