New Hampshire Newspaper Says Romney Must Release Tax Returns

[ClydeR]

The conservative New Hampshire Union Leader says Romney must release his tax returns.

Why is a New Hampshire newspaper important? It's important because New Hampshire is a swing state (http://www.270towin.com/states/New_Hampshire) this year, and its leading newspaper has credibility.


But there is no place for secrecy or, indeed, privacy in a Presidential campaign. If you want the job, you have to subject yourself to the scrutiny.

You have to be prepared to stand and explain, indeed, justify, your actions. If they are legal, then so be it.

Perhaps the most troubling aspect of this entire controversy is the one NOT being discussed much: How did Romney get himself into this position in the first place? He has been running for office for a long time. His presidential aspirations predate the tax returns in question.

More... (http://www.unionleader.com/article/20120726/OPINION01/707269907/)


If Romney intends to win, he is going to have to make the tax forms public. This storm won’t go away.


In an interview (http://firstread.msnbc.msn.com/_news/2012/07/25/12953031-romney-on-nbc-changing-gun-laws-wont-make-all-bad-things-go-away) with Brian Williams that aired last night, Romney said emphatically that he will not release his tax returns.

It is routine for those vetting a vice presidential candidate to request many years of tax returns. When Romney announces his VP, he will be asked how many years of tax returns he demanded from prospective VPs. If the number is more than two -- if Romney is smart, it will be at least 20 -- then Romney will have to explain why it is more important to review a VP candidate's tax returns than a presidential candidate's tax returns.

In the past, Romney has always flipped under pressure. If he breaks the pattern this time, it will mean there is something sinister in the tax returns.

[Androidpk]

Maybe he's going to pick someone that in the past has already released tax returns.

[Parkbandit]

Romney is releasing the same amount of tax returns as John McCain did last election... Keeping with a silly tradition. I don't remember such an uproar last election.

[Androidpk]

That's because John McCain isn't a billionaire who hides his money in overseas accounts to avoid paying US taxes.

[Tgo01]

The most surprising thing to me in this thread is that newspapers still exist.


That's because John McCain isn't a billionaire who hides his money in overseas accounts to avoid paying US taxes.

Even assuming he is engaging in tax evasion will releasing his tax returns really prove that? Are we common folk going to find something amiss in his tax returns that the IRS didn't find?

[Parkbandit]

That's because John McCain isn't a billionaire who hides his money in overseas accounts to avoid paying US taxes.

You are making it sound as if Romney is doing something illegal.. something I am sure the IRS, who does have access to all of his returns, has already looked into and determined hasn't happened.

[Androidpk]

The most surprising thing to me in this thread is that newspapers still exist.



Even assuming he is engaging in tax evasion will releasing his tax returns really prove that? Are we common folk going to find something amiss in his tax returns that the IRS didn't find?

FBAR.

[ClydeR]

Even assuming he is engaging in tax evasion will releasing his tax returns really prove that? Are we common folk going to find something amiss in his tax returns that the IRS didn't find?

That's a very 20th century thing to say.

[Bobmuhthol]

The all-powerful IRS, with its unlimited resources, has never allowed a fraudulent cent through uncontested!

[Tgo01]

The all-powerful IRS, with its unlimited resources, has never allowed a fraudulent cent through uncontested!

If you were given access to Romney's tax returns would you be able to prove tax evasion that the IRS wouldn't have already found out? Is that something you can even prove by looking at tax returns? Doesn't seem very tax evasiony if you are easily ratted out by your own returns.

[Bobmuhthol]

No one is trying to prove tax evasion -- likely because he isn't "evading" taxes. But we will see his sources of income.

I say he isn't guilty of tax evasion because whatever he's doing is almost certainly allowed under law. But then the same can be said about Jimmy Carr.

[Latrinsorm]

The most surprising thing to me in this thread is that newspapers still exist.



Even assuming he is engaging in tax evasion will releasing his tax returns really prove that? Are we common folk going to find something amiss in his tax returns that the IRS didn't find?Amiss meaning "illegal in a court of law"; no, probably not. Amiss meaning "detrimental to running for President in the court of public opinion", possibly.

Look, it's the same thing as the last two sports lockouts. (And reaction is even largely breaking on the same party lines, go figure.) A hugely rich guy wants you to believe a claim he's making about his books but absolutely refuses to show them to you. Doesn't that strike you as even a little suspicious?

[Tgo01]

A hugely rich guy wants you to believe a claim he's making about his books but absolutely refuses to show them to you. Doesn't that strike you as even a little suspicious?

Maybe. He is also not showing proof that he didn't rape and murder a little girl 10 years ago.

Oh wait that's a Glenn Beck thing right?

[Latrinsorm]

10 years ago Mitt Romney was in China whipping children to produce knockoff uniforms for the Olympics. PROVE ME WRONG, GOVERNOR!!!

Seriously though, it's just not that hard to produce a tax return if you feel like it. I also am pretty suspicious that his 2011 returns aren't "available" yet. I happen to work in a small financial office and we've had a copy of our clients' returns since May. Any one of them could call us up today and we could fax them their tax return within the hour, in which time they could walk from their home to the bar and probably see dozens of other people who could produce tax returns on demand if they felt like it.

[ClydeR]

If you were given access to Romney's tax returns would you be able to prove tax evasion that the IRS wouldn't have already found out? Is that something you can even prove by looking at tax returns? Doesn't seem very tax evasiony if you are easily ratted out by your own returns.


The IRS didn't catch this. But the crowd did.


July 24, 2012
Did Barack Obama Underreport His Income to IRS?
Douglas A. Thompson

President Barack Obama released his recent personal finance records in 2008, which included his 2004 U.S. Individual Income Tax Return and Senate Annual Finance Report. President Obama's records for 2004 do not reconcile with the State of Illinois Comptroller's Office. There are inconsistencies in the total compensation received as an Illinois State Senator. The largest error likely is President Obama's omission of a "Leadership Stipend" of over $8,000. This stipend should have been recorded as income.

More... (http://www.americanthinker.com/blog/2012/07/did_barack_obama_underreport_his_income_to_irs.htm l)

[Tgo01]

Seriously though, it's just not that hard to produce a long form birth certificate if you feel like it.

I agree.

[Latrinsorm]

I don't get that analog for two reasons...

1. He did! All praise him...
2. Aren't we pretty sure that whole thing was because President Obama is an African-American? It's hard to make the case people are clamoring to see where Romney's money is because he's white, although to be fair he is really really really really really white.

[Tgo01]

1. He did! All praise him...

Three years later yes.


2. Aren't we pretty sure that whole thing was because President Obama is an African-American? It's hard to make the case people are clamoring to see where Romney's money is because he's white, although to be fair he is really really really really really white.

It's because Romney is Mormon, just admit it already.

[Latrinsorm]

Are Mormons traditionally resented or derided for their moneyed status? This is a serious question.

[Tgo01]

Are Mormons traditionally resented or derided for their moneyed status? This is a serious question.

Well according to Wikipedia (http://en.wikipedia.org/wiki/Anti-Mormonism):


The pamphlet described Joseph Smith as a "blockhead," a "juggling, money-digging, fortune-telling impostor" and, along with the Book of Mormon witnesses, as "perhaps the most infamous liars and impostors that ever breathed. ... By their deception and lies, they swindle them out of their property, disturb social order and the public peace, excite a spirit of ferocity and murder, and lead multitudes astray on the subject in which, of all others, they have the deepest interest."

And that was from 1838, so yes it's a pretty modern thing.

[Wrathbringer]

At this point, Romney is probably trying to figure out how he can cave and release more without looking like he caved. He knows it's in his best interest to do so for the undecided/independent voters, but he's said so many times that he wouldn't. At this point, it's liberal media vs Romney and I don't like Romney's odds: Advantage liberal media, for now.

[Androidpk]

Why would he suddenly care about flip flopping?

[Wrathbringer]

Why would he suddenly care about flip flopping?

LOL excellent point.

[Parkbandit]

I don't get that analog for two reasons...

1. He did! All praise him...
2. Aren't we pretty sure that whole thing was because President Obama is an African-American? It's hard to make the case people are clamoring to see where Romney's money is because he's white, although to be fair he is really really really really really white.

Has nothing to do with him being black and everything to do with him claiming to be from Kenya and growing up in Indonesia. I know, I know.. it was a typo that wasn't his fault. It's understandable... I mean "Kenya" and "United States" are basically right next to each other on the keyboard.

It's not like he would ever claim to be something he's not...............

[Parkbandit]

At this point, Romney is probably trying to figure out how he can cave and release more without looking like he caved. He knows it's in his best interest to do so for the undecided/independent voters, but he's said so many times that he wouldn't. At this point, it's liberal media vs Romney and I don't like Romney's odds: Advantage liberal media, for now.

He won't release any more than 2 years.... matching McCain's 2008 "tradition".

Hey.. let's talk about the economy....

[Androidpk]

Voters are concerned about them, if he's going to ignore those voters he's going to lose those votes. Not like he has a chance against Obama anyways, especially with the way he's been ignoring independent voters.

[Tgo01]

Hey.. let's talk about the economy....

Okay. U.S. Business Owners Now Among Least Approving of Obama (http://www.gallup.com/poll/156206/Business-Owners-Among-Least-Approving-Obama.aspx)

[Jarvan]

Amiss meaning "illegal in a court of law"; no, probably not. Amiss meaning "detrimental to running for President in the court of public opinion", possibly.

Look, it's the same thing as the last two sports lockouts. (And reaction is even largely breaking on the same party lines, go figure.) A hugely rich guy wants you to believe a claim he's making about his books but absolutely refuses to show them to you. Doesn't that strike you as even a little suspicious?

Maybe Obama should release his college transcripts, or release all the donors to his campaign. After all.. Amiss meaning "illegal in a court of law"; no, probably not. Amiss meaning "detrimental to running for President in the court of public opinion", possibly. could be applied to those as well.

On a side note.. Doesn't the Fed do exactly the same thing? Here is what we are doing... but Congress can't look at our books.

[Parkbandit]

Voters are concerned about them, if he's going to ignore those voters he's going to lose those votes. Not like he has a chance against Obama anyways, especially with the way he's been ignoring independent voters.

After proclaiming in May that Ron Paul will still be the Republican nominee.. I'm not sure you are the best choice to give election predictions.

Don't forget the $20.12 you owe me.

[Jarvan]

I don't get that analog for two reasons...

1. He did! All praise him...
2. Aren't we pretty sure that whole thing was because President Obama is an African-American? It's hard to make the case people are clamoring to see where Romney's money is because he's white, although to be fair he is really really really really really white.


You know.. it's funny you mention that. Maybe.. JUST maybe, people should consider themselves an AMERICAN first. Maybe because he spent a large portion of his childhood abroad, had a parent whom was not a citizen, and refused to show something that basically is required to run for president, as to why people questioned it. Frankly, I doubt the FBI would have missed the whole "born in a different country" thing myself when they did their background check.

If Romney was Poor.. would we be asking for 20 years of tax returns? If not, then what your saying it's because he is rich. Did Kerry show 20 years of returns? More importantly then hypocrisy then would be the question.. Class warfare much?

[Androidpk]

After proclaiming in May that Ron Paul will still be the Republican nominee.. I'm not sure you are the best choice to give election predictions.

Don't forget the $20.12 you owe me.

I don't owe you a dime and don't you forget THAT.

[ClydeR]

Did Kerry show 20 years of returns?

Yes, Kerry released exactly 20 years of tax returns.

[Jarvan]

Yes, Kerry released exactly 20 years of tax returns.

Well, technically yes. Since he made it a habit to release tax returns while a senator. He did NOT release 20 years worth as a Presidential Candidate. They were already out there. So, sorry, not exactly the same, but still true.

Also, Obama didn't release 20 years worth.. where are the other years of his, hmm? I want Obama's other 8 years of tax returns. He Must be hiding something!1!11!!

[Androidpk]

No such thing as tax returns in Kenya.

[Gompers]

No such thing as tax returns in Kenya.

You must spread some Reputation around before giving it to Androidpk again.

Despite the fact that Obama has my vote, I must say...

Well played, sir.

[Jarvan]

No such thing as tax returns in Kenya.

Actually, as a U.S. citizen, if you have earned income abroad, don't you still have to pay taxes on it here in the U.S.?

Besides, he wold have at least been in college at that time.

[diethx]

Actually, as a U.S. citizen, if you have earned income abroad, don't you still have to pay taxes on it here in the U.S.?

Besides, he wold have at least been in college at that time.

Wow you really have zero sense of humor.

[Androidpk]

Let it be known by all that Jarvan doesn't understand a joke when he sees one.

[Latrinsorm]

Maybe Obama should release his college transcripts, or release all the donors to his campaign. After all.. Amiss meaning "illegal in a court of law"; no, probably not. Amiss meaning "detrimental to running for President in the court of public opinion", possibly. could be applied to those as well.Yeah maybe he got a B- in physics...? I'm really not sure where you're going with the transcript thing.
On a side note.. Doesn't the Fed do exactly the same thing? Here is what we are doing... but Congress can't look at our books.I honestly don't know, let's look it up. According to this incredibly reliable looking site (http://theunjustmedia.com/Banking%20&%20Federal%20Reserve/The%20Federal%20Reserve%20is%20Privately%20owned.h tm), "The FED's books are not open to the public. Congress has yet to audit it." This implies that Congress could audit it if they felt like it, but choose not to. Apparently good ol' Congressman Dr. Paul just passed such a bill yesterday (http://www.infowars.com/the-audit-the-fed-bill-gets-passed-by-the-house-but-obama-and-the-democrats-are-going-to-kill-it/), no shit!, so it is possible.

This of course stands in stark contrast to the liberal-bias media liberals asking Romney for his tax returns and getting repeatedly shot down (like the unarmed liberals they are).

[Gompers]

Latrinsorm, you linked an infowars.com source, are you from austin? If not - do you regularly listen to alex jones?

[Jarvan]

Yeah maybe he got a B- in physics...? I'm really not sure where you're going with the transcript thing.I honestly don't know, let's look it up. According to this incredibly reliable looking site (http://theunjustmedia.com/Banking%20&%20Federal%20Reserve/The%20Federal%20Reserve%20is%20Privately%20owned.h tm), "The FED's books are not open to the public. Congress has yet to audit it." This implies that Congress could audit it if they felt like it, but choose not to. Apparently good ol' Congressman Dr. Paul just passed such a bill yesterday (http://www.infowars.com/the-audit-the-fed-bill-gets-passed-by-the-house-but-obama-and-the-democrats-are-going-to-kill-it/), no shit!, so it is possible.

This of course stands in stark contrast to the liberal-bias media liberals asking Romney for his tax returns and getting repeatedly shot down (like the unarmed liberals they are).


Maybe he got a D- in Constitutional law?

Congress will never Audit the Fed, look at what Reid just did. He demanded it for 25 years, then shut the door on it.

They can't let the American people see what they do. Plain and simple.

[Bobmuhthol]

Auditing the Fed would be a pretty nice waste of resources.

Here's their balance sheet, which is about the only thing you need: http://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

[Parkbandit]

I don't owe you a dime and don't you forget THAT.

My apologies.. you WILL owe me $20.12 when it is official that Ron Paul is not the Republican nominee for President.

[Androidpk]

My apologies.. you WILL owe me $20.12 when it is official that Ron Paul is not the Republican nominee for President.

No dude, i told you this well over a month ago, you never bothered to supply sources we could agree on for delegate count.

Bob, go back to eating crayons and paint chips.

[Parkbandit]

No dude, i told you this well over a month ago, you never bothered to supply sources we could agree on for delegate count.

Bob, go back to eating crayons and paint chips.

Either Ron Paul will be the nominee or he won't be. It's really that simple. If he gets the nomination, I will send you $20.12. If Romney gets the nomination, you agreed to send me $20.12.

It's that simple.

[Androidpk]

It was about the delegate count not the nomination.

[Parkbandit]

Since the only counts that show Ron Paul might have enough delegates are Ron Paul fan sites.. the only way to know who has what delegates will be when they vote. That takes place next
Month in Tampa.

Just send me the $20.12 you owe me and stop embarrassing yourself.

[Bobmuhthol]

Bob, go back to eating crayons and paint chips.

I have to assume this is because I said the Fed shouldn't be audited, in which case it makes sense that you wouldn't understand how much money would go into it for no results since you just suck Ron Paul's dick all day. Come back when you've done anything remotely related to the Fed's operations. I'll save you the trouble of an audit and just show you my time series of their balance sheet because I am not stupid enough to think that the Fed is hiding their assets:

http://i47.tinypic.com/348msrr.jpg

[Androidpk]

When I've done anything remotely related such as have a discussion about the Fed with the under secretary Stuart Levey while I was at the Treasury Department? Thanks Bobbert.

[Bobmuhthol]

Holy shit a politician talked to you? Guess you're on the inside now.

To be clear, I meant have an understanding of monetary economics and the history of the Fed.

To be even clearer, the Treasury doesn't play nice with the Fed, because they kept issuing an unprecedented amount of bonds to exploit the low interest rates that were supposed to go toward improving the economy. So anyone at the Treasury complaining about the Fed is a fucking idiot.

[Tgo01]

What does the Fed have to hide from an audit?!

[Androidpk]

Yeah, it's pretty sweet to have real world experience. How's that coming along for you?

[Bobmuhthol]

Your real world experience is showing up at the Treasury and talking to someone...

I have just as much experience as you with the Boston Fed: I've been there, but they certainly didn't employ me. How's your degree coming along for you?

[diethx]

Way to dildo up the thread, you guys.

[4a6c1]

Yeah, it's pretty sweet to have real world experience. How's that coming along for you?

There's a real expiration date on this jeer. All this dude needs to do is spend time at a nice firm for a few years and everyone in their right mind would hire him. He's academically successful at MIT. I guess my point is get the jabs in while you can because eventually you'll be like "hey bob, can you help me balance my average intelligence budget" and he'll be like "no".

[Androidpk]

There's a real expiration date on this jeer. All this dude needs to do is spend time at a nice firm for a few years and everyone in their right mind would hire him. He's academically successful at MIT. I guess my point is get the jabs in while you can because eventually you'll be like "hey bob, can you help me balance my average intelligence budget" and he'll be like "no".

Academically successful yet lacking in the extreme on common sense.

[4a6c1]

Who fucking cares. You can buy common sense from a gardener for two dollars an hour.

[Tgo01]

Who fucking cares. You can buy common sense from a gardener for two dollars an hour.

A white guy hiring cheap illegal labor was the first thought you had huh? Racist!

[Androidpk]

She'd make the perfect little Golden Dawn party member.

[Bobmuhthol]

Auditing the Fed isn't a common sense solution so what are you talking about?

[4a6c1]

She'd make the perfect little Golden Dawn party member.

I would. I would be a great Golden Dawn member. I make a pretty decent blonde. They wouldn't stand a chance! They have an expiration date too. Somebody should get right on that.

[Androidpk]

So not only do you lack it you don't even know what it means. Shocker.

[Bobmuhthol]

Oh, so apparently you're just making up facts about me to somehow discredit me completely unrelated to anything else in the thread. That's cool. You have a small dick.

[Androidpk]

I don't have to say shit to try and discredit you, you're doing a stellar job of that all on your own.

[Bobmuhthol]

I think you and the conservatives on the board are the only people who feel that way, and that's fine because it's you and a handful of conservatives.

[Latrinsorm]

Latrinsorm, you linked an infowars.com source, are you from austin? If not - do you regularly listen to alex jones?No, I am merely from the internet, city of googleton. Is Alex Jones a cool guy? Apropos of nothing every person on the internet who is named Alex is a punk.

[Androidpk]

I would. I would be a great Golden Dawn member. I make a pretty decent blonde. They wouldn't stand a chance! They have an expiration date too. Somebody should get right on that.

I forgot you were a blonde!

[Gompers]

No, I am merely from the internet, city of googleton. Is Alex Jones a cool guy? Apropos of nothing every person on the internet who is named Alex is a punk.

He is a conspiracy theorist that has slowly gotten crazier and crazier as the years have gone by. I used to actually enjoy listening to him every once and a while - but as with many conspiracy theorists - he has pretty much completely lost his mind.

[ClydeR]

Romney Made More Money, Paid Less Taxes Than Past Five Presidents

Jul 26, 2012

Not all of Romney's tax returns are public yet, but according to his 2010 and 2011 returns, the presidential candidate made way more income and paid less in taxes than any of the past five presidents, according to information compiled by the Sunlight Foundation.

More... (http://www.theatlanticwire.com/politics/2012/07/romney-made-more-money-paid-less-taxes-past-five-presidents/55099/)

The tax return issue hasn't gone away while Romney is on his world tour.

Based on what I've seen in Romney's 2010 return and read in articles, the information in Romney's 2009 return would be politically devastating.

[ClydeR]

Obama has a new teevee ad targeting Romney's tax intransigence. After studying the matter, I've concluded that Romney has far more to lose from releasing the returns than from keeping them secret. Romney obviously made the same calculation.



http://www.youtube.com/watch?v=45TzZa_wEnE

[Androidpk]

Seems like he is most keen to keep the 2008 and 2009 returns from coming to light.

[Parkbandit]

How is it our business? It's a tradition for people running for President to release some of their tax returns. It's a gimmick for political points.

When it becomes a law for all people running for elected office, then I would worry about it.

Let's get back to the discussion about the economy over the past 3 1/2 years.

[Tgo01]

Are people worried that Romney paid no taxes during the years of 2008 and 2009? Or is it that he was RICH and didn't pay taxes? Would this be an issue if someone who worked at McDonald's was running for president right now?

[Parkbandit]

Are people worried that Romney paid no taxes during the years of 2008 and 2009? Or is it that he was RICH and didn't pay taxes? Would this be an issue if someone who worked at McDonald's was running for president right now?

It plays to the idiots who believe the economy is a net zero game and that Romney has more than his fair share of wealth... and that means that he stole money from people who don't have enough.

It's not fair!!!!!

[Tgo01]

Darn that evil Romney guy!

[Androidpk]

It plays to the idiots who believe the economy is a net zero game and that Romney has more than his fair share of wealth... and that means that he stole money from people who don't have enough.

It's not fair!!!!!

That's exactly the reason why, you're so smart!

[ClydeR]

It plays to the idiots who believe the economy is a net zero game and that Romney has more than his fair share of wealth... and that means that he stole money from people who don't have enough.

It also plays to people who believe Romney cheated on his taxes.

[4a6c1]

Two things. First of all:

http://i682.photobucket.com/albums/vv183/rojodisco/romney-swiss-account-meme-picture.jpg

Second of all:

http://samuel-warde.com/wp-content/gallery/romney-edition-ii/bad-news.jpg

[Androidpk]

http://i50.tinypic.com/2mhzuwi.jpg

[Parkbandit]

It also plays to people who believe Romney cheated on his taxes.

It's the job of the IRS to determine this. Are you saying that a government agency is incapable of handling their primary responsibility?

[Parkbandit]

That's exactly the reason why, you're so smart!

Just send me the $20.12 you owe me. Take responsibility for once and prove me wrong for believing you are a good for nothing deadbeat.

I'm not holding my breath. $20.12 is quite a bit of money for you.

[ClydeR]

It's the job of the IRS to determine this. Are you saying that a government agency is incapable of handling their primary responsibility?

Being chosen for audit is, in part, random. If there is a chance you can cheat on your taxes and not get caught, then some people will do it, especially when you can put your money in tax haven jurisdictions outside the easy audit reach of the IRS.

The IRS estimates (http://www.irs.gov/newsroom/article/0,,id=252038,00.html) that the voluntary compliance rate is about 85%.

I would hope that presidential candidates, who if elected will be in charge of the agency enforcing the tax laws, would want to show compliance with the laws. Or as Mitt Romney demanded of Ted Kennedy, he should release his tax returns to show that the has "nothing to hide (http://www.drudge.com/news/159069/romney-urged-kennedy-release-returns)."

[Tgo01]

Being chosen for audit is, in part, random.

Are you suggesting you can cheat on your taxes and only have to worry about it if you're audited?

I know you're ClydeR and all but come on.

[ClydeR]

Are you suggesting you can cheat on your taxes and only have to worry about it if you're audited?

Temporally, yes. Contrary to what you may have heard from Batman, crime pays if you don't get caught.

Eternally, no. You still have to worry about the afterlife. But if you're a Mormon, then it won't matter anyway.

[Tgo01]

How many years have you cheated on your taxes ClydeR?

[ClydeR]

How many years have you cheated on your taxes ClydeR?

I would never even consider it.

[Tgo01]

What religion is ClydeR that he has to worry about an after life?

[ClydeR]

A former Bush I Treasury official called on Romney to release his tax returns yesterday in an article in the New York Times. And he appears to agree with me about audits.


But every good tax professional knows that gift tax returns are rarely audited, except after the transferor’s death. And normally the I.R.S. cannot challenge such a return after three years from its filing.

More... (http://www.nytimes.com/2012/07/31/opinion/the-mysteries-of-mitt-romneys-financial-records.html)


No one should begrudge Mr. Romney or his family the wealth they have earned. But if he has not paid the taxes that apply to transfers of such wealth, this should concern us all. After all, who do you think pays for the shortfall?


He also said Romney appears to be lying about paying the same tax that he would have paid if the did not have the overseas bank accounts.


After all, the one year’s tax returns that he has released raise doubt about his campaign’s claims that his offshore accounts did not save him one penny of tax. Putting business assets into an individual retirement account invested in a Cayman Islands corporation allows Mr. Romney to avoid the “unrelated business income tax” — a 35 percent levy — on at least some of his I.R.A.’s earnings, a tax that he would have had to pay if his I.R.A. were held directly by a financial institution in the United States.

With an I.R.A. account of $20 million to $101 million, the tax savings would be more than a few pennies.

The I.R.A. also allows Mr. Romney to diversify his large holdings tax-free, avoiding the 15 percent tax on capital gains that would otherwise apply. His financial disclosure further reveals that his I.R.A. freed him from paying currently the 35 percent income tax on hundreds of thousands of dollars of interest income each year.

Given the extraordinary size of his I.R.A., we have to presume that Mr. Romney valued the assets he put in his retirement account at far less than he would have sold them for. Otherwise it is quite a trick to turn contributions that are limited to $30,000 to $50,000 a year into the $20 million to $101 million he now has there. But we cannot be certain; his meager disclosure of tax records and financial information does not indicate what kind of assets were put into the I.R.A.

Mr. Romney’s Cayman Islands and Bermuda corporations also probably allowed him to avoid limitations on deductions for investment expenditures that would otherwise apply. So we don’t need any more tax returns to know that Mr. Romney is an Olympic-level athlete at the tax avoidance game. Rich people don’t send their money to Bermuda or the Cayman Islands for the weather.