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Thread: Mitt Romney refuses to release tax returns

  1. #1
    Bizarroland Observer Thx1138's Avatar
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    Mitt Romney refuses to release tax returns

    LANCASTER, N.H. – Mitt Romney said he has no current plans to release his tax returns, but added that he would consider releasing them if he becomes the Republican nominee.

    “We don’t have any current plans to release tax returns, but never say never,” he said today after greeting voters at an Agway farm and hardware store here. “We’ll see what the future holds. We’ve released of course all of the information required by law, which is a pretty extensive release. But down the road we’ll see what happens if I’m the nominee.”

    Romney also suggested that he could be utilizing a “carried interest” provision in the tax code that allows investors to qualify for a 15 percent tax rate on capital gains earnings, rather than pay the 35 percent income tax rate for the wealthiest taxpayers.

    “I can tell you we follow the tax laws, and if there’s an opportunity to save taxes, we like anybody else in this country will follow that opportunity,” he said.

    Among the Republican presidential candidates, only Texas Governor Rick Perry has released his tax returns, reporting nearly $217,500 in adjusted gross income in 2010. In October, Perry called on Romney – the wealthiest candidate in the race -- to do the same.

    Spokesmen for Ron Paul and Jon Huntsman noted that their candidates follow federal financial disclosure laws but gave no indication as to whether they would voluntarily release their tax returns. The other candidates – Newt Gingrich, Rick Santorum, and Michelle Bachmann – did not respond to requests for comment.

    President Obama released six years worth of his tax returns March 25, 2008, trying to pressure his then-Democratic rival Hillary Clinton to do the same. Obama has since released his tax returns annually, and his campaign has sought to make an issue out of Romney not releasing his tax returns, or the donors who bundle financial contributions for his campaign.

    Romney has never released his tax returns – when running for US Senate in 1994, for governor of Massachusetts in 2002, or during his last presidential bid in 2008. During his 1994 race against Senator Edward M. Kennedy, he called on him to release his state and federal taxes to prove he had “nothing to hide.”
    “It’s time the biggest-taxing senator in Washington shows the people of Massachusetts how much he pays in taxes,” Romney said at the time. He said he would disclose his on the same day as Kennedy, but Kennedy never did.

    Mitt Romney refuses to release tax returns - Political Intelligence - A national political and campaign blog from The Boston Globe - Boston.com

    Eleanor Clift thinks Romney might have some offshore accounts...

    Thx
    Last edited by Thx1138; 13th January 2012 at 06:03 PM.

  2. #2
    Who let the posse out goldendog's Avatar
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    Kinda impish of him to take this stance being a candidate for President.
    What's he got to hide beside people knowing how rich he is and how he gets it and how much he's been able to take advantage of the Bush tax cuts and tax loopholes for corporations.

  3. #3
    Bizarroland Observer Thx1138's Avatar
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    Quote Originally Posted by goldendog View Post
    Kinda impish of him to take this stance being a candidate for President.
    What's he got to hide beside people knowing how rich he is and how he gets it and how much he's been able to take advantage of the Bush tax cuts and tax loopholes for corporations.
    Mitt Romney will be the richest GOP nominee in history, worth more than $250 million...

    2012 Republican presidential candidate Mitt Romney and his wife Anne are worth as much as $264 million, according to disclosure documents filed Friday.

    That makes him the richest candidate in the 2012 race — including President Barack Obama. Former Utah Gov. Jon Huntsman, whose father's company invented the McDonald's clam shell, has not yet filed disclosure forms.

    Romney's fortune — which is about the same value as his 2007 campaign disclosure — is unsurprising, given his successful run as CEO of Bain Capital. His assets are in more than 160 funds managed by several major investment firms, including Bain, Goldman Sachs and BNP Paribas.

    Romney came under fire in the 2007 campaign for investing in countries with interests in China, Iran, and embryonic stem cell research. He subsequently promised to scrub his portfolio to "conform with his positions;" according to the new disclosure, Romney's blind trust has sold off shares in Honeywell and Schlumberger, both of which invested in Iranian oil development.

    But the AP reports that the Romney family charity, the Tyler Charitable Trust, invested in some questionable companies between 2007 and 2009, including, among others: Petrobras, the Brazilian state-owned energy company that invested in Iranian oil and gas developments; Baidu, Inc., the Chinese search engine accused of web censorship; and Beckton Dickinson, a biotech firm that funds grants for stem cell research.

    A lot of those investments are listed as sold on the 2011 report. Romney has invested up to $500,000 in gold since 2007.

    In addition to the his extensive investment holdings, Romney was paid more than $374,000 for nine speeches in 2010 and 2011. He also earned $113,880 as director of Marriott International, a post he resigned in January. The Marriotts are a powerful Mormon family that, according to the Washington Post, has donated hefty sums to Romney's PAC.

    Now here's how some of Romney's competitors stack up, via AP:
    The Obamas reported assets between $2.8 million and $11 million in 2010 (mostly book royalties).
    U.S. Rep. Michele Bachmann and her husband are worth between $500 and $1 million.
    Texas Gov. Rick Perry is reportedly worth close to $1 million.
    Former Minnesota Gov. Tim Pawlenty earned about $120,000 a year as governor and will be able to draw on public pensions.

    Read more: Mitt Romney Has A Lot Of Money

    Does $250 million+ and 55 houses make Romney an "elitist"?

    Thx

  4. #4
    Who let the posse out goldendog's Avatar
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    I guess hiding and not disclosing greed would be important to a candidate like Mitt Romney. But doing so really speaks to reasons as to why he should not be elected in the economic times vs reasons why he should be.

  5. #5
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    I think it's what I'd do, too. No one wants to have to open the kimono if they do not have too. Privacy is a nice thing, not merely a right.

    He'll probably win the nod. But waiting is reasonable.

    Plus, is anyone really worried any of these folks stands a chance against Obama?

    They're destined to be Trivial Pursuits answers.

  6. #6
    Who let the posse out goldendog's Avatar
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    Quote Originally Posted by Thx1138 View Post
    Mitt Romney will be the richest GOP nominee in history, worth more than $250 million...




    Read more: Mitt Romney Has A Lot Of Money

    Does $250 million+ and 55 houses make Romney an "elitist"?

    Thx
    Dang that's 49 more houses than John McCain owns...Nope Mitt certainly does not represent the Average American citizen.
    I suppose that's worth hiding.

  7. #7
    Bizarroland Observer Thx1138's Avatar
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    Quote Originally Posted by goldendog View Post
    I guess hiding and not disclosing greed would be important to a candidate like Mitt Romney. But doing so really speaks to reasons as to why he should not be elected in the economic times vs reasons why he should be.
    I wonder how much he made due to the financial collapse and Bush's bailouts?

    Setting that argument aside, Mitt made big profits more than once by sticking other people with the tab.


    A company that laid off hundreds of employees. A federal “bailout” to rescue a failing bank. Mitt Romney, at the center of it all.

    …“The way the company was rescued was with a federal bailout of $10 million,” the ad says. “The rest of us had to absorb the loss … Romney? He and others made $4 million in this deal. … Mitt Romney: Maybe he’s just against government when it helps working men and women.”

    The facts of the Bain & Co. turnaround are a little more complicated, but a Boston Globe report from 1994 confirms that Bain saw several million dollars in loans forgiven by the FDIC, which had taken over Bain’s failed creditor, the Bank of New England.

    Romney aides pushed back strongly on the Democratic charge that Bain & Co. received anything like a TARP-style “bailout.” While the FDIC is a government agency, it is funded by deposit insurance payments rather than taxes. The agency agreed to reduce Bain & Co.’s liability to the Bank of New England, but didn’t pump new funds into the flagging firm. Other Bain creditors also took a haircut in order to avert the company’s collapse.
    Mitt Romney: The Bailout King Of American Politics | Right Wing News

    When millions of people lose money, very often a precious few make a killing.

    People like Romney are part of the reason the economy collapsed in the first place.

    Thx

  8. #8
    Love ya,,mean it. anonymous's Avatar
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    Mitt is an opportunist who's income clearly sets him apart from most Americans. Anyone who thinks he has their best interests at heart is fairly gullible. Even if he were to get elected it would just be more of the same system of corruption and incompetence.

  9. #9
    the "good" prag pragmatic's Avatar
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    Quote Originally Posted by Thx1138 View Post
    Mitt Romney will be the richest GOP nominee in history, worth more than $250 million...




    Read more: Mitt Romney Has A Lot Of Money

    Does $250 million+ and 55 houses make Romney an "elitist"?

    Thx
    John Kerry's net worth was estimated between $750m and $1 billion.

    Just tossing that in for the sake of conversation....

  10. #10
    WORLD CLASS Singularity's Avatar
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    The past few days have been pretty hilarious to watch. Mitt's desperate rivals straying into the "greedy corporatist pigdog..." rhetoric i.e. leftist territory, and the GOP establishment, watching with increasing nerves throughout the contest, shit a brick.

    As for the issue of tax returns, if he doesn't want to share them then that's his decision. The voters can decide whether or not that is important.

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