Romney Lawyer Admits They Manipulated Taxes to Conform to 13% Claim [View all]
SAT SEP 22, 2012
Romneys lawyer had admitted that the Democratic accusation that Willard & Wife could have paid a lot less in taxes in 2011. BUT, the returns were manipulated to conform to Willard's claim in August that he always paid at least 13%.
The AP reported:
But, Brad Malt acknowledged, the couple limited their deductions of charitable contributions to conform to the governors statement in August, based on the January estimate of income, that he paid at least 13 percent in income taxes in each of the last 10 years.
Tax experts point out that Romneys returns are missing a few details:
Whats missing, tax experts say, are the details of Romneys retirement account from Bain Capital, including investments in offshore accounts in Bermuda and the Cayman Islands.
Its a potentially important difference because the simple average treats each year equally whether Romney earned, say, $5 million in that year or $30 million. It is especially important if Romney paid a low tax rate in a year in which he earned a lot but paid a high tax rate in years when he earned less. The weighted average would give a more accurate picture.
More:
http://www.dailykos.com/story/2012/09/22/1135307/-BREAKING-Romney-Lawyer-Admits-They-Manipulated-Taxes-to-Conform-to-13-Claim