HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » The point is that Romney'...

Thu Aug 2, 2012, 10:31 PM

The point is that Romney's returns will be revealing.

They'll either reveal that he hasn't paid taxes or other damaging information. He could end the speculation by releasing his returns. Some of the speculation:

Experts’ Best Guesses On Romney’s Swiss Bank Account

Brian Beutler


Romney’s unwillingness to disclose more information about his finances has fueled speculation that Romney used the account to hide money from the IRS, and may have even had to avail himself of an amnesty program that allowed U.S. owners of certain Swiss bank accounts to come clean to the government without facing legal recriminations. (The Romney camp is now specifically denying that his UBS account was connected to the IRS investigation and the amnesty program.)

But even if Romney paid his taxes as required, the question becomes, Why would a person with national political ambitions open himself to the political risks associated with having a Swiss bank account in the first place? Plus there’s another hitch: Why run the risk for an account that was relatively small? It was open on behalf of Ann Romney’s blind trust in 2003, held about $3 million, and generated a mere $1,700 of interest in 2010. Big bucks for ordinary folks, but not for Romney.


Theory #1: Romney was actually helping some of Bain’s foreign investors avoid U.S. taxes and scrutiny — not himself.


Theory #2: Romney and his financial advisers lost track of the Swiss account.

- more -


Tax professionals have doubts about Romney's tax returns

by Christian Dem in NC

This morning's Morning Edition led off with a story that asks some pretty brutal questions about Mitt Romney's tax returns. Romney has been adamant that his 2010 and 2011 returns are all the public will get. But a couple of tax professionals looked at Romney's 2010 return and saw a lot in there that raised their eyebrows.

Lee Sheppard of the journal Tax Notes and Southern Cal law professor Lee Kleinbard were somewhat skeptical about the massive size of Romney's IRA. It's worth at least $21 million, and Sheppard and Kleinbard don't know how Romney could have gotten that much in the account since he could only legally put $30,000 per year in it.


That's a question we really can't answer with just two years of returns.


The Bloomberg story highlights another Romney-approved tax strategy that drew the IRS' ire. From 2000 to 2002, it took $1 billion in deductions from an employee stock-purchase plan. The IRS objected, and in 2007 Marriott had to pay $220 million in back taxes.

Romney has staked his campaign on his business record. But with this much evidence of his questionable handling of taxes, can we really trust him with our money?



Does anyone see a good outcome for Romney?

The people trying to shield Romney seem to be under the impression that the demand for Romney to release his returns is about Romney vs. Reid.

Reid could be bluffing, that his credibility.

Romney has to answer to the American people.

4 replies, 1493 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 4 replies Author Time Post
Reply The point is that Romney's returns will be revealing. (Original post)
ProSense Aug 2012 OP
nc4bo Aug 2012 #1
ProSense Aug 2012 #2
ProSense Aug 2012 #3
ProSense Aug 2012 #4

Response to ProSense (Original post)

Thu Aug 2, 2012, 10:38 PM

1. Didn't Romney say those accounts were set up specifically so foreign investors

wouldn't have to pay U.S. taxes? I could have sworn that came straight from the horse's mouth and he actually took pride in it. My jaw dropped that he admitted that and even if what he did was legal or barely legal, it looks ultra, super BAD and slimy on his part.

Burn Romney Burn.

Reply to this post

Back to top Alert abuse Link here Permalink

Response to nc4bo (Reply #1)

Thu Aug 2, 2012, 11:03 PM

2. He inadvertently says things. n/t

Reply to this post

Back to top Alert abuse Link here Permalink

Response to ProSense (Original post)

Fri Aug 3, 2012, 12:29 AM

3. Kick! n/t

Reply to this post

Back to top Alert abuse Link here Permalink

Response to ProSense (Original post)

Sat Aug 4, 2012, 11:41 AM

4. Add this

theory to the list:

"It's not that he didn't pay taxes but, because of the beating everyone took in '08, it will show he got a REFUND. "

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread