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Republican congressman and former presidential candidate Rep. Ron Paul (R-TX) has called on presumptive Republican candidate Gov. Mitt Romney (R-MA) to release more of his tax returns to the public, according to Politico. In an interview, Paul said that he believes that it would help Romney politically to come clean and open his financial records to scrutiny.
Originally posted by antar
reply to post by sensfan
Ron Paul is still in the running, he is not a former GOP candidate.
Originally posted by jjkenobi
reply to post by sensfan
Um, nope. If he broke no laws and the US tax code allows the practices he did I have no problem with him. His accountant(s) should be fired if they do anything less. It is however all the more reason to push for TAX REFORM. Specifically a flat tax with no loopholes.
Like many Americans, Mitt Romney has an individual retirement account. Unlike most Americans, Mr. Romney has between $20.7 million and $101.6 million in it, a big chunk of his fortune.
Experts on estate planning said it is highly unusual to accumulate such a considerable sum in an IRA, an investment vehicle restricted by annual contribution limits. It appears that Mr. Romney's grew so large mostly because it holds investments in Bain Capital, the private-equity firm he helped start.
Under federal law, Mr. Romney isn't required to pay annual taxes on the account's investment gains, and the bulk of his contributions to the fund are likely to have been pretax dollars, IRA experts say. As such, the Romney IRA has enabled the current Republican front-runner to defer paying taxes on a sizable portion of his wealth
Originally posted by Indigo5
Originally posted by jjkenobi
reply to post by sensfan
Um, nope. If he broke no laws and the US tax code allows the practices he did I have no problem with him. His accountant(s) should be fired if they do anything less. It is however all the more reason to push for TAX REFORM. Specifically a flat tax with no loopholes.
Awesome...so why again won't he release the returns if Americans are going pat him on the back for his creative exploitation of the tax laws?
My favorite manuever thus far of his?...Roth retirement funds only allow a 5K maximum contribution tax free per year...Thats for the average joe.
Romney figured out a work-around...he created a shell corporation...declared it's value less than 5K..deposited those shares in his Roth IRA, then swapped those shares for his other corporation which had millions in it.
Answer?...TAX FREE MILLIONS...some might be forgiven for calling it fraud or money laundering, but the IRS hasn't gotten around to closing the loop-hole yet, so it is technically not illegal. With a little luck Romney can get elected and keep that 100 Million plus dollars in his Roth IRA that is aprked in the Caymans to make sure he isn't taxed on the back-end.
Romney's Unorthodox IRA - WSJ
Like many Americans, Mitt Romney has an individual retirement account. Unlike most Americans, Mr. Romney has between $20.7 million and $101.6 million in it, a big chunk of his fortune.
Experts on estate planning said it is highly unusual to accumulate such a considerable sum in an IRA, an investment vehicle restricted by annual contribution limits. It appears that Mr. Romney's grew so large mostly because it holds investments in Bain Capital, the private-equity firm he helped start.
Under federal law, Mr. Romney isn't required to pay annual taxes on the account's investment gains, and the bulk of his contributions to the fund are likely to have been pretax dollars, IRA experts say. As such, the Romney IRA has enabled the current Republican front-runner to defer paying taxes on a sizable portion of his wealth
online.wsj.com...
Also see here...
Romney IRA’s Offshore Investments: Helping His Tax Bill?
blogs.wsj.com...
That 14% he paid in 2010 was likely the most tax he has ever paid in his life.
edit on 17-7-2012 by Indigo5 because: (no reason given)
Originally posted by sensfan
Originally posted by antar
reply to post by sensfan
Ron Paul is still in the running, he is not a former GOP candidate.
Good catch, I didn't see that when I read the article. Just more blindness by the media thinking Paul is out of the race. Although he has no hope of winning, I hope he speaks loud and clear at the convention.
Originally posted by RealSpoke
reply to post by Thunderheart
Who cares about Obamas college records? They have absolutely no significance or importance whatsoever.
Originally posted by sensfan
reply to post by jam321
Latest rumor heard is that his 2009 taxes will show that he paid NO income tax due to losses he sustained in the stock market crash, and the moving of money to offshore accounts.
IF this is true, and were to get out, he would be hurt beyond repair. A billionaire, who still, despite the losses in 2009, made millions of dollars, didn't pay a cent in tax that year.
Originally posted by sensfan
reply to post by jjkenobi
You may think that way, but I bet there are a lot of american's that will think otherwise. He made Millions in 2009, and if he paid no taxes, it just looks bad....legal or not. Remember how people were upset when he only paid a tax percent of %14 in 2010, when everyone else without a fancy accountant and lawyer, or team of them, paid more than double that? Didn't go over very well.
Originally posted by RealSpoke
reply to post by Thunderheart
Who cares about Obamas college records? They have absolutely no significance or importance whatsoever.
Originally posted by OccamsRazor04
Originally posted by RealSpoke
reply to post by Thunderheart
Who cares about Obamas college records? They have absolutely no significance or importance whatsoever.
If Romney broke no laws what importance do his tax records have?
Originally posted by ThinkingCap
So if Romney becomes President, and he still refuses to be transparent about his taxes --- will that make us ATSers "Taxers"?
Ron Paul 2012
edit on 17-7-2012 by ThinkingCap because: (no reason given)