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WASHINGTON -- Senate Majority Leader Harry Reid (D-Nev.) has what he says is an informed explanation for why Mitt Romney refuses to release additional tax returns. According a Bain investor, Reid charged, Romney didn't pay any taxes for 10 years.
Romney recently told ABC News that he couldn't recall if there were years when he paid below the 13.9 percent tax rate that he paid in 2010. Although he said he was "happy to go back and look," his campaign declined to do just that.
Originally posted by PvtHudson
Whatever you do, don't talk about the economy, unemployment, gas prices, GITMO or any of the things Democrats and the media talked about during the last election. That would be bad for Obama....
Originally posted by Americanist
Harry Reid: Bain Investor Told Me That Mitt Romney 'Didn't Pay Any Taxes For 10 Years'
WASHINGTON -- Senate Majority Leader Harry Reid (D-Nev.) has what he says is an informed explanation for why Mitt Romney refuses to release additional tax returns. According a Bain investor, Reid charged, Romney didn't pay any taxes for 10 years.
Source
Guess it's all hearsay for now...
Romney recently told ABC News that he couldn't recall if there were years when he paid below the 13.9 percent tax rate that he paid in 2010. Although he said he was "happy to go back and look," his campaign declined to do just that.edit on 31-7-2012 by Americanist because: (no reason given)
""Mitt Romney was audited once. The audit did not result in a fine or penalty. Mitt Romney has fully complied with U.S. law and he has paid 100 percent of what he has owed,” said Ryan Williams, a campaign spokesman. Brad Malt, the trustee who handles Romney’s personal finances has said there was an audit that took place more than a decade ago.
“Governor Romney has not been audited by the IRS in the last 10 years,” Malt said in January. “Mitt Romney has paid his taxes in full compliance with U.S. law, and he has paid 100 percent of what he has owed,” she said in a statement to ABC News.
As has previously been reported, in 2011, the Romneys will pay more than $3.2 million in taxes on $20.9 million in mostly investment income and will have donated more than $4 million to charity. In 2010, The Romneys paid more than $3 million in taxes on $21.6 million in mostly investment income and donated nearly $3 million to charity.”
Romney's money "parked" offshore:
"That fund, called BCIP Trust Associates III, is part of his individual retirement account and provided between $1,000,000 and $5,000,000 in income, the disclosure shows. David S. Miller, a tax attorney with Cadwalader, Wickersham & Taft LLP in New York, told PolitiFact that tax-exempt entities, including IRA accounts, sometimes invest through Cayman Islands corporations to reduce their U.S. taxes. "Congress did not deliberately allow tax-exempts to reduce their U.S. taxes by investing through Cayman Islands corporations," Miller said.
"However, the practice is widespread and the IRS has approved of it."
Notice the last line IRS APPROVED!!!!!!!!! And then: "He went on to emphasize that each of the Cayman funds files a U.S. tax return, which reports the blind trust's share of the fund income.
"Every dime of that, in turn, is reported on Gov. Romney's tax returns," Malt said."
www.politifact.com...
Originally posted by jibeho
reply to post by Americanist
This debate has already happened around here. Prove it. Better yet, let the IRS open an investigation. That is their job. Rest assured, Romney's tax records have been groomed with a fine tooth comb by an army of IRS agents. Furthermore, trust that his returns were prepared by highly skilled accountants and tax attorneys.
Originally posted by timetothink
reply to post by Ben81
He paid his taxes and gave 20% TO CHARITY......for the love god stop listening to Harry Reid of all people.
Originally posted by timetothink
reply to post by Ben81
He paid his taxes and gave 20% TO CHARITY......for the love god stop listening to Harry Reid of all people.
reply to post by Americanist
The unsubstantiated allegation about Romney’s taxes was based on what Reid described as the recollection of an unnamed Bain investor.
Reid admitted he did not know if the claim was true, but aired it anyway
Originally posted by PvtHudson
Whatever you do, don't talk about the economy, unemployment, gas prices, GITMO or any of the things Democrats and the media talked about during the last election. That would be bad for Obama....