Romneytroubles with tax returns already released

Comment #15

Tenaj — Mon, 06 Aug 2012 01:32:06 GMT

Then you should go and seek clarity.

Comment #14

Piaceri — Mon, 06 Aug 2012 01:16:55 GMT

Great talking points Tenaj. How do you like that Democrat Kool-Aid? I believe I answered your question earlier.

Comment #13

Tenaj — Mon, 06 Aug 2012 00:36:01 GMT

Romney is saying to the American people: I've been accused of bankrupties 100s of companies, sending jobs overseas, laying off workers, lying about when I left Bain, caught hiding money in the Cayman, Bermuda and Swiss bank accounts, under investigation for ponzi schemes but since the law only requires that I release 2 years of tax returns, I chose not to release them. People are telling lies on me. BUT CAN I BE YOUR PRESIDENT.

Comment #12

Piaceri — Sun, 05 Aug 2012 23:39:12 GMT

"These returns reflect the complexity of our tax laws and the types of investment activity that I would anticipate for persons in their circumstances," said former Internal Revenue Service commissioner Fred Goldberg, in a statement. "There is no indication or suggestion of any tax-motivated or aggressive tax planning activities. In my judgment, they have fully satisfied their responsibilities as taxpayers," Goldberg said. http://content.usatoday.com/communities/onpoli... [ More ]

Comment #11

Tenaj — Sun, 05 Aug 2012 23:19:32 GMT

None of those people were accused of bankrupting 100s of companies, involved in ponzi scheme and caught hiding their money in Swiss bank accounts, Caymen and Bermuda. They didn't lay off people and send their jobs overseas either. Except what Kerry did was pretty bad, Kennedys too for that matter.

Comment #10

Piaceri — Sun, 05 Aug 2012 22:47:48 GMT

The only thing that has come out of Romney releasing any of his tax returns is the Democrats using it for class warfare. No one had problems with Kerry and his millions. No one had problems with any of the Kennedys and their millions. No one had any problems with Gore and his millions. And no one had a problem when Pelosi's net worth sky rocketed 62% in 2011 while the rest of us peons were losing our asses. The only purpose in releasing Romney's tax return is to continue to use... [ More ]

Comment #9

scorpio — Sun, 05 Aug 2012 20:58:10 GMT

agreed and graham and the other red necks are lying to protect his millions from taxation and mormon church.do we want another nixon/bush,i don't think we're that dumb!

Comment #8

bobbya — Sun, 05 Aug 2012 20:23:07 GMT

It would be a feather in his cap and help him and the GOP tremendously if he proved the allegations wrong by SIMPLY releasing the tax returns. It will not happen because the allegations are ABSOLUTELY TRUE! Heh,heh,heh,heh,heh,heh,heh..................

Comment #7

Tenaj — Sun, 05 Aug 2012 18:22:58 GMT

His punk ass dodged the viet nam war too.

Comment #6

scorpio — Sun, 05 Aug 2012 17:55:30 GMT

they have a habit of going after millions of low income, middle class,rather then a few millionaires who rob millions from the irs.

Comment #5

Tenaj — Sun, 05 Aug 2012 17:16:50 GMT

Emily, the letter asked that question along with others.

Comment #4

emilyg — Sun, 05 Aug 2012 16:59:34 GMT

How come IRS is not going after him?

Comment #3

scorpio — Sun, 05 Aug 2012 16:47:08 GMT

does anyone care that we are sending 89 billion dollars to afphaganistan next year,i thought we were outa there!

Comment #2

scorpio — Sun, 05 Aug 2012 16:39:55 GMT

I think romneys trying to hide his wealth from the mormon church as he would owe big tithes!

Comment #1

JAP69 — Sun, 05 Aug 2012 16:04:01 GMT

We need a statement from the IRS director himself on the matter of Romney. Without the director revealing contents of Romneys return. I think that is little Timmy. Forget about that.

Original Blog Entry: Romneytroubles with tax returns already released

Tenaj — Sun, 05 Aug 2012 15:20:21 GMT

TPMDC

Dem Lawmakers Want Answers About Romney s Enormous IRA

Brian BeutlerAugust 3, 2012, 8:26 AM 49337

Leading House Democrats want to turn Mitt Romney s enormous IRA into more than just a political problem.

Romney s most recent financial disclosure form revealed that his tax-deferred individual retirement account holds upwards of $100 million an amount that awkwardly showcases his enormous wealth but also raises legal and ethical questions.

IRAs are intended to allow workers to put away modest sums of money each year in order to help finance a middle class retirement. The savings are tax deferred, but there s a legal limit now $6,000 on how much each IRA holder can contribute annually.

Now top Democrats on the Budget, Ways and Means, and Education and Workforce Committees want to know how people of Romney s wealth can end up with 100,000 times that much money in a single IRA, and how much the tax and investment strategies they employ cost the Treasury in revenue every year.

In a letter Thursday to senior officials at the Treasury and Labor departments, Reps. George Miller (D-CA), Sander Levin (D-MI), and Chris Van Hollen (D-MD) want to know: Is this legal? How easy is this strategy to get away with? How much does it cost the government every year? And what can be done to end the practice?

[W]e are alarmed to learn that wealthy taxpayers may be taking advantage of a tax subsidy that is designed to provide for retirement to instead accumulate massive amounts of tax-sheltered assets, the lawmakers write. Given your commitment to the rule of law and equitable treatment of taxpayers, we hope that you will evaluate this issue carefully to ensure that a select few are not being provided with a loophole that allows for wrongful tax evasion.

The lawmakers inquiry has a substantive, policy basis but the politically charged question is also a shot across Romney s bow.

[R]ecent news reports indicate that Bain Capital allowed service partners and employees to co-invest in investment deals via tax-preferred retirement accounts in some cases providing one-fourth of the total capital in the investment deals, the lawmakers write.

They go on to speculate about how it worked.

Some experts have expressed the view that the investments made through these accounts and plans may have been assigned a nominal value that was significantly lower than the fair market value of the investments, perhaps using a liquidation value methodology. In particular, this strategy has been cited as one explanation for how presidential candidate Mitt Romney s IRA is valued at between $20 and $101 million despite the annual contribution limits that apply to tax-preferred retirement accounts and plans.

To translate, Romney could have skirted the annual contribution limit if his IRA invested heavily in Bain projects by dramatically lowballing the value of the stakes.

If the administration is forthcoming and why wouldn t it be? its answers to these questions will be general, not about Romney specifically. But those answers will broadly apply to Romney and his IRA, and could bring some clarity to one technique people of Romney s wealth can use to amass even more.

You can read the entire letter below.

IRATaxLetter-8.2

... [ More ]