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By alleging that Mitt Romney effectively paid no federal taxes for 10 years, Harry Reids welcomed conservative scorn and managed to keep a story thats unflattering to the GOP presidential candidate in the news.
...
Other experts largely agree.
t struck me as plausible, said NYU tax expert Daniel Shaviro, whos been a leading analyst of Romneys public financial information. The reason people have been saying he must have paid something is that theyve figured he must have (as in 2010) had some dividend and interest income plus other ordinary (rather than capital gains) stuff such as speaker fees. Zeroing all that out, if he had such income every year, would have required tax shelter losses that would very likely be deemed (by the IRS and many legal experts) as abusive.
Shaviro also notes that if, using his IRA, Romney had avoided realizing capital gains on Bain shares, it would have helped him accomplish whats known as loss harvesting. Thats when investors sell off financial losers to cancel out capital gains theyve realized elsewhere in their portfolio. The lower ones capital gains in any given year, the easier it is to harvest that loss.
We know Romney harvested losses because he carried forward a substantial capital loss in 2010. [H]aving less capital gains to begin with via the Bain strategy from the TPM blog post would obviously make it easier to get to zero RE the capital gains, Shaviro adds.
Mitt Romney says he's been audited by the IRS. Does that matter? - CSMonitor.com
Mitt Romney says he's been audited by the IRS ...
“From time to time, I’ve been audited as happens, I think, to other citizens as well. And the accounting firm which prepares my taxes has done a very thorough and complete job,” Romney said, adding: “I don’t pay more [taxes] than are legally due, and frankly, if I had paid more than are legally due, I don't think I'd be qualified to become president. I'd think people would want me to follow the law and pay only what the tax code requires.”
Most of his income is capital gains, factor in charitable donations and other deductions, it's possible he could reduce his liability to close to zero.
I dont think he did anything illegal however.
gazillionaires do fall under the radar....it's set up that way....Zero to none... he's probably been audited numerous times.... gazillionaires cannot fly under the radar. This whole thing is fucking stupid and nothing more than a diversion to keep the moonbats from actually thinking about Obama's abysmal record and broken promises.
Mitt Romney says he's been audited by the IRS. Does that matter? - CSMonitor.com
Mitt Romney says he's been audited by the IRS ...
From time to time, Ive been audited as happens, I think, to other citizens as well. And the accounting firm which prepares my taxes has done a very thorough and complete job, Romney said, adding: I dont pay more [taxes] than are legally due, and frankly, if I had paid more than are legally due, I don't think I'd be qualified to become president. I'd think people would want me to follow the law and pay only what the tax code requires.
"I'd think people would want me to follow the law and pay only what the tax code requires.
in most cases those are not the people who are audited - and being audited usually is a sign of those trying not to pay their fair share.
Romney may think the issue was settled by attacking Reid attempting to silence the critics but the trap he can not avoid is only reset for after Tampa all the way till Nov. 6th.
Mitt Romney says he's been audited by the IRS. Does that matter? - CSMonitor.com
Mitt Romney says he's been audited by the IRS ...
From time to time, Ive been audited as happens, I think, to other citizens as well. And the accounting firm which prepares my taxes has done a very thorough and complete job, Romney said, adding: I dont pay more [taxes] than are legally due, and frankly, if I had paid more than are legally due, I don't think I'd be qualified to become president. I'd think people would want me to follow the law and pay only what the tax code requires.
"I'd think people would want me to follow the law and pay only what the tax code requires.
in most cases those are not the people who are audited - and being audited usually is a sign of those trying not to pay their fair share.
Romney may think the issue was settled by attacking Reid attempting to silence the critics but the trap he can not avoid is only reset for after Tampa all the way till Nov. 6th.
gazillionaires do fall under the radar....it's set up that way....Zero to none... he's probably been audited numerous times.... gazillionaires cannot fly under the radar. This whole thing is fucking stupid and nothing more than a diversion to keep the moonbats from actually thinking about Obama's abysmal record and broken promises.
Considering the son of Boss schemes, deemed abusive by the IRS, that Romney set up, I find it very plausible that Mittens avoided paying taxes for 10 years.
Could Romneys Effective Tax Rate Really Be Zero? | TPMDC
By alleging that Mitt Romney effectively paid no federal taxes for 10 years, Harry Reids welcomed conservative scorn and managed to keep a story thats unflattering to the GOP presidential candidate in the news.
...
Other experts largely agree.
t struck me as plausible, said NYU tax expert Daniel Shaviro, whos been a leading analyst of Romneys public financial information. The reason people have been saying he must have paid something is that theyve figured he must have (as in 2010) had some dividend and interest income plus other ordinary (rather than capital gains) stuff such as speaker fees. Zeroing all that out, if he had such income every year, would have required tax shelter losses that would very likely be deemed (by the IRS and many legal experts) as abusive.
Shaviro also notes that if, using his IRA, Romney had avoided realizing capital gains on Bain shares, it would have helped him accomplish whats known as loss harvesting. Thats when investors sell off financial losers to cancel out capital gains theyve realized elsewhere in their portfolio. The lower ones capital gains in any given year, the easier it is to harvest that loss.
We know Romney harvested losses because he carried forward a substantial capital loss in 2010. [H]aving less capital gains to begin with via the Bain strategy from the TPM blog post would obviously make it easier to get to zero RE the capital gains, Shaviro adds.
Mitt Romney says he's been audited by the IRS. Does that matter? - CSMonitor.com
Mitt Romney says he's been audited by the IRS ...
“From time to time, I’ve been audited as happens, I think, to other citizens as well. And the accounting firm which prepares my taxes has done a very thorough and complete job,” Romney said, adding: “I don’t pay more [taxes] than are legally due, and frankly, if I had paid more than are legally due, I don't think I'd be qualified to become president. I'd think people would want me to follow the law and pay only what the tax code requires.”
"I'd think people would want me to follow the law and pay only what the tax code requires.”
in most cases those are not the people who are audited - and being audited usually is a sign of those trying not to pay their fair share.
Romney may think the issue was settled by attacking Reid attempting to silence the critics but the trap he can not avoid is only reset for after Tampa all the way till Nov. 6th.
Romney not paying his Taxes for ten years is about as likely as Barack Hussein Obama running his reelection campaign on the record of his achievements in the last three and a half years. Not likely indeed.
Like Bush did in 2004?
