How Likely Is It That Romney Paid No Taxes?

[Dick Tuck]

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.

Bullshit... your audit risk depends on certain characteristics of your return, what types of filings, deductions, etc. It has nothing to do with being a sign of those trying not to pay their fair share. One's fair share is whatever you tax liability ends up being. The IRS does not determine your fair share.

You libs are so utterly clueless.

So what was the result of the audit?

 

[Dick Tuck]

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?

What on Earth does the 2004 election have to do with Obama? Do you know what year it is?

You're a fucking retard. Bush didn't run on his shit record in 2004. He ran on attacking Kerry and fear mongering.

 

[Soggy in NOLA]

"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.

Bullshit... your audit risk depends on certain characteristics of your return, what types of filings, deductions, etc. It has nothing to do with being a sign of those trying not to pay their fair share. One's fair share is whatever you tax liability ends up being. The IRS does not determine your fair share.

You libs are so utterly clueless.

So what was the result of the audit?

What audit? What the fuck are you babbling about now?

 

[LordBrownTrout]

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.

gazillionaires do fall under the radar....it's set up that way....

Not really. Buffet is being investigated. Hatch, Survivor winner, was convicted for not paying taxes on the million that he won.

 

[Soggy in NOLA]

Like Bush did in 2004?

What on Earth does the 2004 election have to do with Obama? Do you know what year it is?

You're a fucking retard. Bush didn't run on his shit record in 2004. He ran on attacking Kerry and fear mongering.

What time do you start huffing? Your thought processes are those of a drug addicted child.

We talk tax returns and audits and you babble on about Bush and 2004

Fuck off.

 

[Dick Tuck]

Bullshit... your audit risk depends on certain characteristics of your return, what types of filings, deductions, etc. It has nothing to do with being a sign of those trying not to pay their fair share. One's fair share is whatever you tax liability ends up being. The IRS does not determine your fair share.

You libs are so utterly clueless.

So what was the result of the audit?

What audit? What the fuck are you babbling about now?

This one moron, you know the one listed in the post you quoted.

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.”

 

[Dick Tuck]

The IRS would have nailed him. He paid. Geithner didnt though.

Since we don't have the results of what additional taxes, fines, and penalties resulted from his audits, they might have nailed him good. They certainly nailed Marriott, while Romney was the director of their audit committee, for using the Son of BOSS tax scam.

 

[Dick Tuck]

What on Earth does the 2004 election have to do with Obama? Do you know what year it is?

You're a fucking retard. Bush didn't run on his shit record in 2004. He ran on attacking Kerry and fear mongering.

What time do you start huffing? Your thought processes are those of a drug addicted child.

We talk tax returns and audits and you babble on about Bush and 2004

Fuck off.

I didn't bring up the elections, asswipe. This person did:

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.

You really do have a problem keeping up with the class.

 

[rightwinger]

I doubt if he had a zero effective tax rate for ten straight years but wouldn't be surprised of he paid no taxes in 2008 and 2009. I bet most years he paid between 5-10%

We should find out once Mitt caves in and releases them

 

[MikeK]

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.

I don't believe Romney has done something as stupid as evading his income tax. But over the years the IRS Tax Code, which is as voluminous as NASA's Lunar Mission Technical Data, has been so artfully manipulated by our corrupted Congress as to be inscrutable to all but the kind of creative accountants affordable by the One Percent. This circumstance has enabled such members of the One Percent as Warren Buffet to pay a lesser tax percentage than his secretary and such corporate giants as Exxon/Mobil to pay zero tax in 2011! Exxon Mobil Dodges the Tax Man

But by the time their accountant/lawyers get finished explaining the numerical wizardry, which is impossible for anyone but them to comprehend, the baffling confusion leaves absolutely no way to establish illegality, so the only alternative is the kind of presumptive legality that allows them to get away with it year after year.

But "legal" or not, the bottom line is the bottom line and even the dumbest among us can make sense of the final numbers, which is why Romney doesn't wish to pull the covers off his tax history. I believe the bottom line of Romney's tax history is all very "legal" but sufficiently offensive to the working class mind to sink his campaign.

 

[BillyV]

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.

Factor in his off-shore accounts, his $400 million IRA, his ability to create meaningless paper transactions, and his history at Marriott of signing off on a Son of BOSS writeoff (later dissallowed by the IRS audit), his ability to make up partnerships where he can write-off $77,000 on revenue of $211 for essentially his wife's horseback riding, and it becomes very plausible. Mitt is clearly not above using tax shams. He has a clear history of it.

Looking over the only complete return available, from 2010, I'd say it very likely that there would be several deductions disallowed if he has that tax year audited.

Really? Which ones that you looked at in his 2010 tax return seemed disallowable to you? Be specific.

I saw nothing significant that would be disallowed. As for his "$77,000 write-off", he was only allowed $49 in 2010; it remains to be seen whether that partnership interest is determined to be a hobby, but if it is I'll be surprised.

I would note that he had a $5 million long-term capital loss carryover from 2009; this is an indication that he had more losses than gains in 2009 and would bolster the argument that he paid little or no tax in 2009 (which, by the way, would be legitimate if all his income was from capital gains, though no doubt politically damaging).

 

[Dick Tuck]

I doubt if he had a zero effective tax rate for ten straight years but wouldn't be surprised of he paid no taxes in 2008 and 2009. I bet most years he paid between 5-10%

We should find out once Mitt caves in and releases them

He's not going to release his taxes from his Bain years, when he was using and approving tax schemes like Son of BOSS. He's also not going to release his 2000-2001 returns where he claims that he had nothing to do with Bain. The 2000-2001 returns also might have information about him becoming a certified lobbyist, which will highlight how much the federal government paid to bail out the Salt Lake Winter Olympics. That would certainly be a kick in the balls to his claim that he saved those games.

 

[Dick Tuck]

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.

I don't believe Romney has done something as stupid as evading his income tax. But over the years the IRS Tax Code, which is as voluminous as NASA's Lunar Mission Technical Data, has been so artfully manipulated by our corrupted Congress as to be inscrutable to all but the kind of creative accountants affordable by the One Percent. This circumstance has enabled such members of the One Percent as Warren Buffet to pay a lesser tax percentage than his secretary and such corporate giants as Exxon/Mobil to pay zero tax in 2011! Exxon Mobil Dodges the Tax Man

But by the time their accountant/lawyers get finished explaining the numerical wizardry, which is impossible for anyone but them to comprehend, the baffling confusion leaves absolutely no way to establish illegality, so the only alternative is the kind of presumptive legality that allows them to get away with it year after year.

But "legal" or not, the bottom line is the bottom line and even the dumbest among us can make sense of the final numbers, which is why Romney doesn't wish to pull the covers off his tax history. I believe the bottom line of Romney's tax history is all very "legal" but sufficiently offensive to the working class mind to sink his campaign.

Evade and avoid are two different beasts. It's extremely rare that a person who uses tax avoidance schemes, as Romney clearly has in his wife's horseback riding hobby and his off-shore accounts, to be criminally prosecuted. The more likely result would be a tax court ruling or IRS finding, disallowing specific deductions, and charging him the tax, with interest and penalties. Even with widespread accounting scams of 2000-2002, criminal prosecution was very rare. Even the Enron case only wound up with putting 2 people in jail, in spite of hundreds participating in the schemes.

 

[squeeze berry]

about as likely as Obama showing us his SAT scores

 

[Dick Tuck]

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.

Factor in his off-shore accounts, his $400 million IRA, his ability to create meaningless paper transactions, and his history at Marriott of signing off on a Son of BOSS writeoff (later dissallowed by the IRS audit), his ability to make up partnerships where he can write-off $77,000 on revenue of $211 for essentially his wife's horseback riding, and it becomes very plausible. Mitt is clearly not above using tax shams. He has a clear history of it.

Looking over the only complete return available, from 2010, I'd say it very likely that there would be several deductions disallowed if he has that tax year audited.

Really? Which ones that you looked at in his 2010 tax return seemed disallowable to you? Be specific.

I saw nothing significant that would be disallowed. As for his "$77,000 write-off", he was only allowed $49 in 2010; it remains to be seen whether that partnership interest is determined to be a hobby, but if it is I'll be surprised.

I would note that he had a $5 million long-term capital loss carryover from 2009; this is an indication that he had more losses than gains in 2009 and would bolster the argument that he paid little or no tax in 2009 (which, by the way, would be legitimate if all his income was from capital gains, though no doubt politically damaging).

The write off was for $77,731 less the revenue of $211. What is your source for the $49? Was it the IRS that already dismissed his write-off, seeing it for the sham that it is?

I'd have a hard time believing that the IRS would view this as a serious business.

 

[Sallow]

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 Romney’s Effective Tax Rate Really Be Zero? | TPMDC

By alleging that Mitt Romney effectively paid no federal taxes for 10 years, Harry Reid’s welcomed conservative scorn and managed to keep a story that’s unflattering to the GOP presidential candidate in the news.

...

Other experts largely agree.

“t struck me as plausible,” said NYU tax expert Daniel Shaviro, who’s been a leading analyst of Romney’s public financial information. “The reason people have been saying he must have paid something is that they’ve 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 what’s known as “loss harvesting.” That’s when investors sell off financial losers to cancel out capital gains they’ve realized elsewhere in their portfolio. The lower one’s 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.

It's very likely he didn't pay taxes or even got money back.

But I find it hard to believe it's for more then a few years. 10 years is a bit of a stretch.

 

[courseofhistory]

I think it's entirely possible that Romney used legal tax breaks for the wealthy to not pay taxes. Nothing wrong with that but I don't want him for president because I think he is out of touch with the common person and what it takes to survive on little income and lots of responsibilities. He also gifted millions to his sons and used those tax breaks and now his sons are sitting pretty. Must be nice!

 

[Sallow]

about as likely as Obama showing us his SAT scores

No other President has shown his high school test scores, college records, or birth certificate.

And Obama's not a candidate anymore..he's got the job.

So he's got a record. That's what you cats should focus on.

 

[Politico]

100% unlikely.

 

[Mr.Nick]

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 Romney’s Effective Tax Rate Really Be Zero? | TPMDC

By alleging that Mitt Romney effectively paid no federal taxes for 10 years, Harry Reid’s welcomed conservative scorn and managed to keep a story that’s unflattering to the GOP presidential candidate in the news.

...

Other experts largely agree.

“t struck me as plausible,” said NYU tax expert Daniel Shaviro, who’s been a leading analyst of Romney’s public financial information. “The reason people have been saying he must have paid something is that they’ve 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 what’s known as “loss harvesting.” That’s when investors sell off financial losers to cancel out capital gains they’ve realized elsewhere in their portfolio. The lower one’s 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.

Only an ape would believe Romney didn't pay taxes.......

The only people who don't pay taxes are the idiots who work remedial jobs....

Of course only idiot progressives believe corporations get big fat fucking checks in the mail in April or May. When in reality corporations are writing big fat checks to the government in March.

Progressive ignorance is absolutely ASTOUNDING.........