Tax Expert Smells a Rat with Romney's Tax Returns

Aug 7, 2012
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Tax Expert Smells a Rat with Romney's Tax Returns


In case you missed this by Zach Carter at Huffington today (Oct 29, 2012) Breaking News and Opinion on The Huffington Post... "respected tax attorney and deficit hawk" Calvin Johnson has outlined his suspicion of major tax fraud by Mitt Romney, in a letter to the editor of Tax Notes (which I can't access because I'm not a subscriber).


The letter, by University of Texas Law School Professor Calvin Johnson, focuses on two trusts Romney has set up: one for his children, which is worth over $100 million, and an $87 million retirement trust. These trusts have grown at an enormous rate -- Johnson notes that they have been more than 10 times as profitable as Warren Buffett's investments over the same time frame. Johnson writes that Romney may have played fast and loose with the law by undervaluing Bain Capital assets that were contributed to the trusts. By undervaluing the assets, Romney could avoid paying gift taxes.

Quoting from the letter,

Misvaluation of that order of magnitude is subject to a penalty of 400 percent of the tax at issue, without regard to the subjective state of mind of the contributor. For Romney, the misevaluation penalty would be many tens of millions of dollars.
For the few voters who haven't made up their minds, this sounds like a timely reminder that Romney's 2009 tax return probably contains information that disqualifies him from the Presidency. .
 
PWC didn't smell any 'rats'. You'll forgive me if I take the word of actual non partisan specialists over that of a hack in the Hackington Puff.
 
After Romney is elected, will he be subsequently impeached because of his business and tax violations? I can imagine that we are already working on this.

Because it is important to keep this nation's political system as dysfunctional as possible.

What fun the Left will have the next four years!!

LOL
 
Oh my, you mean Calvin Johnson, the notorious anti 2nd amendment advocate and progressive Democrat is "suggesting" the IRS didn't do their job...and you believe him?

Just how blinded by ideology are you?

Pathetic.
 
An "expert" smells a rat? You almost gotta laugh when the president's treasury secretary is an admitted tax cheat. Why doesn't the "expert" sniff out rats in the Hussein administration?
 
Obama-Tax-tshirt.jpg
 
Damn troll appears to have run back under the bridge. I suspect he's embarrassed.*

*Disclaimer: Embarrassment requires some level of intellectual understanding of one's own stupidity, ergo it is entirely possible that CrapsOnHistory is not at all embarrassed.
 
Tax Expert Smells a Rat with Romney's Tax Returns


In case you missed this by Zach Carter at Huffington today (Oct 29, 2012) Breaking News and Opinion on The Huffington Post... "respected tax attorney and deficit hawk" Calvin Johnson has outlined his suspicion of major tax fraud by Mitt Romney, in a letter to the editor of Tax Notes (which I can't access because I'm not a subscriber).


The letter, by University of Texas Law School Professor Calvin Johnson, focuses on two trusts Romney has set up: one for his children, which is worth over $100 million, and an $87 million retirement trust. These trusts have grown at an enormous rate -- Johnson notes that they have been more than 10 times as profitable as Warren Buffett's investments over the same time frame. Johnson writes that Romney may have played fast and loose with the law by undervaluing Bain Capital assets that were contributed to the trusts. By undervaluing the assets, Romney could avoid paying gift taxes.

Quoting from the letter,

Misvaluation of that order of magnitude is subject to a penalty of 400 percent of the tax at issue, without regard to the subjective state of mind of the contributor. For Romney, the misevaluation penalty would be many tens of millions of dollars.
For the few voters who haven't made up their minds, this sounds like a timely reminder that Romney's 2009 tax return probably contains information that disqualifies him from the Presidency. .

Huffington Post? Wake me when you have something truthful.
 
Tax Expert Smells a Rat with Romney's Tax Returns


In case you missed this by Zach Carter at Huffington today (Oct 29, 2012) Breaking News and Opinion on The Huffington Post... "respected tax attorney and deficit hawk" Calvin Johnson has outlined his suspicion of major tax fraud by Mitt Romney, in a letter to the editor of Tax Notes (which I can't access because I'm not a subscriber).

Huffington Post? Wake me when you have something truthful.

that will be NEVER so you better set a alarm
 
After Romney is elected, will he be subsequently impeached because of his business and tax violations? I can imagine that we are already working on this.

Because it is important to keep this nation's political system as dysfunctional as possible.

What fun the Left will have the next four years!!

LOL

yeah kinda like birfers?
 
I concur, using a definite biased resource kills creditably.
I wish to God that people from both sides of the aisles would stop that bullshit. I just hopped on USMB a moment ago but I bet that there are several other posts that have posted today by folks of all political stripes using their favorites biased source because they believe their source is the truth and nothing but the truth. :mad:
We should have all USMB members sign an affidavit swearing that they will not use a biased resource or they will be penalized all of their Rep points. :D
Of course if such affidavit were used, soon USMB would be a ghost town. What to do, what to do? :confused:
 
Damn troll appears to have run back under the bridge. I suspect he's embarrassed.*

*Disclaimer: Embarrassment requires some level of intellectual understanding of one's own stupidity, ergo it is entirely possible that CrapsOnHistory is not at all embarrassed.
Not possible when embarrassment isn't even present in your repertoire of emotional responses.
 

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