And the Wahington Post, a well known Liberal Media Outlet, scores
Reid 4 Pinocchios on his claims about Romney's Taxes.
The Fact Checker
— Senate Majority Leader Harry Reid (D-Nev.), on the floor of the U.S. Senate, Aug. 2, 2012
Reid has generated a lot of controversy with his claim that presumptive GOP nominee did not pay any taxes for 10 years. He originally told the Huffington Post that a person who had invested with Bain Capital had called his office and told him this. Then, he told reporters in Nevada that “I have had a number of people tell me that.”
Reid has refused to identify his source (or sources). Romney and his campaign aides have emphatically denied the charge but Reid has stood firm. “I don't think the burden should be on me,” he said. “The burden should be on him. He's the one I've alleged has not paid any taxes.”
This whole exchange poses a fact-checking conundrum. Generally, we maintain that the person or the campaign making the charge must back it up. Reid has refused to provide any evidence, except for the (unproven) fact that someone called him up and told him something that may be true — or simply a rumor.
But we can still examine how credible this rumor might be.
The Facts
Romney has refused to release more than two years of tax returns. Most presidential candidates in recent years have released more than two years of returns, so Romney may be paying a political price for failing to release more.
But RomneyÂ’s 2010 return and his estimated 2011 return do show that he paid substantial taxes in those years. In 2010, he earned nearly $22 million, including $3 million in taxable interest, nearly $5 million in dividends and more than $12 million in capital gains. He reduced his taxes by giving $3 million in charitable contributions (much of it in appreciated stock, when shielded him from paying additional capital gains.)
In other words, this tax return shows a portfolio that is not structured to yield zero taxes. We spoke to a number of tax experts, all of whom said that, given Romney’s current portfolio, it was highly improbable for Romney to have had 10 years with taxfree returns — though there could have been one or two years with little or no taxes.
4 Pinocchios for Harry Reid’s claim about Mitt Romney’s taxes - The Washington Post