What is Romney hiding?

[barts]

So far, Mitt Romney has refused to release many of his tax returns. What is he hiding? Why does he not want American voters who he is asking to make him the most powerful person in America to fully understand who he is and his past?

Reid quadruples down on Romney: I had a 'credible source'. According to Senate Majority Leader Harry Reid,

There is a controversy because the Republican presidential nominee, Governor Mitt Romney, refuses to release his tax returns. As I said before, I was told by an extremely credible source that Romney has not paid taxes for ten years. People who make as much money as Mitt Romney have many tricks at their disposal to avoid paying taxes. We already know that Romney has exploited many of these loopholes, stashing his money in secret, overseas accounts in places like Switzerland and the Cayman Islands.

If Mitt Romney is not prepared to let American voters thoroughly vet him, they should not vote for him.

[Darklordabc]

I heard he also has refused to hand his diary over to the press. How can we know who this man is without reading his diary?!

[Senor Hoint]

Because tax returns and diaries are the same thing...

[Trojan_Ripper]

I think Harry Reid should tell us his source of Romney not paying taxes for 10 years. If this can be proven then Romney needs to explain to the American citizens how he did it....legally of course.

I really don't care how rich Romney or Obama, or even McCain was the last election when this was used, as long as everything was legal.

If Reid is just lieing/bullshitting and allowed to just say anything he wants without proof, then he cannot be trusted as an elected official and should be impeached. Romney is not an elected official of our country at this time and has not done anything wrong by not releasing his old tax returns. The onus is now on Reid who should have kept his crack shut.

[HoleyCarbonGrid]

I think Harry Reid should tell us his source of Romney not paying taxes for 10 years. If this can be proven then Romney needs to explain to the American citizens how he did it....legally of course.

And if it wasn't completely legal?

I really don't care how rich Romney or Obama, or even McCain was the last election when this was used, as long as everything was legal.

If Reid is just lieing/bullshitting and allowed to just say anything he wants without proof, then he cannot be trusted as an elected official and should be impeached. Romney is not an elected official of our country at this time and has not done anything wrong by not releasing his old tax returns. The onus is now on Reid who should have kept his crack shut.

I think there are a few important issues here for voters.

First, is if Romney has followed applicable tax law to his earnings; with the number of tax loopholes and off-shore tax shelters available, it seems likely (and is clear from the one tax return Romney has released) that he's paid far less in taxes proportional to his earnings than the average American. While the return that has been released doesn't appear to show any illegal activity, it does show some unsavory conduct aimed at increasing his personal wealth by not contributing his fair share to the government of this country. It would be nice to know if that's a years (or decades) long trend, or if he's engaged in any illegal activity to avoid taxation on his massive fortune.

Second, is that not releasing tax returns allows Mitt Romney to easily be painted in a bad light by Democrats: as someone who's rich and disconnected from the struggles of middle- and lower-class Americans. Given the lengths Romney has gone to try to distance himself from that image - including not attending the event at the Olympics of the horse his wife owns (as it could be perceived that dressage is a "rich people's sport,") - that he doesn't just release the tax returns and attempt to end the controversy only fuels the fire. Whether he's done anything unsavory or not, the controversy exists because he says he doesn't have anything to hide - and yet doesn't release the records to corroborate his statements.

Third is whether or not there's a conflict of interest between Mitt Romney's economic plans, should he win the Presidency, and his outstanding wealth. The President should be a public servant - not someone who continues to perpetuate the lowest marginal tax percentage in history for rich people because he happens to be a rich person. Whether or not Romney's planned economic policy is entirely self-interested or not is politically irrelevant - all one has to do is make the argument that he wants to keep tax rates low on rich people to benefit himself, and it paints him in a bad light.

On the whole, the issue of Romney's wealth isn't (in my opinion) a truly important issue in the 2012 election. However, not opening up his records only allows controversy to continue and provides fodder for Democrat attack ads - so it's a politically unwise strategy that Romney seems intent on maintaining. In which case, it does beg the question: does he have something to hide? I didn't originally think so - but the continued insistence that he's not going to release records starts to make one wonder....

[Senor Hoint]

The real problem as I see it isn't whether he did anything illegal--it's the fact that the deck is stacked such that it allows millionaires to pay smaller effective rates than normal people.

[brendand]

If Reid is just lieing/bullshitting and allowed to just say anything he wants without proof, then he cannot be trusted as an elected official and should be impeached.

Impeachment would require evidence of lying. This evidence would be found in Romney's tax returns.

Romney put himself in this position through his untraditional approach. Anyone can basically claim anything because at this point it is just one person's word versus another's.

It seems to me that Romney would have a lot to gain (politically) by releasing clean, legal tax returns. I am having a hard time finding the republican defense for Romney not disclosing them (particularly odd as it is a tradition created by his father). Unless they are worse than the ones he has released thus far (which have some iffy, yet legal, details in them), he could probably gain more traction by just releasing them. Otherwise, it has become a big deal needlessly (which is what republicans would like to think, I'm sure)...

[Trojan_Ripper]

First, is if Romney has followed applicable tax law to his earnings; with the number of tax loopholes and off-shore tax shelters available, it seems likely (and is clear from the one tax return Romney has released) that he's paid far less in taxes proportional to his earnings than the average American. While the return that has been released doesn't appear to show any illegal activity, it does show some unsavory conduct aimed at increasing his personal wealth by not contributing his fair share to the government of this country. It would be nice to know if that's a years (or decades) long trend, or if he's engaged in any illegal activity to avoid taxation on his massive fortune.

Well lets say he has followed “applicable tax law” since there is no reason to think otherwise and also agree with your statement of that his tax return “doesn’t show any illegal activity”. If he used applicable and legal tax loopholes what is the problem? Having a fortune of 200 million dollars? If you have a fortune of 14 million and use the same legal loopholes is that somehow different? Maybe tax reform should be a major point in this election. Maybe a flat tax?

Second, is that not releasing tax returns allows Mitt Romney to easily be painted in a bad light by Democrats: as someone who's rich and disconnected from the struggles of middle- and lower-class Americans. Given the lengths Romney has gone to try to distance himself from that image - including not attending the event at the Olympics of the horse his wife owns (as it could be perceived that dressage is a "rich people's sport,") - that he doesn't just release the tax returns and attempt to end the controversy only fuels the fire. Whether he's done anything unsavory or not, the controversy exists because he says he doesn't have anything to hide - and yet doesn't release the records to corroborate his statements.

I agree that the democrats like using tax returns to paint their adversary in a bad light. They use it frequently hoping that the American public won’t realize that they themselves are millionaires and use the same tax loopholes to their advantage. Being rich and being a politician is not a diesease that effects just one party.

He doesn’t have to release anymore tax returns. If he has done anything illegal I’m sure the IRS would have already proven this and he wouldn’t be walking around with secret service details while running for president of our country. The Democrats want to paint Republicans as being rich fat cats that don’t care about the average citizen when in actuality they belong to the same club.

I would gladly back any idea that required ALL of our polititicians to show their tax returns for the last 10 years including Romney. How do you think that would go over? But it would only be fair wouldn’t it, while allowing us all to see the real behind the scenes money actions of our elected?

Third is whether or not there's a conflict of interest between Mitt Romney's economic plans, should he win the Presidency, and his outstanding wealth. The President should be a public servant - not someone who continues to perpetuate the lowest marginal tax percentage in history for rich people because he happens to be a rich person. Whether or not Romney's planned economic policy is entirely self-interested or not is politically irrelevant - all one has to do is make the argument that he wants to keep tax rates low on rich people to benefit himself, and it paints him in a bad light.

Really the only comment I have to say about this I have already pointed too. Does our sitting president fall into your category of having outstanding wealth? What is your line of considered wealth and why? Also do you really believe Romney wants to keep tax rates low on rich people to benefit himself? Really?

Painted in a bad light I agree….but by those who are already covered in paint themselves.

On the whole, the issue of Romney's wealth isn't (in my opinion) a truly important issue in the 2012 election. However, not opening up his records only allows controversy to continue and provides fodder for Democrat attack ads - so it's a politically unwise strategy that Romney seems intent on maintaining. In which case, it does beg the question: does he have something to hide? I didn't originally think so - but the continued insistence that he's not going to release records starts to make one wonder....

I agree about the (non) importance of the issue of Romney’s wealth. I also believe the Democrats just screwed themselves by letting Harry Reid make his statements which now throws the onus back on them like I stated earlier. Romney doesn’t have to show, he is not an elected official. Harry Reid is elected and has some proving to show the American voter for his comments. Why not just show us his proof and we can forget about Romney proving anything.

I guess it boils down to WHO is hiding What.

[HoleyCarbonGrid]

Well lets say he has followed “applicable tax law” since there is no reason to think otherwise and also agree with your statement of that his tax return “doesn’t show any illegal activity”. If he used applicable and legal tax loopholes what is the problem? Having a fortune of 200 million dollars? If you have a fortune of 14 million and use the same legal loopholes is that somehow different? Maybe tax reform should be a major point in this election. Maybe a flat tax?

Tax reform is important. A flat tax, on the other hand, is problematic; but that's neither here nor there.

Using legal tax loopholes doesn't mean that a person - Democrat or Republican, super-rich or just a little rich - is really paying their fair share; they're just wealthy enough (or, occasionally, smart enough) to find and exploit those loopholes. So while legally there isn't a problem, I think a number of people - including myself - find such practices unsavory; after all, if I can't shelter my meager savings in Switzerland and avoid taxes on it, why should others be able to?

I agree that the democrats like using tax returns to paint their adversary in a bad light. They use it frequently hoping that the American public won’t realize that they themselves are millionaires and use the same tax loopholes to their advantage. Being rich and being a politician is not a diesease that effects just one party.

Which is ironic, given that it's Republicans - and notably George Romney - that really started the whole "financial disclosure," obsession. But yes, politicians from both parties are often extremely wealthy, and often take advantage of every financial trick they can to avoid paying taxes (as much as possible).

However, Democrats - at least in recent years, and certainly in Presidential elections - have a much better track record of financial disclosure than Republican candidates. That doesn't necessarily mean anything; just noting the irony.

Candidates have history of releasing tax returns | Election Center - Home

He doesn’t have to release anymore tax returns. If he has done anything illegal I’m sure the IRS would have already proven this and he wouldn’t be walking around with secret service details while running for president of our country. The Democrats want to paint Republicans as being rich fat cats that don’t care about the average citizen when in actuality they belong to the same club.

He doesn't have to - he's certainly met the minimum requirements for a Presidential candidate - but again, that he doesn't only begs the question.

I would gladly back any idea that required ALL of our polititicians to show their tax returns for the last 10 years including Romney. How do you think that would go over? But it would only be fair wouldn’t it, while allowing us all to see the real behind the scenes money actions of our elected?

I'd have absolutely no problem with that - including making it law.

Really the only comment I have to say about this I have already pointed too. Does our sitting president fall into your category of having outstanding wealth? What is your line of considered wealth and why? Also do you really believe Romney wants to keep tax rates low on rich people to benefit himself? Really?

Obama is certainly wealthy. As is Romney - and I'm not saying Romney only wants to keep tax rates low on the rich to benefit himself (I think it's actually out of the misguided belief in "trickle-down economics,"). What I am saying is that it's rather easy to paint Mitt Romney's economic policies as resulting from self-interest, as much or more than interest in helping the American people - and that's politically bad.

I agree about the (non) importance of the issue of Romney’s wealth. I also believe the Democrats just screwed themselves by letting Harry Reid make his statements which now throws the onus back on them like I stated earlier. Romney doesn’t have to show, he is not an elected official. Harry Reid is elected and has some proving to show the American voter for his comments. Why not just show us his proof and we can forget about Romney proving anything.

I guess it boils down to WHO is hiding What.

Supposedly, Reid's source is an investor from Bain Capital.
Harry Reid Romney Tax Tipster 'Is A Credible Person,' New Source Tells CNN (VIDEO)

Again, it's not exactly that Reid was right to say whatever the hell he wanted - but the questioning of Romney's financial maneuvering is not going to stop until he releases additional returns. That he refuses to do so will only intensify the questioning - and ultimately, it's a politically bone-headed strategy. It does not help him politically; it does not hurt the Democrats politically to ask for additional tax returns.

If I'm Mitt Romney's campaign manager, I'm telling him to release additional tax returns - like, yesterday - because it can only hurt worse the longer he holds out. Another month or two, and it may actually matter to people - and start influencing polls (currently, it's really a side-issue). So why hold out?

[The Decider]

Mittens is dumb. Plain dumb. He fell right into the trap laid for him by Harry Reid and Friends. Everyone saw the trap. It, unlike Mittens' tax returns, wasn't hidden at all.

The plan was beautifully simple: just keep the dolt talking about his tax returns, complaining about Harry's allegations about his tax returns, telling Sean Hannity about Harry talking about his tax returns, promising America that he paid his taxes in his tax returns, pleading for everyone to believe that he paid his fair share of taxes in his tax returns. Tax returns, tax returns, tax returns. Was the money in those Swiss bank accounts reported in his tax returns? Did the Cayman Island money transfers make it into his tax returns?

Today, finally, Romney told the world that he paid all of his taxes. Really? Would those be income taxes that many of us schlubs pay to Uncle Sam every year or the bain of any common man, investment/dividend taxes? Rmoney didn't say. Funny that. Because I think average Americans, the independent kind and even a few economically distressed teabaggers, would be interested to know if the possible next President of the United States paid income taxes or not. For the last 10 years!

Harry just wants to know. "Prove me wrong, Mitt. I'm not running for president, you are. Just release those tax returns and embarrass me. Give it go, sport." And so, three months before the election, Mitt has to defend not releasing 10 years of tax returns, something that his own FATHER did many years ago to his credit.

Why didn't Mittens listen to his father? Or follow Obama's example? When confronted with wingnut birthers he released his birth certificate, got official approval from his state of birth, Hawaii, and received sympathy even from diehard enemies like John McCain. "Birther" now is just a euphemism for batshit crazy. Tax Returner will not go away so easily without those tax returns.

[Yarn]

He lobbied in 2007 to keep his taxes below 15%. It isn't just a case of him taking advantage of corrupt law, it is him playing a role in promoting it.
Indecision 2012 - I Know What You Did Last Quarter - The Daily Show with Jon Stewart - 01/24/12 - Video Clip | Comedy Central

[Angry Citizen]

It's very doubtful he didn't pay any taxes for the past ten years. It's more likely he just paid a low rate, and doesn't want that fact known. But I don't see the big deal. We know Mitt and friends dodge tax rates. He released his last tax return, so this is common knowledge. I see this as an attempt to embarrass Mitt further - and though it's vaguely shameful, it's also vaguely enlightening.