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Subscribe to RSSMitt Romney's promise to release his 2011 tax return in April follows the practice of leading presidential candidates that began after Watergate. If history is any lesson, questions and criticism will continue long afterward.
For more than three decades, the major party nominees have released their income tax records. Some offered one year and others more than 10 years of returns. The same has been true for vice presidential candidates, except for Sen. Bob Dole of Kansas when he joined President Gerald Ford on the GOP ticket in 1976.
Former California Gov. Ronald Reagan broke his longstanding rule of keeping his personal finances private in July 1980 when he released his 23-page 1979 income tax return weeks before accepting the GOP nomination. Sen. Hillary Rodham Clinton weathered weeks of criticism in 2008 for not releasing tax returns showing family income after Bill Clinton left the presidency. She ultimately produced the records in April of that year after taking a pounding from her top party rival, Sen. Barack Obama.
Even after returns are released, controversies persist. Democratic Sen. John Kerry took heat in 2004 after releasing his returns because his wife, heiress to the Heinz Co. food fortune, initially refused to release hers, which were filed separately. Four years later, Republican Sen. John McCain faced similar criticism because his wife didn't release her separately filed returns, which reflected income from a Phoenix-based beer distributing company she inherited. She later released the two top summary pages of one year's return, the same that Kerry's wife had released.
Now it's Romney's turn. Texas Gov. Rick Perry, who released his own tax returns dating back to 1991, urged Romney during a debate Monday to release his. Romney, whose net worth is estimated at roughly $250 million, previously had resisted calls to release his tax returns. Anticipating a key question about his taxes, Romney disclosed Tuesday that he pays an effective federal tax rate of about 15 percent, still higher than the rate paid by many Americans.
Romney said in the debate that he will decide whether to release returns in the coming months.
"I hadn't planned on releasing tax records because the law requires us to release all of our assets, all the things we own. That I have already released," he said. Later, he added, "What's happened in history is people have released them in about April of the coming year and that's probably what I would do."
Romney's right. There is no law requiring presidential candidates to release personal tax information. Since 1978, however, they've had to disclose information about their income and some about their assets, like real estate holdings, investments and outside business interests. But those disclosures only show a range of values for assets, making it impossible to use those forms to identify a candidate's actual wealth.
He's also right that many leading candidates in recent history chose April to release their tax returns.
On Tuesday, Romney gave reporters in South Carolina more insight into his plans, saying he would release one year of his tax returns, not the six previous years that Obama released as a candidate in 2008 or even the two years that McCain released that year.
"People will want to see the most recent year," Romney said.
He said he's paid "closer to the 15 percent rate" in taxes because most of his income has come from investments and not ordinary wages, which have a top tax rate of 35 percent for those with the highest earned income.
When he ran in 2008 Romney refused to release his tax returns, and he previously had filed only state financial disclosures that described his assets in the most general terms.
Former House Speaker Newt Gingrich of Georgia has said he will release his tax returns Thursday.
Even when tax returns are released, they offer only a narrow snapshot into a candidate's financial background. But some candidates in the past, like former Georgia Gov. Jimmy Carter in 1976, have offered more specific breakdowns of their financial worth.
Some of the bigger controversies over tax returns have belonged to vice presidential candidates. Geraldine Ferraro was a little known New York City congresswoman when the Democratic nominee, Sen. Walter Mondale, chose her as his running mate in 1984. The euphoria of that history-making selection of a woman for a major presidential ticket ended abruptly when Ferraro began battling criticism over her husband's refusal to release his separately filed tax returns. After they finally relented, she faced more controversy over accounting errors and other questions in the returns.
George H.W. Bush was Reagan's vice president at the time and became one of Ferraro's biggest critics on the issue, only to face his own controversy that year when he initially declined to release three years of returns. Bush argued he couldn't release them because he had turned his personal financial affairs over to a blind trust when he became vice president. But he ultimately released the returns weeks before the 1984 election.
Dick Cheney, George W. Bush's running mate in 2000, got blasted after releasing his returns for his financial ties to a Dallas-based oil company and for charitable giving that amounted to less than 1 percent of his income. After becoming Obama's running mate in 2008, Sen. Joe Biden faced similar criticism over his charitable giving once his tax returns became public.
In 2008, Alaska Gov. Sarah Palin's tax returns for two years triggered scrutiny because Palin, then McCain's running mate, did not list per diem payments the state made to her when she stayed in her own home. She later had to pay taxes on the payments.
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It’s only an issue if you have something to hide and I’m sure the Elephant Bones lingering in the closets will sing a song that will rupture Lady Liberty’s eardrums.
Mittens will likely take a poll of how many voters that would like to see the tax docs and the poll will likely come back 100%. When anyone in the Republican Party see numbers such as this, they always have a tendency to turn them around to equal 001%. Easy math for the 1%...
The voters fall for it hook line and stinker.
Who cares about these candidates tax returns?
I care more whether they have the skills necessary to become president. Whether they have a proper platform that will move the entire nation forward - not just one particular segment of the nation.
All this dredging up of candidates pasts does nothing.
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Except when its Obamas birth certificate or college transcripts eh? Then the rightwingnut fascists worked themselves into a frenzy...but where are mittens rax returns...I want to know how to pay a 15% tax rate and still complain about taxes..
It's important because it speaks of their character, or the lack there of.
Mitt IS a tax dodger!
Taxes are essential to ensuring the BASIC GOVERNMENT SERVICES are met for the ALL THE PEOPLE (Read the Preamble and US Constitution), period! This whole Tea party and tax mentality has become the rich politicians way of negating their responsibilities to the citizens, while abusing and capitilizing on their Official position!
Our revolutionaries were NOT against taxes, they were against HOW their taxes were being absconded by a war mongering empirilistic English Monarch through a monolopolistic Tea Company who were using it for their own selfish pleasures! Historically taxes have always been HIGHER for those earning a larger incomes in order to level the tax playing field---those earning $40,000 will pay the same amount in taxes as someone earning $500K.
The true problem is, the very politicians who write our tax codes are very rich, and have been taking advantage of their Office to provide better economic opportunities for themselves...no differently than King George II and the British India Tea Company did to the Colonists! There is absolutely no balance in our government today, as it's become a personal sandbox for the rich and corporations at the expense of the very people they took an OATH to honor to serve! Office holders used to be called "PUBLIC SERVANTS" now they're corporate monarchs dressed up in suits selling everyone a bunch of political snake oil in order to buy their positiion, earn a small pittance while getting a bunch of free benies (like retirement after 6 years), then double their earning once they leave! Until those operating in the Federal Government look more like the citizens they claim to serve, we as a country will never improve or progress past some the greatnesses THE PEOPLE acheived such as ending slavery, suffrage, fair labor, civil rights......THIS IS WHAT MADE AMERICA GREAT, not how much some of greedy SOBs could absconded with off the hard work and labor of others! Ugh!
Mitt is a scumbag, like any other repulbickin.. He has something to hide, maybe how disconnected he is with the rest of the public. Tax dodgers beware.. why do you think Palin didn't run, in her quest for monetary gain this last year she fudged some sht that would never pass.. they all do it, thats the way the rich roll, they dont believe they should pay their fair share.. I say hang em..
Power to the People
Yes Mitt fleased the tax system like many others in these positions,they are voted in office to help the American people but they help themself the big business and corporations,we have see this happen to many times,and this makes voting for people like this meaningless, the working class men and women in this country get screwed all the time,hell everyone in Concress is a millionair,and we know how these rich people get away with paying their taxes.
I guess that Mr. Romney needs to apologize to folks like "J the J" and "Harry28"...simply for being very successful.
"Harry" says that Mr. Romney has "fleeced (correct spelling !) the tax system"...are you the former governor's tax accountant, Harry ???
And "J the J" states that Mr. Romney is a "scumbag" who should be "hung"...I guess that's because he has just been too darn successful !!! Either that, or "J the J" is a partner in "Harry's" tax accounting company.
The bottom line is whether or not Mr. Romney's tax returns have been completed in compliance with the US tax codes. Period.
When Mr. Romney correctly said in last night's debate "I'm not going to apologize for being successful"...I wish he added that he would have liked to have earned even more money than he did.
What a goofy country we are turning into...like there is something wrong with achieving success...something sinister and evil about it. And the more success one earns, the more evil and sinister one becomes.
Maybe we've turned into some type of "Bizarro America"...where everything is opposite of what it should be and the land is populated by green-with-envy whiners, who hold that 'success' is actually 'failure' in some convoluted "Bizarro" way.
There is no doubt about it: Mitt Romney is the pure representative of the 1%.
He does not work and gets the yearly wage of a MainSt worker in one DAY if it is true what I heard and I calculated right.When I immigrated to the USA somone told me, welcome to capitalism central. Yes, welcome to a country that blinds its people by boasting about being the land of the free. A groundless claim because one truth is not considered but valid. The rich rule over the poor and the borrower is servant to the lender, as Salomon says.
So what went wrong? You cannot serve both, God and riches says the Bible.
And in this respect the 99% of the USA are responsible as well. As long as they refuse to accept Christ as King of King, supreme lawgiver and head of all governments, they will not have a free society. Democracy is a smoke screen. It is ruled by the rich. Currently more than ever because of the huge national debt.
Watch: German preacher's thoughts on 2012
Mathias. You blind yourself to the fact Christians through BRUTE FORCED enslaved, murdered and tortured people who didn't follow their god. Please stop trying to pretend they are lily white love bunnies who spread nothing but love! Unfortunately, througout my life I have found this cult to be one of the most hypocritical back stabbing judgmental group of people haters this world could definitely do without. Love thy neighbor, unless he's gay, then your allowed to hate them. Geesh.
Peace
This year's return isn't the issue. Romney has plenty of time to not take deductions he normally would or claim income that he would normally defer. If his accountant is creative I'm sure Romney can file a return showing he is paying 40% tax rate and use that as justification for lowering taxes on the rich. I'm more interested in seeing what happens in the years when he's not running for public office.
yup, its all a game to pull the wool over the publics eyes.. whats wrong with this picture? these are the girls we elect for president? this system sucks..
power to the people
The 15% Capital Gains tax is what has caused all this new wealth. It hasn't been as low as 15% since WW2. Capital gains should be taxed at the same rate as any other income. The Mitts of the world are paying 15% while the middle class is paying 30% and everyone wonders why the wealth gap is increasing and the middle class is decreasing. It isn't rocket science people..................
There you go again...wanting to tax the job creators...of course the rightwing ninnies never ask rich people where are the jobs...they just carry the water for lower taxes...by the way thanks dummies for lowering my taxes...I'l create a job for you...I promise...lmao
yeah me too, ill create one.. i have one available for mitts wife every night if she wants it..
power to the people
somehow Im going to bet she doesnt have any rubber gloves.
Tax returns, birth certificates, business practices, ethics, control, budgets, theft, insider trading, education, history, consistency, morals etc. laws in general are difficult for those in office that is why America is tired of their dumba$$'s. All of them on both sides aren't worth a damn.
American Senators and Congressman the best money can buy. They would sell their child into prostitution if it got them re-elected.
That pretty much sums up my confidence in any of those in office.
Guess who elects them? Guess what that says about those who elect them? When competency is not a demand, and when fairness, balance, and trustworthiness are not an election criteria and typically not spoken of during the vetting process, guess who is to blame for the crude that get elected?
Even though it is not mandatory to release tax returns, it is a good idea for the public that it is done and demanded. Even if the tax returns or tax information is broad, for the experts it can tell if a presidential candidate has financial concerns that may taint the way he or she may approach certain financial issues while president.
Willard Romney is obviously part of the so called 1% and in his giving of information through his campaign he has shown an insensitivity toward an understanding of the working poor, the near working poor, and the middle class all of whom are seeing their purchasing power decrease significantly due to the ever increasing cost of gasoline, food, property taxes, and just about everything else.
From the perspective of determining how a president may approach subjects dealing with the tax code and the front door and back door tax perks for the rich and wealthy would be good to know. It would tell how that person might handle certain tax and financial issues that would be beneficial to people who are considered wealthy, and how detrimental an approach might be to the middle-class, near working poor, and the working poor.
NO it is not! For Obama NOT ONE news agency made any bones about his taxes or even tried to find out where all that money for his campaign came from.
Because he is black they are afraid of appearing raciest, so he did NOT and DOES not get the same raking over the coals as others did.
?? we saw them, he didnt make a mil.. so what? fckn sheep
You are so right Rick! I find it dispicable that Citizens have to PROVE they did something to receive a tax incentive/credit/break, oh like a pay a mortgage, before they're allowed to "claim it"...but not corporations? They must be that SPECIAL CLASS of taxpayers -- one that doesn't have to prove they actually created jobs while paying less taxes at a time our country is in mega debt! The outright SELFISHNESS of those residing on our country who feel they shouldn't have to pay taxes yet want all kinds of free benies is beyond comprehension!
Our country is under some warped delusion that Governments are free...well here's some shocking news GOVERNMENTS ARE NOT FREE---THEY'RE VERY VERY EXPENSIVE! With all the politicians, people, and corporations demanding MORE from our governments, while also demanding they paying LESS, is why we're constantly having so much turmoil! If you don't want to pay more taxes, then don't ask the government to do a thing more than what they're legally obligated by law to do! UGH!
And corporate owners need to remember they cannot be successful without a working labor force! Households are what produces the income in this country, and when they're absconding with the income earned by households any economy will slow down! This is why the Unions came about, and when you REMOVE the very mechanisms that allowed the households to prosper when they received more of the profits produced by their labor, it will go right back to where the problems originally started! Like they say... Those who forget history are doomed to repeat it!
the only reason i would like ronmey produce his tax return, is because he doesn't want to. it's called power he is proving that he has the power not to. he's a power house freak. the rep party should be asking them selves is why doesn't he want to show his tax returns? got something to hide? he don't know. all he knows is he's made lots of money and can afford to buy time.
the only reason i would like ronmey produce his tax return, is because he doesn't want to. it's called power he is proving that he has the power not to. he's a power house freak. the rep party should be asking them selves is why doesn't he want to show his tax returns? got something to hide? he don't know. all he knows is he's made lots of money and can afford to buy time.
Romney needs to turn over the last ten years of tax returns... And if any moneys are in a blind trust etc...
It is amazing how out of touch most of these politicians are... Just the money that they receive from speeches... Look at the money that Palin made after losing with McCain...
just hang him, it will make for less boring news..
Romney is tea party candidate because he is paying at most 15% on his super high income of over $30M. But there are people paying only 10% on income of over $24B. Our gdp is higher than ever but we still have a large deficit. Some say people aren't paying their fair share.
So then you think the government should put out a list of what every one should make in this country. One big list from fruit picker to president. What would be my incentive to work harder or to get the job done with in an allotted time frame. I get paid more than my peers doing the same job......because as my director put it "You work harder and more efficient than anyone in my group" Thats my incentive to work harder this year. Take that away and Im just one of the borg collective!
It's always an issue becuase it shows how they are treated differently than the other citizens of this nation. I would not be afraid to show my return, but I don't get kickbacks, special tax shelters, etc.
Mitt only agrees to showing his 2010 return ... NO GOOD! Mitt, the public wants to see your tax returns for the last 5-10 years. Got anything to hide? Sure you do, like you probably have paid much less than 15% on your overall wealth. Not condemning you for earning income ... just pay your fair share.
This just goes to show the imbalance in taxation due to the established tax laws these very politicians have managed to install into our tax system. Why have a income tax rate if investment income doesn't apply? Its for sure, if they lost money in their investments, they would write it off, and probably manage to write it off at a lot higher rate than the tax rate they pay on earned investments.
Mitt, this is where you'll show the middleclass that you have NO RESEMBLANCE to the very people you wish to vote for you.
If the IRS did its job correct..it would be an issue for all wealthy persons not just politicians!
How many offshore accounts used to "shelter money from taxes" does it take to sink a campaign? My guess is one is enough. Does New Jersey blimp support offshore tax shelters?
Mitt-bot is one of the VERY WEALTHY ELITE. He claims his tax rate is about 15% (Warren Buffet's is 17%).
Mitt's "handlers" don't want anyone to know about Mitt's wealth because something stinks about 15%! I am a middle class American and I PAY MORE than 15%.
Mitt only speaks about money in "quiet rooms" - (like the Mafia?) I don't trust him. I believe he will take VERY good care of his very wealthy elite friends but TO HELL with the rest of us!
Willard Romney was my Governor whom I had not voted for. He was much more middle of the road then and probably will come to the middle once he has beaten a very weak field in the primaries. In this day of YouTube he is hillariously amusing to watch. Once he opens his mouth in an unscripted situation his staff must run for the Excedrin...they are too elite to take plain old aspirin. I heartily opposed Mr Romney during his Senate run because of his conversions from Independent to far left of Senator Kennedy on some issues to now after disavowing Reagan he claims he is a Reagan Conservative. Mitt will always say what he thinks people want to hear and trusting that he will do anything he has said he would is hopeless fanatiscism.
The difference is pretty easy once you know that Investment income is retaxed at 15%.
i want to see romney pull a fast one. if he only turns in this years tax returns, he still has time to file and work the numbers this year to pay high taxes to make it seem like he pays soooo much, If he sdoes that he really is an idiot that we will see right through. Im sure last years returns, along with the past ten or more show less than a 15 percent rate. Like i said, hell set it up this year because he has time to figure out a way to pay 40% this years return and say with that stupid look on his face that the rich pay too much. hell only report this years return. and well know hes full of it if this happens, this guy is soooo fake and inauthentic its unreal.
I don't understand the venom being spewed here toward Romney because he's rich.
FDR (D) and JFK (D) were both rich, from rich families. They were born with the proverbial "silver spoon" in their mouths.
Do you liberals who are "hating on" Romney think that FDR and JFK were despicable men and horrible Presidents?? Did their wealth render them incapable of relating to poor people ?
On the contrary.
I certainly don't hate Romney, the flip-flopper. And I really don't care if he only paid 15%, because this was income from investments. What bothers me most is that he doesn't think the $374,000 he made in speakers fee's is very much money. That bothers me!
If you were a multi millionaire, you wouldn't think $374,000 was a lot of money either.
So what ?!
I'm a New Yorker and we have a Billionaire for a Mayor. He's done a da#n good job. His money has nothing to with it. Sometimes it even helps.
Libs don't seem to mind Obama hiding his transcripts and thesis from the public.
People like you would say they were forged and demand a stool sample. No president has ever produced transcripts, especially George Bush.
Lie. Bush's transcripts were released. Obama wants to think he's brilliant. He doesn't want the public to know the truth.
Um, they were leaked, not released. And all they proved is he was the moron we all knew him to be.
If they were leaked as you claim, then where was the criminal prosecution? And as for grades, I'll bet they are better than Obama's. Prove me wrong.
why don't the liberal bias media ask for Obombo, Pelosi, Reid, Kerry etc...and all
the demos who are making millions and all this liberal crap they are by passing
congress! Pelosi and Kerry bought healthcare stock before the vote! Obombo and
Al Gore and all their liberal friends and family and big unions with connections to
green agenda he's pushing like GE!!! Pelosi's brother in law, one of his czar's
brothers got stimulus money and owns a green energy window company and they
are failing miserable!!! come on you left wingers these demos are more power and
money hungry and corrupt and lying hypocrites making millions while we suffer with
high energy and gas, food, etc... prices while they continue to block gas oil and coal
production and putting more regulations so big unions and their friends make millions!
where's the help of the sick and the poor they care so much about? yeah with more
welfare programs and unemployment checks! there ain't no jobs!