Romney's Money & Tax Returns

On August 16, 2012 Ann Romney said on Rock Center with Brian Williams that they “have a blind trust and don’t know where their money is and their stance that more tax returns will only give them (Democrats) more ammunition”; Romney said he went back and looked at his returns and he never paid less than 13%. Ann repeated what Mitt said July 10, 2012 on Iowa Radio “My investments have been held by a blind trust and are managed by a trustee. I don’t manage them and don’t even know where they are.” He wants you to believe that he can handle the country’s finances when he doesn’t handle his own and he needed an extension for his 2011 tax return.

On August 18 Paul Ryan’s tax returns showed he paid: 2010-15.9% and 2011-20%. Ryan gave more than 2 years to Romney but they weren’t released to the public. There is no law requiring the release of tax returns or when they should be released. George Romney, Mitt’s father, started the practice in 1968-he released 12 years in his bid for the Republican Party nomination. Per the National Journal’s July 19, 2012 article we have not suffered a significant tax scandal involving a nominee or sitting president since President Richard Nixon's abuse of the tax code and his Vice President, Spiro Agnew pleading no contest in 1973 to tax evasion. But, the public became interested in the financial disclosures. Gerald Ford didn’t release any. In 1976 Jimmy Carter set the precedent for presidents and vice presidents to release their returns. In the last 36 years a minimum of 3 years of tax returns were released until 2008 when Republican nominees John McCain (released on April 18) and Sara Palin only released 2 years. Here’s the thing, Romney gave McCain 23 years of returns when he was being considered as a vice presidential candidate and had only released one until September 21; his 2011 showed he made almost $13.7 million without working a day and voluntarily paid 14.1% (didn’t fully claim the $4 million given to charity-if he had he would have paid about $500,000 less in taxes and a rate just over 10%). On July 28 Romney in regard to his 2010 tax return (made $21.6 million and paid 13.9% in taxes) said “Frankly if I had paid more (taxes) than are legally due I don’t think I’d be qualified to become President.” Take a hint from yourself Mitt.  

Back in December 2011 the Romney campaign disclosed his 5 sons had a $100 million trust fund; after checking it out Reuters September 11 report said: a special tax deal was given to those who managed investment partnerships (Bain Capital 1984-1999), the trust was created in 1995, Romney added to the trust without paying gift taxes and current law allows up to $10 million to be given free of taxes. Romney’s not following anyone’s lead when it comes to releasing tax returns but you have to give him credit for knowing how to use the law – laws he wants to keep.