General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWas Mitt given amnesty?
Two Daily Kos posts by the same diarist explore the possibility.
CBS Reports a Daily Kos Hypothesis: Romney Avoided Prison via '09 Tax-Cheat Amnesty
http://www.dailykos.com/story/2012/09/25/1136121/-CBS-Reports-a-Daily-Kos-Hypothesis-Romney-s-Avoided-Prison-via-Tax-Cheat-Amnesty
Dark Secret in Romney's Missing Tax Files: "Amnesty" from Prison for Top-1% Tax Cheats?
http://www.dailykos.com/story/2012/09/23/1135424/-Dark-Secret-in-Romney-s-Missing-Tax-Files-Amnesty-from-Prison-for-Top-1-Tax-Cheats
While I doubt jail was in play, tax evasion is one of the issues related to Mitt's tax returns that should be kept on the radar.
"The GOP candidate failed to include...Swiss bank account on...personal financial disclosure forms"
http://www.democraticunderground.com/10021205969
Paul Ryan called Cayman Islands 'the place where you hide your money'
http://www.democraticunderground.com/10021406199
A TPM piece from July and a Think Progress piece from August:
Brian Beutler
Renewed interest in Mitt Romneys now-closed Swiss bank account has created a parlor game among experts and political junkies who would love to know why on Earth Romney had a Swiss bank account in the first place, and whether he paid taxes to the U.S. government on the money and interest in a timely manner.
Romneys unwillingness to disclose more information about his finances has fueled speculation that Romney used the account to hide money from the IRS, and may have even had to avail himself of an amnesty program that allowed U.S. owners of certain Swiss bank accounts to come clean to the government without facing legal recriminations. (The Romney camp is now specifically denying that his UBS account was connected to the IRS investigation and the amnesty program.)
But even if Romney paid his taxes as required, the question becomes, Why would a person with national political ambitions open himself to the political risks associated with having a Swiss bank account in the first place? Plus theres another hitch: Why run the risk for an account that was relatively small? It was open on behalf of Ann Romneys blind trust in 2003, held about $3 million, and generated a mere $1,700 of interest in 2010. Big bucks for ordinary folks, but not for Romney.
High risk/low reward isnt exactly Mitts style personally or professionally. So what gives? Tax experts Ive been talking to have some interesting and plausible theories about how Romney found himself in this mess. Emphasis on theories.
Theory #1: Romney was actually helping some of Bains foreign investors avoid U.S. taxes and scrutiny not himself.
<...>
Theory #2: Romney and his financial advisers lost track of the Swiss account.
- more -
http://talkingpointsmemo.com/archives/2012/07/experts_best_guesses_on_romneys_swiss_bank_account_1.php
By Pat Garofalo
<...>
Leaving aside that Romney expects everyone to simply take his word for it that this is true, there are still many questions that cant be answered without seeing Romneys tax returns. Here are seven:
1) What kind of taxes? Does that 13 percent cover income taxes, capital gains taxes, or some combination? By Romneys own admission, nearly all of his income comes from investments (so the low capital gains tax rate helps him drive his overall rate far below that of many middle-class families).
2) What sort of deductions did Romney employ? <...>
3) How did Romneys IRA grow so large? <...>
4) What sort of offshore tax strategies does Romney use? While Romney was on the executive committee of Marriott, the company employed complex strategies known as Son of Boss to dodge taxes, prompting consequences with the IRS. Did Romney use a similar strategy for his own taxes?
5) Was Romneys Swiss bank account disclosed on all tax returns for all years? <...>
6) Did Romney participate in the IRSs settlement initiative for undeclared offshore financial accounts (the amnesty)? In 2009, the IRS gave American citizens a window to declare their Swiss bank accounts and avoid prosecution for tax dodging, before it launched a crackdown on foreign accounts. As Slates Matt Yglesias wrote, Romney might well have thought in 2007 and 2008 that there was nothing to fear about a non-disclosed offshore account hed set up years earlier precisely because it wasnt disclosed. But then came the settlement and the rush of non-disclosers to apply for the amnesty.
7) Why did Romney invest in Houston rental real estate that was explicitly marketed as a tax shelter? <...>
- more -
http://thinkprogress.org/economy/2012/08/16/700611/romney-seve-tax-return-questions/
Tax professionals have doubts about Romney's tax returns
http://www.democraticunderground.com/1002978581
[font color="black" size="12" face="arial"]What is Mitt hiding?[/font]
porphyrian
(18,530 posts)spanone
(135,636 posts)Jackpine Radical
(45,274 posts)spanone
(135,636 posts)lonestarnot
(77,097 posts)ProSense
(116,464 posts)onehandle
(51,122 posts)'I have paid all the taxes required by law. I don`t pay more than are legally due. Frankly, if I had paid more than are legally due, I don`t think I`d be qualified to become president.'
Either he took advantage of the 'amnesty' or he's not qualified to be President.
ProSense
(116,464 posts)1-Old-Man
(2,667 posts)malaise
(267,823 posts)Scootaloo
(25,699 posts)FailureToCommunicate
(13,989 posts)Seems like acknowledging guilt to get the deal would pretty much disqualify him to run for President
ProSense
(116,464 posts)magical thyme
(14,881 posts)2009 amnesty meant owning up to the hidden money and paying all back taxes, interest and penalties owed in exchange for no prosecution.
It would also explain how Romney could have paid zero federal income taxes for some number of years and then have a summary that shows an average rate of 14%.
Big chunk of change paid in '09 for all the years he paid nothing...
FailureToCommunicate
(13,989 posts)little face.
That wouldn't sit well with either the 47%-ers OR the 53%-ers.
unblock
(51,974 posts)the 47% of the country who are too lazy to open up swiss bank accounts and illegally evade federal income taxes don't get amnesty because it's not a gift from the government! you have to EARN it!
Hubert Flottz
(37,726 posts)This guy is a walking crime wave, IMHO.
Spazito
(49,765 posts)it is well worth watching, imo. Here's the link:
http://www.msnbc.msn.com/id/45755883/vp/49157669#49157669
ProSense
(116,464 posts)spanone
(135,636 posts)bigtree
(85,919 posts)David Shuster ?@DavidShuster
It is time for reporters covering @mittRomney to question him re tax amnesty. http://huff.to/Sf6fIE
Paul Abrams: What Romney's Hiding: 'It's the Amnesty, Stupid':
http://www.huffingtonpost.com/paul-abrams/what-romneys-hiding-its-t_b_1908104.html?utm_hp_ref=tw
MADem
(135,425 posts)porphyrian
(18,530 posts)lonestarnot
(77,097 posts)porphyrian
(18,530 posts)lonestarnot
(77,097 posts)porphyrian
(18,530 posts)leveymg
(36,418 posts)Laurajr
(223 posts)Made me smile and I didn't even have my coffee yet. It brings all kinds of images in my mind too bad it would be a cushy white collar minimum security type incarceration. He really makes me that angry.
ananda
(28,783 posts).. would not be surprised.
PearliePoo2
(7,768 posts)Given the chance, will anyone actually pose this question to him?
Will any of the debate moderators ask this? (I doubt it) Can Obama find a way to bring it up? (I don't see how)