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ProSense

(116,464 posts)
Tue Sep 25, 2012, 08:55 AM Sep 2012

Was 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:

Experts’ Best Guesses On Romney’s Swiss Bank Account

Brian Beutler

Renewed interest in Mitt Romney’s 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.

Romney’s 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 there’s another hitch: Why run the risk for an account that was relatively small? It was open on behalf of Ann Romney’s 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 isn’t exactly Mitt’s style personally or professionally. So what gives? Tax experts I’ve 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 Bain’s 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


Seven Tax Return Questions Mitt Romney Left Unanswered Today

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 can’t be answered without seeing Romney’s tax returns. Here are seven:

1) What kind of taxes? Does that 13 percent cover income taxes, capital gains taxes, or some combination? By Romney’s 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 Romney’s 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 Romney’s Swiss bank account disclosed on all tax returns for all years? <...>

6) Did Romney participate in the IRS’s 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 Slate’s Matt Yglesias wrote, “Romney might well have thought in 2007 and 2008 that there was nothing to fear about a non-disclosed offshore account he’d set up years earlier precisely because it wasn’t 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]





37 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Was Mitt given amnesty? (Original Post) ProSense Sep 2012 OP
. n/t porphyrian Sep 2012 #1
k&r... spanone Sep 2012 #2
Ditto. (nt) Jackpine Radical Sep 2012 #3
a man who wishes to be President of the u.s. needs to be transparent. this guy is anything but. spanone Sep 2012 #4
He's a damn felon! lonestarnot Sep 2012 #5
Mitt needs to release his tax returns. n/t ProSense Sep 2012 #16
Clearly he was. He said it himself... onehandle Sep 2012 #6
What is Mitt hiding? ProSense Sep 2012 #8
K&R 1-Old-Man Sep 2012 #7
Pope Catholic? malaise Sep 2012 #9
The current one is Sith, actually. n/t Scootaloo Sep 2012 #30
LOL malaise Sep 2012 #32
Do people know whether admission of guilt was part of the amnesty 'deal'? FailureToCommunicate Sep 2012 #10
Amnesty would confirm tax evasion, whether he admits it or not. n/t ProSense Sep 2012 #15
yes. magical thyme Sep 2012 #17
Ah, I see... so Romney would have zero tax AND tax fraud dripping off his sorry FailureToCommunicate Sep 2012 #21
he wasn't GIVEN amnesty! he EARNED it! unblock Sep 2012 #11
How many wives and dependants is he hiding? Hubert Flottz Sep 2012 #12
Lawrence O'Donnell had a VERY interesting segment last night on this issue re Romney... Spazito Sep 2012 #13
Kick! n/t ProSense Sep 2012 #14
kicking spanone Sep 2012 #18
It is (past) time for reporters covering Romney to question him re tax amnesty bigtree Sep 2012 #19
+1,000,000! nt MADem Sep 2012 #33
We need to keep asking this. n/t porphyrian Sep 2012 #20
Yes we do! lonestarnot Sep 2012 #22
I'd bet he was, but I'm broke and no one would take the bet anyway. n/t porphyrian Sep 2012 #23
So you wouldn't go 10 K egh? lonestarnot Sep 2012 #24
Like Romney? Not today. n/t porphyrian Sep 2012 #25
Probably the most compromised candidate since Richard Nixon. eom leveymg Sep 2012 #26
Mitt in prison Laurajr Sep 2012 #27
Enquiring minds want to know and.. ananda Sep 2012 #28
Well, he isn't exactly making himself available to be asked this question, is he? PearliePoo2 Sep 2012 #29
That's a damn fine question to keep asking. n/t porphyrian Sep 2012 #31
You mean Romney WAS DEPENDENT ON A GOVT PROGRAM????? WinkyDink Sep 2012 #34
americans deserve to know. spanone Sep 2012 #35
Yes they do! lonestarnot Sep 2012 #36
Kick! n/t ProSense Oct 2012 #37

onehandle

(51,122 posts)
6. Clearly he was. He said it himself...
Tue Sep 25, 2012, 09:33 AM
Sep 2012

'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.

FailureToCommunicate

(13,989 posts)
10. Do people know whether admission of guilt was part of the amnesty 'deal'?
Tue Sep 25, 2012, 11:04 AM
Sep 2012

Seems like acknowledging guilt to get the deal would pretty much disqualify him to run for President

 

magical thyme

(14,881 posts)
17. yes.
Wed Sep 26, 2012, 09:04 AM
Sep 2012

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)
21. Ah, I see... so Romney would have zero tax AND tax fraud dripping off his sorry
Wed Sep 26, 2012, 09:49 AM
Sep 2012

little face.

That wouldn't sit well with either the 47%-ers OR the 53%-ers.



unblock

(51,974 posts)
11. he wasn't GIVEN amnesty! he EARNED it!
Tue Sep 25, 2012, 11:23 AM
Sep 2012

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!






bigtree

(85,919 posts)
19. It is (past) time for reporters covering Romney to question him re tax amnesty
Wed Sep 26, 2012, 09:05 AM
Sep 2012

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

Laurajr

(223 posts)
27. Mitt in prison
Fri Sep 28, 2012, 07:59 AM
Sep 2012

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.

PearliePoo2

(7,768 posts)
29. Well, he isn't exactly making himself available to be asked this question, is he?
Fri Sep 28, 2012, 08:07 AM
Sep 2012

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)

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