Romney Lawyer Admits They Manipulated Taxes to Conform to 13% Claim

[TroyD]

SAT SEP 22, 2012

Romney’s lawyer had admitted that the Democratic accusation that Willard & Wife could have paid a lot less in taxes in 2011. BUT, the returns were manipulated to conform to Willard's claim in August that he always paid at least 13%.

The AP reported:

But, Brad Malt acknowledged, the couple “limited their deductions of charitable contributions to conform to the governor’s statement in August, based on the January estimate of income, that he paid at least 13 percent in income taxes in each of the last 10 years.”
Tax experts point out that Romney’s returns are missing a few details:

What’s missing, tax experts say, are the details of Romney’s retirement account from Bain Capital, including investments in offshore accounts in Bermuda and the Cayman Islands.

It’s a potentially important difference because the simple average treats each year equally — whether Romney earned, say, $5 million in that year or $30 million. It is especially important if Romney paid a low tax rate in a year in which he earned a lot but paid a high tax rate in years when he earned less. The weighted average would give a more accurate picture.

More:

http://www.dailykos.com/story/2012/09/22/1135307/-BREAKING-Romney-Lawyer-Admits-They-Manipulated-Taxes-to-Conform-to-13-Claim

[Cha]

1. k&r

[titaniumsalute]

2. K&R

[progressivebydesign]

3. So are they talking about the one million dollar IRA Account? Is that the one? nt

[mojo2012]

4. Can't wait for the blowout

This has been mentioned somewhat this weekend, but glossed over. Should be another good week for reporting when the MSNBC greats are back Monday (Bashir, Mathews, Shultz, Maddow, and O'Donnell)

[TroyD]

5. Interesting observations by a Tax Attorney:

Romney's dishonest tax return shows $9 million in long term cap gain from partnerships used solely to convert 35% to 15% rate

https://twitter.com/USTaxAttorney

[LittleRock]

6. if I missed this point...

Along the way, I apologize to my fellow DUers but, what about precedence? Our first president knew the great value of it. Lets say hypothetically (very hypothetically I hope) Romney wins and turns out to be the greatest president ever (I said hypothetically ). 8 years from now candidates won't release any taxes or detail any policies. The precedence has been set. I think this is more dangerous than 8 years of these creeps. And to the Neo-cons, what if the next president turns out to be a closet socialist/fascist/communist but, whoops, we didn't know because the dems went to school on the "perception is reality/wag the dog" politics thumbing THEIR noses @ transparency?

[Curmudgeoness]

7. I heard that 2011 tax return was manipulated

to get his tax rate to the 14% he paid. If he had taken all the charitable deductions available to him and taken additional deductions he was entitled to, his tax rate would have been about 10%....and he could not have that show up!

[cheezmaka]

8. Really?

Why am not "surprised?"

[sakabatou]

9. And his nose grows to even more greater length

[Iggo]

10. So when he said it, it was a lie.

Got it.

Thanks, Mr Lawyer sir.

[slydog1227]

11. Of course it was a lie

And as someone mentioned somewhere else, all he has to do is file an amended return on his 2011 taxes next year to claim a refund for the charitable deductions he chose not to claim this year. He has 3 years to amend with a refund. Of course....im sure his ethics will prevent him from doing that, don't ya think??? ;-[

[HopeHoops]

12. K&R - You weren't expecting the truth now, were you?

[Quantess]

13. K & R