• If Mitt Romney Releases His Tax Returns He Could Be the Next Richard Nixon

    By | July 19, 2012

    As we all know, 1% posterboy and GOP presumptive presidential nominee Mitt Romney hasn't released any of his tax returns. Check that – he hasn't released in tax returns that anyone cares about. Mittens is of the opinion that 2010 and 2011 are the only tax returns we need to see. Many people disagree.

    As we've stated, what we're likely to learn about Willard if he does release more tax returns is that, over the years, he made a lot of money, donated a lot of money, made a lot of money, called Massaschusetts his home, and MADE A METRIC ASSTON OF MONEY. This will enrage many people because, well, people that aren't rich don't like rich people legally avoiding taxes and other things of that nature that rich people do. Call me crazy, but that is dumb. Mitt Romney would not have gotten as fabulously wealthy as he did if he did use all the advantages at his disposal, which includes hiring people to help him navigate our byzantine tax system.

    So it doesn't make sense when a man who is running on his business acumen doesn't embrace this opportunity to show people just how fucked up the tax system is by pointing to his own situation. It's as easy as saying, "Look! I'm a rich guy. Look what I paid people to do over the years. This is madness. As President, I can fix this," or something along those lines.

    Joe Thorndike, a tax historian with Tax Analysts, makes this point in a Wall Street Journal op-ed by drawing a historical comparison of Romney with our 37th President, Richard Milhous Nixon.

    Now, I know what you're thinking; another Watergate would be a HOOT but Joe has something else in mind:

    If [Romney] can survive the firestorm of ginned-up outrage that's sure to follow a major release [of his tax returns], then a newly inaugurated President Romney might be well positioned to lead the charge for real tax reform. If only an ardent anticommunist like Nixon could go to China, then maybe only a pro-business Republican with lots of experience in legally avoiding taxes can get American taxpayers out of the Caymans.

    Again, call me crazy but that just might work. So c'mon, Mitt. Just let us have 'em. If you don't, you might end up like Tricky Dick anyway – sweating in the debates.

    Romney Should Release His Tax Returns [WSJ]

    • Guest

      My hunch is that Romney took big losses in the stock market in ’08 and ’09, and these losses allowed him to pay no taxes at all those years.  Romney doesn’t want anyone to see his tax returns from those two specific years because they would undermine his entire argument that the rich pay too much in taxes.

      • Tax Nerd

        I agree, and if not stock market losses, some “on paper” loss related to Bain.  Something legal, but that wouldn’t look good to the average undecided voter.

      • Pinkerton

        Romney had no taxable capital gains in 2009 (he had a carry forward loss according to his 2010 return).

        His effective rate was probably near 10% or so for 2009, but I can’t imagine Romney not paying any taxes (knowing how much interest income/taxable dividends, etc he received in 2010).

    • Itsjustme

      What the problem is, is normal americans dont know shit about finance or taxes.  Legal deductions to mean anything to these people because they just think it’s another rich guy scamming the system.

      These nonsavy finance people also go around saying Bain and mitt romney are the worst thing in the world.  They destroyed america, outsourced jobs and drove companies into bankruptcy.  This simply isn’t true.  Why are people even getting on Bain?  They aren’t even the biggest player in the game.  Get on KKR, or Blackstone, or GS, or any of the other huge firms that deal extensively in LBO’s. 

      I love the argument that he outsourced jobs.  Well why the hell not?  Who the f would stay in the USA when it doesn’t make fiscal sense to?  The US has one of the highest corporate tax rates.  Why stay?  So we can cater to the unions and be paying a guy $80 an hour to push a button on an assembly line.  Make it attractive to have jobs in the US and firms will stay.  Besides, I mean who hasn’t called up Dell and gotten a poor english speaking guy from india.  Every firm does it.

    • Accountability

      Tribune reports that original capital for Bain came from overseas investors, esp funds based in Panama, the money laundromat of choice in the 1980s.

    • $19577774

      This idea assumes that Mitt Romney has political courage. He has demonstrated no such thing to this point.

      Also, why would Mitt Romney (and the Republicans) want to reform the tax code? Is our tax code not working well for the wealthy?

      • Accountantfor1

         and obama has shown “political courage?”  Obama is more interested in campaigning then getting this country back on track.  He has no record to stand on and will do anything to draw the attention away from himself and his lack of a political record.  This guy has got to go.

        • Guest

           So you aren’t disputing that Mitt doesn’t show any political courage?  If we’re in agreement that neither candidate is good, what’s the point of replacing Obama with his equally inept challenger?

          • Accountantfor1

             So we should keep a president in office who has continued to basically do nothing?  A president is a leader.  Let’s put a person in office who has more experience than just working for a community service organization and a few years in the senate. 

            It’s about time we put someone in office who is a businessman.  Enough of these career government workers.  Let’s get capitalism back and stop this socialist bullshit.

            • Keepin_it_real

              Why would a businessman be a great president? It’s easier to get things done when you tell people to do some thing and they do it because you’re responsible for their paychecks. It’s a little bit harder when you have 100 senators and 435 representatives who aren’t going to listen to a word you say unless you do something for them.

        • $19577774

          Sean Hannity, is that you? Obama has passed legislation that is unpopular (eg “Obamacare”) because he thought it was right. You probably think Obamacare is terrible, but can you imagine Mitt Romney ever (intentionally) doing or saying something unpopular because he believes it is right?

          • Accountantfor1

            Go ahead, name some more things he passed.  So the one thing he passed it something that will cost billions of dollars during a continued economic crisis, AND it is extremely unpopular.  Yea the sign of a great president.

            Obama did inherit the deficit but he sure as heck hasn’t taken the necessary steps to improve it.

            • Keepin_it_real

              Repealed DADT. Didn’t really cost anything, gave gays in the military more rights, and was the right thing to do.

            • $19577774

              He ended that clusterfuck of a war in Iraq.

            • GuestERNIE

              B4V, and pushed the gas pedal on the war in Afghanistan. So what’s your point?

            • Boringflamewars

              B4V – come on, you have more time on your hands, Obama ended the war? Really? So why’d it take him so long then? do a little homework man. Also, answer the point on Afghanistan or the “something had to be done” bombings in Africa,

              But I take comfort in the fact he passed ridiculously bad healthcare reforms because he believed in them. Makes insolvency feel better.

              Oh and DADT… Zzzz…. Jesus Obama didn’t support gay marriage until he knew it wouldn’t hurt him. I mean fuck, criticize Romney, you guys have good points, but what a joke defending this guy.

            • $19577774

              I’m not going to discuss what was good legislation or what was bad legislation, because I know the general rule with Republicans is that they are against anything Obama is for, and for anything he is against. Its completely predictable what the Republican response will be whenever Obama says anything. The point I was making is that Obama has done things that required political courage. Ending the Iraq War was one example. Of course, everyone now thinks the Iraq war was a mistake, but for many years ALL the Republicans were enthusiastically for it, and they labeled anyone against it unpatriotic. Obama was against the war when the war was popular. Obama also spent a lot of political capital in passing healthcare reform. Most people in this country still hate gays, even if they won’t admit it publicly, and Obama has done several things to advance gay rights. Obama made the highly politically risky call to kill Osama bin Laden. If that Osama mission failed, it would have effectively ended Obama’s presidency. I can’t imagine Romney ever doing anything politically courageous because he doesn’t seem to really believe in anything. That’s all I’m saying.

          • Guest

            Actually I can imagine one thing.  I can definitely see Romney doing everything in his power to stop medical marijuana, even though it has widespread public support.  Romney has a personal hatred for weed; just read the articles about how he used to dress up in his cop uniform and patrol the beaches of La Jolla for the sole purpose of busting teenagers getting high (seriously, look it up, I’m not joking).

            • Pinkerton

               You’re not joking, but you’re mistaken. You’re confusing two separate issues: 1) Romney narcing on a teenager smoking pot near his house in La Jolla and 2) Romney donning a police uniform when he went to Stanford to harass people he knew when they were on dates.

          • Guest

            Did you see Mitt talk to the NAACP? He said a lot of things that were unpopular to that group and got the boos for it.

    • Fubar

      At least with Nixon, we get the cool bowling poster they used in Big Lebowski. I can’t see Romney doing that, maybe he plays squash or something.