Romney and his taxes

**Michael Corleone** · Aug 14, 12, 08:51 PM

I'm confused. Harry Reid has accussed Romney of not paying taxes for 10 years. However, I just watched an Obama add that said he paid 14% taxes in 2010. So which is it?

**spindoc** · Aug 14, 12, 08:54 PM

Maybe Romney didn't pay Reid's taxes?

**Michael Corleone** · Aug 14, 12, 08:59 PM

Originally Posted by spindoc

Maybe Romney didn't pay Reid's taxes?

Believe me it's not beyond me to miss something but on this one I'm really confused. Was Reid referring to 10 years not including 2010?

I did email Harry and asked him.

**spindoc** · Aug 14, 12, 09:03 PM

You have a better shot of getting in touch with Andy Reid. Or Jerry Reed.

**Michael Corleone** · Aug 14, 12, 09:07 PM

Furthermore, if a guy who makes millions of dollars each year hasn't paid taxes where is the IRS? I forgot to include a $1000 IRA distrubition when I changed jobs and they were on me like ugly on a UofL fan. So is Reid is correct maybe Obama's IRS is corrupt.

**Michael Corleone** · Aug 14, 12, 09:07 PM

Originally Posted by spindoc

You have a better shot of getting in touch with Andy Reid. Or Jerry Reed.

A dead Jerry Reed would give a better answer.

**plantmanky** · Aug 14, 12, 09:07 PM

I am so sick of hearing this.........I am not a Romney Supporter in any way......However, ask some of the other accounting folks on BGP and they will tell you that many of the wealthy pay little to no INCOME taxes at times, specifically if they are earning a lot of their income through investments and Real Estate. However they may pay other taxes and fees, and we all pay sales tax.

**Michael Corleone** · Aug 14, 12, 09:10 PM

Originally Posted by plantmanky

I am so sick of hearing this.........I am not a Romney Supporter in any way......However, ask some of the other accounting folks on BGP and they will tell you that many of the wealthy pay little to no INCOME taxes at times, specifically if they are earning a lot of their income through investments and Real Estate. However they may pay other taxes and fees, and we all pay sales tax.

I understand that but Reid said he hasn't paid taxes in 10 years. Yet, there is an add approved by our president that said he only paid 14% in 2010. So who is lying?

**Michael Corleone** · Aug 14, 12, 09:14 PM

Maybe Harry meant from the time Romney was 2 until he was 12.

**ColdHard** · Aug 14, 12, 10:19 PM

Hope you are all seriously considering real issues when it comes to this election year. As to the question who is lying? Obama add is correct on the 14 % for 2010. That is a matter of record and is not disputed by Romney. Reid references the 10 years of tax returns that Romney has steadfastly refused to make public. Seeing as we have not seen them there is no way for us to know if Reid is truthful or not.
Everybody knows Romney makes millions. Just release the records let everybody be jealous and we all move on. ...unless.

**fatsnbul** · Aug 14, 12, 10:42 PM

Originally Posted by ColdHard

Hope you are all seriously considering real issues when it comes to this election year. As to the question who is lying? Obama add is correct on the 14 % for 2010. That is a matter of record and is not disputed by Romney. Reid references the 10 years of tax returns that Romney has steadfastly refused to make public. Seeing as we have not seen them there is no way for us to know if Reid is truthful or not.
Everybody knows Romney makes millions. Just release the records let everybody be jealous and we all move on. ...unless.

Yes, Romney should release his tax records as soon as Obama releases is college records.

**BigGreenHorse** · Aug 15, 12, 01:46 AM

Ole Mitt probably has his taxes offshor

**SSC** · Aug 15, 12, 05:45 AM

Isn't Reid also hiding his tax records? I thought I read that a few weeks back but I can't find the link.

**Bluegrasscard** · Aug 15, 12, 06:55 AM

Originally Posted by BigGreenHorse

Ole Mitt probably has his taxes offshor

The United States (unlike most countries) goes after offshore earnings. So this is a very poor statement.

**spindoc** · Aug 15, 12, 07:24 AM

Originally Posted by BigGreenHorse

Ole Mitt probably has his taxes offshor

I nominate you to go look for them.

**4chs** · Aug 15, 12, 07:31 AM

Originally Posted by plantmanky

I am so sick of hearing this.........I am not a Romney Supporter in any way......However, ask some of the other accounting folks on BGP and they will tell you that many of the wealthy pay little to no INCOME taxes at times, specifically if they are earning a lot of their income through investments and Real Estate. However they may pay other taxes and fees, and we all pay sales tax.

I could not care less about Romney's taxes. I want to hear someone who has some realistic solutions to the problems this country is facing. Politicians who have no plan result to tearing down their opponent because they have nothing better to offer.....

I had hopes that Obama would be a leader who could bring the country together and help steer us on the path to financial stability........... and that has not proven to be true at this point.

**Michael Corleone** · Aug 15, 12, 09:50 AM

So if I understand it correctly the real issue isn't that Romney didn't file a tax return, it's that under the laws of the country he lives in, he wasn't required to pay income tax. Is that correct?

**Clyde** · Aug 15, 12, 09:52 AM

Originally Posted by Michael Corleone

So if I understand it correctly the real issue isn't that Romney didn't file a tax return, it's that under the laws of the country he lives in, he wasn't required to pay income tax. Is that correct?

I believe that is what Sen Reid is referring to.

Or he just wants to see the returns knowing that the effective tax rate is going to be very low considering the source of Gov Romney's income.

**Bluegrasscard** · Aug 15, 12, 10:20 AM

A little googling and wikiing...

- The majority of the Romney's wealth has been in blind trust since 2003.

Mitt Romney - Wikipedia, the free encyclopedia

"As a result of his business career, by 2007, Romney and his wife had a net worth of between $190 and $250 million, most of it held in blind trusts since 2003. "

I am not sure how the taxes records work on a blind trust. Since you can see the activity in trust it must hard to know how the money is growing.

**Clyde** · Aug 15, 12, 10:25 AM

Originally Posted by Bluegrasscard

A little googling and wikiing...

- The majority of the Romney's wealth has been in blind trust since 2003.

Mitt Romney - Wikipedia, the free encyclopedia

"As a result of his business career, by 2007, Romney and his wife had a net worth of between $190 and $250 million, most of it held in blind trusts since 2003. "

I am not sure how the taxes records work on a blind trust. Since you can see the activity in trust it must hard to know how the money is growing.

How hard can it be to see a monthly statement? No way in hell he's flying blind. I think he even commented once about giving general direction. He got his family attorney to move $10M over to his son Tagg to manage.

Note: In 1984 Mr Romney badgered Ted Kennedy about having his money in a blind trust and said a blind trust is a "ruse." He's apparently evolved in his thinking.