Should POTUS Candidates Release Tax Returns?

Lots of discussion about Gov Romney's refusal to release tax returns. He released one but that has led to a lot of speculation as to why he picked that one and why he isn't releasing others.

He's getting pressure from both sides to release more.

Discuss.

Perhaps start us out with your thoughts, Clyde.

Originally Posted by True blue (and gold)

Perhaps start us out with your thoughts, Clyde.

I'm torn. I respect the privacy thinking but part of me says when you are going to lead this country the citizenry does benefit from knowing where the POTUS' income has been earned.

Personally, I couldn't care less. I have a presumption that anyone running for the nation's highest office will be at a significantly better financial standing than the common man. And while I'm not a Romney supporter, I find it laughable that his opponents claim he is unable to identify with the average American. Something tells me that at least in this regard, Governor Romney & John F. Kennedy, for example, are very similar to one another.

Having said that, I think it's wise for candidates to be as transparent as possible when it comes to matters such as this.

Originally Posted by Randy Parker

Personally, I couldn't care less. I have a presumption that anyone running for the nation's highest office will be at a significantly better financial standing than the common man. And while I'm not a Romney supporter, I find it laughable that his opponents claim he is unable to identify with the average American. Something tells me that at least in this regard, Governor Romney & John F. Kennedy, for example, are very similar to one another.

Having said that, I think it's wise for candidates to be as transparent as possible when it comes to matters such as this.

The "voyeuristic" aspect of it is bothersome. I know Mr Romney is wealthy. I don't need a 1040 to confirm that.

Originally Posted by Clyde

I'm torn. I respect the privacy thinking but part of me says when you are going to lead this country the citizenry does benefit from knowing where the POTUS' income has been earned.

I am a bit torn, too, but I believe that I err more on the side of Randy. For the most part, it really doesn't matter to me how he/she earned their money or how much of it they earned. I disagree with the "common man" stance on Romney, however.

Originally Posted by Clyde

The "voyeuristic" aspect of it is bothersome. I know Mr Romney is wealthy. I don't need a 1040 to confirm that.

I don't disagree with the voyeurism notion. And when I say a candidate should release the information, I don't say that because America has a right to know. I say they should because it's in their own best political interest to do so.

Originally Posted by True blue (and gold)

I am a bit torn, too, but I believe that I err more on the side of Randy. For the most part, it really doesn't matter to me how he/she earned their money or how much of it they earned. I disagree with the "common man" stance on Romney, however.

I have zero doubt his taxes are 100% above board. However, I think some would be bothered by him paying so little, if any, taxes. Some have speculated that due to his income being derived from investments that he probably took a huge hit ie huge losses in 2008 that carried over to the 2009 1040. It's possible he paid zero taxes. I don't think it's a stretch to think that could be a)true and b)the reason for not releasing them.

From the easy-for-me-to-say department I'd release them and stress that I did nothing illegal and then live with the temporary hit.

From a campaign stand point I think it's a mistake to not release them. Give the opposition plenty of opportunity to keep it in the news cycle and to keep Gov Romney on defense.

Originally Posted by Clyde

From the easy-for-me-to-say department I'd release them and stress that I did nothing illegal and then live with the temporary hit.

From a campaign stand point I think it's a mistake to not release them. Give the opposition plenty of opportunity to keep it in the news cycle and to keep Gov Romney on defense.

I agree. Not releasing them does more damage than releasing them.

Originally Posted by Clyde

I have zero doubt his taxes are 100% above board. However, I think some would be bothered by him paying so little, if any, taxes. Some have speculated that due to his income being derived from investments that he probably took a huge hit ie huge losses in 2008 that carried over to the 2009 1040. It's possible he paid zero taxes. I don't think it's a stretch to think that could be a)true and b)the reason for not releasing them.

From the easy-for-me-to-say department I'd release them and stress that I did nothing illegal and then live with the temporary hit.

From a campaign stand point I think it's a mistake to not release them. Give the opposition plenty of opportunity to keep it in the news cycle and to keep Gov Romney on defense.

It probably will hurt him a bit either way. I'd say it would hurt him more to release them, if what you think happened is actually the case. Can you hear the ads now? "Romney made umpteen million dollars in 2008, but paid fewer taxes than the gutsy behind the counter at McDonalds." The average guy behind the counter at McDonalds isn't going to like that at all. What the guy doesn't know probably will have no effect on his voting decision.

Originally Posted by True blue (and gold)

It probably will hurt him a bit either way. I'd say it would hurt him more to release them, if what you think happened is actually the case. Can you hear the ads now? "Romney made umpteen million dollars in 2008, but paid fewer taxes than the gutsy behind the counter at McDonalds." The average guy behind the counter at McDonalds isn't going to like that at all. What the guy doesn't know probably will have no effect on his voting decision.

You could be right, but I'm thinking that if he doesn't release them, the "what else is he hiding" barrage will be unending.

Originally Posted by Randy Parker

You could be right, but I'm thinking that if he doesn't release them, the "what else is he hiding" barrage will be unending.

You could also be right, but I think the average voter is pretty immune to that predictable mantra now.

They should release tax records right along with college grades and transcripts.

Originally Posted by True blue (and gold)

You could also be right, but I think the average voter is pretty immune to that predictable mantra now.

Perhaps.

I think we can agree that Romney is in a no-win situation. He simply has to determine which route is the worst loss.

Originally Posted by Clyde

I have zero doubt his taxes are 100% above board. However, I think some would be bothered by him paying so little, if any, taxes. Some have speculated that due to his income being derived from investments that he probably took a huge hit ie huge losses in 2008 that carried over to the 2009 1040. It's possible he paid zero taxes. I don't think it's a stretch to think that could be a)true and b)the reason for not releasing them.

From the easy-for-me-to-say department I'd release them and stress that I did nothing illegal and then live with the temporary hit.

From a campaign stand point I think it's a mistake to not release them. Give the opposition plenty of opportunity to keep it in the news cycle and to keep Gov Romney on defense.

Clyde I think you are spot on here. As any heavy investors, they all took huge losses in 07/08/09, and took the roll forwards into future years, which gives a bad perception.

I think that 60% or more of people that file tax returns don't understand them in their true form, also, those that do not deal with investments, don't know the tax rules behind them, and therefore these returns will have a negative perception for him.

The only people who need to see the tax returns for all candidates is the IRS.
Then, we the people, need to trust that if something is wrong, or illegal, it will be addressed by the IRS officials. The media spinners do not need more ammo to sling mud at the candidates. As long as their income was earned legally, and the documents pass the IRS litmus tests, then that is enough.

I don't care if they release them or not. When they do, the only thing I even glance at is how much they donate as a percentage of income.

Has every previous POTUS released their tax records?

If everyone else before him has released their tax records then he should follow suit.

I personally don't care or lose sleep over it. If his taxes weren't on the up and up it'd be public knowledge right now.

I'll never understand why things like tax records, college transcripts, indiscretions from the past, etc are such a big deal for Presidential candidates. I really don't care or think any of those things show how well a person can be the POTUS.

If we find out Romney paid little taxes couldn't that help his cause? Wouldn't that show how savvy he is with money?

The best thing to have done would have been to release them a long time ago. The American public has a very short memory.

Release it, let folks talk about it, let folks forget about it, then move on to important issues.

IMO as long as he waits it will remain an issue.