This may prove interesting and maybe the end of Romney

[BoomerD]

Maybe he doesn't want to release his tax returns because they'll show he's not a legal resident...That's what happened in 2002 when he ran for Massachusetts Governor...

Rachel Maddow and her producers did a little digging and found that, in 2002, when he was running for governor of Massachusetts, Romney was equally adamant that he would not release his tax returns. A key issue then was Romney’s eligibility to serve as governor. Massachusetts law requires that in order to serve as governor, candidates must have resided in the state for the previous seven consecutive years. Because Romney had lived in Utah full time while he ran the 2002 winter Olympics in Salt Lake City, it seemed obvious he did not meet that requirement.

One way to tell for sure would be to see which state, Massachusetts or Utah, Romney listed as his primary residence on his IRS forms. Romney and his adviser, Eric “Etch-A-Sketch” Fernhstrom vehemently denied that Romney had filed as a full-time resident of Utah. It was later revealed they were lying — Romney had amended his returns to change his claim of full-time residency in Utah to full-time residency in Massachusetts — retroactively.

http://www.pensitoreview.com/2012/08/08/romney-hid-his-returns-in-2002-mass-governors-race-too/

So...apparently, Mitt the Mormon is a liar...and this should prove it...but, he's a Republican, so that shouldn't come as a surprise to anyone who has paid attention to politics for the past 50 years.

(not that Democrats don't lie...they do. If a politician's lips are moving, chances are, he's lying)


http://www.bostonglobe.com/metro/20...ss-resident/cxg3maVKXTA0iIuekT4QPO/story.html

 

[dmcowen674]

8-24-2012

http://news.yahoo.com/bain-document...ers-avoid-185957445--abc-news-topstories.html

Romney Offshore Investments Used 'Blockers' To Avoid Taxes

The private equity firm founded by Republican presidential candidate Mitt Romney made use of arcane techniques in several of its Cayman Islands-based funds to avoid U.S. taxes, according to a trove of Bain Capital's private audit and finance records made public on the website Gawker today.

The audited financial statements of one of the Cayman Islands funds make note of the use of "blocker" entities, which are used to help retirement accounts and nonprofit entities avoid some taxes.

The publication of the Bain Documents on the Gawker website could rekindle debate about Romney's role at the company, and specifically about Bain's decision to domicile many of its funds in offshore locations known as tax havens.


Critics say Romney's investments in these funds offer just the latest example of how wealthy Americans can shelter their investments to limit the amount they pay in taxes.

Some experts have pointed to the blockers to help explain how Romney has been able to amass between $20.7 million and $101.6 million in a tax-free IRA, many times more than the typical amount an IRA can hold. Romney has not responded to questions about his IRA.

 

[dmcowen674]

Tax cheats normally go to jail like Wesley Snipes

Instead this guy will go to the Whitehouse?

 

[monovillage]

repost
http://forums.anandtech.com/showthread.php?t=2265941

 

[dmcowen674]

repost
http://forums.anandtech.com/showthread.php?t=2265941

Looks like a different article but following up on same Gawker release

 

[Doppel]

Posting in a mcowen news-spam thread.

EDIT: Thread was merged so this post no longer accurate.

 

[cybrsage]

------------------------------------------------------------------------------------------
Earth to cybrsage, Toyota does not equal Romney.

Earth to Lemon Law, Toyota is a foreign company. Guess what kind of an investment you make if you invest in Toyota Corporate?

 

[cybrsage]

Maybe he doesn't want to release his tax returns because they'll show he's not a legal resident...

Tax cheats normally go to jail like Wesley Snipes

Instead this guy will go to the Whitehouse?

The loonie returners strike again, showing a direct link to the loonie birthers!

 

[ichy]

They made up a birth certificate.

Are you actively trying to make yourself sound like a moron?

 

[thraashman]

Are you actively trying to make yourself sound like a moron?

I don't think flyboy tries, I think he just simply IS a moron. He's proven it with I believe every single last post he's made in P&N.

 

[PJABBER]

I look at those kind of disclosure documents all the time. Took a quick glance and don't see anything out of the ordinary.

Just taking a guess about the high dollar IRA account, but it is likely a rollover vehicle with contribution taxes prepaid.

Would love to have anyone here with a tax background to make a comment.

Fern?

Here is a useful link for contribution limits -

Maximum Benefits and Contributions 1996 - 2012

 

[BoomerD]

The loonie returners strike again, showing a direct link to the loonie birthers!

I was poking fun at the fact that he lied about meeting the requirements of being a Massachusetts resident for each of the seven years prior to the election when he ran for governor in 2002. He had claimed Utah residency on his tax returns while he was in Utah during the Olympics...technically making him ineligible to be the governor of Mass.

 

[Atreus21]

I've never seen even the slightest indication the above might be true. Common sense says it wouldn't be, particularly given all the lawyers and CPAs involved.

I scanned a few of the released documents (financial statements). They were all audited by Price Waterhouse. If we're to believe Romney is/was in control of these entities it's almost guaranteed Price Waterhouse handles his personal tax return(s) too. If so, the chance of tax fraud for Romney, whether civil or criminal, is as close to zero as it gets.

Fern

Be advised. This is the guy who wet himself at the idea that Iranian warships would escort the next "peace" flotilla into Gaza.

 

[Matt1970]

Tax cheats normally go to jail like Wesley Snipes

Instead this guy will go to the Whitehouse?

Or become Chair of the House Ways and Means Committee.

 

[Gonad the Barbarian]

Sketchiness is emerging...
http://www.huffingtonpost.com/2012/08/24/mitt-romney-tax-returns_n_1827632.html

 

[DrPizza]

Toyota has created 365,000 jobs in the US.

Nice deflection. Are you denying that a LOT of money isn't invested overseas? That was perhaps the biggest reason Reaganomics didn't work.

 

[Hayabusa Rider]

So now someone wants to plug the loophole? Where was this issue years ago? Oh wait, politicians are paid by fund managers.

Call me when something is done.

 

[Hayabusa Rider]

Nice deflection. Are you denying that a LOT of money isn't invested overseas? That was perhaps the biggest reason Reaganomics didn't work.

Reganomics sucked. Now whats the Dems excuse to do nothing of import to curtail outsourcing?

Both sides take the money and change nothing. They are however good at ducking their failure and pointing at everyone else.

Again call me when the root issues are corrected.

 

[PJABBER]

Read the HuffandPuff Post post and all it really says is that the noted tax avoidance techniques were common for the period in question. The IRS did not challenge filings when they were made, which means they did not think the methods were out of line then.

Doesn't look like there was any attempt by Bain tax accountants and attorneys to hide what they were doing, so it really comes down to whether the IRS found the techniques out of bounds and it does not look like they did.

The commentary by Fleischer is sour grapes, what he believes should be the interpretation is not important.

I doubt that the IRS will go after Bain after all of these years. And if they do now, it will be seen as a political attack in the middle of the presidential campaign.

Time for a flat tax, gents! :awe:

 

[OneOfTheseDays]

Read the HuffandPuff Post post and all it really says is that the noted tax avoidance techniques were common for the period in question. The IRS did not challenge filings when they were made, which means they did not think the methods were out of line then.

Doesn't look like there was any attempt by Bain tax accountants and attorneys to hide what they were doing, so it really comes down to whether the IRS found the techniques out of bounds and it does not look like they did.

The commentary by Fleischer is sour grapes, what he believes should be the interpretation is not important.

I doubt that the IRS will go after Bain after all of these years. And if they do now, it will be seen as a political attack in the middle of the presidential campaign.

Time for a flat tax, gents! :awe:

What you don't realize is every second we talk about Romney's tax returns is a moment that he can't take about the economy and Obama's record thus far. It's an overwhelming lose-lose situation for Romney.

And this talk will never go away until he releases his returns. We'll get more and more leaked documents that will slowly chip away at his likeability from here until election day. The October surprise is going to be epic. I predict Reid is going to reveal his source and all hell will break loose.

Romney is sunk until he can clear the air on this issue.

 

[Fern]

I look at those kind of disclosure documents all the time. Took a quick glance and don't see anything out of the ordinary.

Just taking a guess about the high dollar IRA account, but it is likely a rollover vehicle with contribution taxes prepaid.

Would love to have anyone here with a tax background to make a comment.

Fern?

Here is a useful link for contribution limits -

Maximum Benefits and Contributions 1996 - 2012

Yes, large IRA accounts are most often the result of rollovers from other (earlier) retirement plans. In fact, it's quite common.

Fern

 

[lotus503]

No, not at all. Where obama was born is OBE. I just think the contortions the obama crowd are going through to come up with a BC is, well, funny.

No your oozing birtherism, which is good because we can just dismiss anything else you type now.

 

[Fern]

Nice deflection. Are you denying that a LOT of money isn't invested overseas? That was perhaps the biggest reason Reaganomics didn't work.

Read the article linked in post #5.

Says what I've said before. Accounts in the caymans etc. are often used to aggregate investment funds from foreigners. Often that money IS invested in the USA. Of course, it may be invested elsewhere. Personally, I think if the funds were targeted for Europe they'd choose to aggregate them in Switzerland. But one thing is certain, funds in Cayman banks are not destined for the Caymans.

Fern

 

[lotus503]

Reganomics sucked. Now whats the Dems excuse to do nothing of import to curtail outsourcing?

Both sides take the money and change nothing. They are however good at ducking their failure and pointing at everyone else.

Again call me when the root issues are corrected.

Unless the public at large puts away the petty social wedge issue and politics as a team sport pastime, the root issues will never be addressed.

Take you as an example, your reasonably intelligent and seem to grasp the core issues, while we don't agree on everything we agree the entirety of the problem includes both sides. Yet we can't do what's needed to enact the required reform.

 

[Fern]

So now someone wants to plug the loophole? Where was this issue years ago? Oh wait, politicians are paid by fund managers.

Call me when something is done.

I assume you are referring to the fund managers' "carried interest" loophole? If so, and BTW this is actually a loophole (unintended consequence found, and taken advantage of, in tax law), Congress has made several efforts to fix it. Two problems: (1) Chuck Schumer has blocked those efforts at every opportunity (Wall Street is in his district) and (2) it's a very difficult situation to repair - they have been having serious problems with drafting the law to exclude fund managers from taking advantage of an otherwise reasonable law. It's quite complicated to explain, let me just say they're having trouble trying to throw out the bath water yet keep the baby. No one has yet found an easy and reliable fix.

Fern