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Mitt Romney’s Tax Mysteries: A Reading Guide

We lay out the questions raised by Romney’s tax disclosures, and what we still don’t know.

Republican presidential candidate Mitt Romney looks on as his running mate Paul Ryan speaks during a campaign rally in Powell, Ohio, on Aug. 25, 2012. We lay out what we know and don't know about Romney's tax situation. (Jewel Samad/AFP/GettyImages)

Oct. 9: This post has been corrected.

Last week, the website Gawker published more than 900 pages of documents from Bain Capital, the private equity firm Mitt Romney founded, and headed from 1984 until 1999. The document dump didn't reveal much about Romney's personal investments, but it added a bit more to the pressure on Romney to release more of his tax returns. Romney and his wife Ann have repeatedly rebuffed such calls. In a primary debate in January, Romney said he'd paid "all the taxes that are legally required and not a dollar more."

So what do we know about how he avoided that extra dollar? For an overview of the questions surrounding Romney's tax strategies, see Vanity Fair's comprehensive story “Where the Money Lives,” and this commentary from tax lawyers Edward Kleinbard and Peter Canellos. We've also rounded up the best reporting on the central controversies.

What's Been Disclosed?

Romney has released his 2010 tax return, and an estimate of his 2011 return. (He filed for an extension this year and has said he'll release the full returns when they are finished. The deadline is Oct. 15). We also have 2010 returns for blind trusts for Romney, Ann, and their family, and the family foundation, as well as financial disclosures from his campaigns, beginning with his 2002 Massachusetts gubernatorial run.

Mitt Romney said recently that he has paid “at least 13 percent” in federal income taxes each year, but the campaign won't go into more detail (for a closer look at his 13.9 percent rate in 2010, see our previous reading guide). Ironically, it was Mitt Romney's father, George, who set the precedent for the kind of comprehensive disclosure that's standard for most presidential candidates: During his 1967 bid for the Republican nomination, he released 12 years of tax returns, saying that just one or two seen in isolation could be misleading.

Romney's Bain Career

Buyout Profits Keep Flowing to Romney, New York Times, December 2011
The New York Times laid out how Romney's generous retirement deal let him keep investing in new Bain funds for 10 years after he left the company in 1999. He got a share of the profits from 22 funds, as Bain's assets grew 20-fold. (If you're hazy on how private equity, or leveraged buyout firms, as they used to be commonly known, actually work, see Marketplace's plain-speak explanation.) Such retirement deals aren't without their critics among tax professionals. Lee Sheppard of the publication Tax Notes argues that compensation packages should not include capital gains from funds which the individual had nothing to do with.

Romney using ethics exception to limit disclosure of Bain holdings, Washington Post, April 2012
Candidates for federal office are required to disclose financial holdings, but since the 2004 election, the Office of Government Ethics has let candidates postpone reporting underlying assets in accounts that are bound by confidentiality agreements. That applies to most of Romney's Bain assets. It's not the first time a presidential candidate has used the confidentiality exception — in fact, in 2004 Democratic nominee Sen. John Kerry didn't report the underlying assets held in a Bain Capital fund by his wife, Teresa Heinz Kerry. But the size and portion of Romney's assets that are shielded are unprecedented, according to the Post.

Romney's Tax Rate

Why Mitt Romney's Tax Rate is 15 Percent, Planet Money, and Romney as Multimillionaire Gets Break for Taxes, Bloomberg, January 2012
Much of Mitt Romney's “income” from his private equity career likely isn't considered income at all, but something called carried interest. Private equity firms (like hedge fund managers) are paid along a "two-and-twenty" model — a fee of two percent of the assets under management, and then 20 percent of whatever profits there are, the "carried interest." The fee gets taxed as income, at a rate of 35 percent, but the carried interest is treated like investment income, and so it is taxed at the capital gains rate of 15 percent. There's debate over whether that's fair. That carried interest is a part of managers' fee-structure, so some argue it should be considered earned income rather than capital gains. In 2007, members of Congress proposed legislation that would make carried interest be taxed as income. (For more on the debate, see also our previous reading guide).

Romney's Management Fee Conversions, Victor Fleischer, August 2012
About that two percent in the two-and-twenty model. Colorado University Law School professor Victor Fleischer noted that the Gawker documents show that for several funds in which Romney was invested, Bain had waived the two percent fee, in exchange for another profit share arrangement. According to the Times, the documents show four Bain funds converted $1.05 billion in fees into capital gains. In this model, if there are profits, the fee, which had been taxed as ordinary income, is now converted into carried interest, and taxed at the much lower 15 percent rate.

Fleischer, whose research fueled efforts in Congress to tax carried interest as income, maintains that such conversions are illegal. The risk that Bain takes by waiving the fee, he argues, is immaterial, because the firm is so well-positioned to know which investments will succeed. If fee conversions are indeed illegal, they are nonetheless widespread in the private equity world; Fleischer doesn't know of any cases in which the agency has challenged them.

Romney has reported investments in some of the funds that waived fees, but since we don't have specifics, we don't know for sure if or how he benefitted from the conversions.

Overseas Accounting

Romney's IRA's off-shore investments: helping his tax bill? Wall Street Journal, January 2012
While the Gawker documents provide a detailed look at how Bain runs offshore accounts, we've known for some time that Romney has considerable assets stashed in them. Romney said Sunday that Bain uses accounts in the Cayman Islands and elsewhere to attract foreign investors, and that he's gotten "not one dollar reduction in taxes” from the offshore accounts. But as the Journal reported back in January, that claim is misleading. Non-profits and large retirement accounts can be subject to the “unrelated business income tax,” which is meant to keep tax-exempt entities from competing with commercial businesses. If Romney's IRA was invested in Bain funds in the U.S., it would probably be subject to the tax. By investing in blocker-corporations — offshore partnerships that then make investments for them — IRAs avoid it.

Documents Show Details on Romney Family's Trusts, New York Times, August 2012
The Times lays out what the Gawker documents show about Bain's use of an investment strategy known as equity or total-return swaps. It's a strategy, widely in use, that lets non-U.S. investors avoid a tax on dividends paid by American companies. An offshore fund will enter an agreement with a U.S. bank or brokerage firm, in which the American company “owns” stocks, but transfers all the gains or losses to the offshore fund, in exchange for interest. The swaps are side-bets, mirroring the motions and benefits of owning stocks, but aren't subject to the dividends tax. Congress passed legislation curbing such swaps, and pending IRS regulations are supposed to put a stop to them, but they aren't fully in effect yet.

Aside from the IRA account, what's the motivation for an American individual like Romney to invest overseas? It may just be to have access to investment funds that are held offshore to attract foreigners, as Romney has explained. Still a little murky are entities like the Bermuda-based Sankaty High Yield Asset Investors Ltd., wholly owned by Romney and the subject of scrutiny from Vanity Fair and the Associated Press. Edward Kleinbard, a professor at the University of Southern California's Gould law school, says there are legitimate reasons Romney might have organized such a corporation to serve a specialized tax purpose, but without full disclosures, “there's no way to know why he needs to hold Sankaty, personally, overseas.”

Tax Credits Shed Light on Romney, New York Times, August 2012
An in-depth look at how Romney, like many wealthy individuals, has used foreign tax credits to reduce his U.S. tax bill. In 2010, Romney claimed nearly $130,000 in foreign tax credits. Unused credits can be rolled over from year-to-year, making them a handy tool for offsetting gains in particular years. Again, nothing illegal, but another way to apply the complexities of the tax-code so as to minimize his bill.

Boston Lawyer Keeps Steady Hand on Romney's Holdings, Boston Globe, January 2012
In an interview with the Globe, R. Bradford Malt, the lawyer in charge of Romney's trust, defends the use of a (now-closed) Swiss bank account. The Swiss account was opened in order to diversify Romney's investment in foreign currencies, not to hide assets, Malt says. The Swiss account was initially left off the federal financial disclosure Romney filed last year, in what his campaign called an oversight. We don't know if Romney reported the account in earlier tax returns, or in required reports to the Treasury aimed at preventing money-laundering and other offenses. Non-reporting of Swiss and other accounts was widespread until an IRS crackdown in 2009.

Romney's Children's Trust

A Clue Emerges to Romney's Gift-Tax Mystery, Wall Street Journal, August 2012
The Romneys established a trust for their heirs, which is now worth roughly $100 million. The campaign told the Journal that Ann and Mitt have never paid gift taxes on contributions to the account, because they were under the lifetime maximum — $600,000 each in 1995, then $1 million, until a recent exemption raised it to $5.12 million. Even the couple's maximum contributions still would have had to grow ten-fold to get to $100 million.

The Journal uncovered a 2008 presentation by Ropes & Gray, a law firm that has advised Bain Capital (and where Malt, Romney's trustee, is a partner). It reveals one strategy that was apparently common until about 2005: Because carried interest is a share in potential profits, it could be given away at low or even zero value, since those profits theoretically might never materialize. It's hard to believe that an established private equity firm like Bain could really envision no profits from that carried interest, raising questions about whether those were fair-market valuations of the gifts. A Romney adviser told the Journal that the Ropes & Gray presentation described industry practice, and that one “should not assume” the Romneys took advantage of the strategy. This mystery wouldn't necessarily be solved if Romney released his tax returns, since gift-tax returns are filed separately.

Romney's Enormous IRA

Bain Gave Staff Way to Swell IRAs by Investing in Deals, Wall Street Journal, March 2012
Romney has somewhere between $20 million and $102 million in an individual retirement account. Given the limits on contributions to IRAs, that's an unusually large one: According to the Boston Globe, even an IRA with $20 million would put him in the top .001% of such accounts. One way it might have grown so spectacularly: Bain employees had the opportunity to invest, via their retirement accounts, in the company's deals. Employees often bought high-risk, low-cost shares for their retirement accounts. During Bain's boom, they exploded in value, with none of it taxed in the short-term. Were those shares undervalued when they were placed in IRAs? According to the Journal, tax lawyers couldn't point to an instance where the IRS challenged valuations in private equity retirement accounts. Romney did use his IRA to co-invest in Bain deals, but it's not apparent whether he used the strategy outlined by the Journal.

Blind Trusts

Mitt Romney's Blind Trust Not So Blind, ABC News, December 2011
When faced with questions about his investments in offshore accounts or carried interest, the Romney campaign generally points to the fact that since 2003, when Romney became governor of Massachusetts, his assets have been held in a blind trust, over which Romney has no control. But some have questioned whether Romney's trustee, who is his personal lawyer and longtime associate Malt, is too close to Romney to make the trust truly blind. ABC noted a million-dollar investment in a company founded by Romney's son, Tagg. The trust would not meet the requirements for federal office, which hold that an institution with no financial ties to the official must control the assets.

Rafalca the Horse

Romneys Have Tax Deduction with Olympic Hopes on Rafalca, Bloomberg, July 2012
Since you've made it this far, one more nugget of controversy: On their 2010 returns, the Romneys claimed their Olympian dressage horse was a business, not a hobby. It's not a profitable business, though; Ann Romney reported a $77,731 loss for the year. For a business, with losses, Ann was able to claim a deduction, Bloomberg says, though only $50 that year. According to Bloomberg, the IRS regularly challenges people who classify their horses as a business.

Correction (10/9): An earlier version of this story incorrectly referred to the publication Tax Notes as a blog.

In the UK , MP’s get paid through ” personal companys ” , which means they don’t have to pay full taxes .

Professionals would be beating the truth out of ‘The Fraud in the
Whitehouse’ regarding his credentials, missing records, and absolutely
disastrous 4 wasted years in office. Doing everything in their power to help the country recover.

Eleanor Lockwood

Aug. 28, 2012, 3:25 p.m.

Mitt Romney has been in the public eye for many years. There is little to nothing we don’t know about him or how he’s lived his life. I am far more concerned about all the things we have not been allowed to learn about our President. I would appreciate you conducting a thorough vetting of Barack Obama, a man who has aliases, whose school records have been sealed, issues around his CN SSN and passports. is this possible?

Walter D.Shutter, Jr.

Aug. 28, 2012, 3:35 p.m.

I don’t see where Romney violated any of the provisions of the Tax Code.  Am I missing something?

Clark Baker (LAPD ret)

Aug. 28, 2012, 3:37 p.m.

Eleanor - ProPublica has broken some terrific stories, but I don’t expect Soros to fund them if they report Obama for what he is.  On the bright side, Dinesh D’Sousa has written a terrific book which is now an extremely informative documentary called 2016.

Obama and his supporters care more about what Romney does with his money that what Obama does with our money; and if I screwed up the US economy this bad (and hated the US as much as Obama and his handlers do), I’d focus on Gov. Romney’s tax returns too.

FALSE

Comparing Mitt to his father is like comparing Bill Gates to T.J. Watson of IBM.

Silly. Ridiculous. Absurd. Dopey. Nutty. Insane.

In TJW’s time, 85% of Americans paid taxes. Now, only 50% do.

Is that what PP wants? Then say so.

Try to think more clearly. Thanks.

What Romney and his financial advisors accomplished may have been “legal”, but his tax rate is “criminal” when compared to that of middle class Americans.  The real question is whether Romney will step up to the plate and propose making the tax code simple, fair, and free of breaks for the financially fortunate.  We need a tax system that will reward most (tax least) those who work hard, but have little or no capital assets or access to investment capita,l and reward least (i.e. tax most) those who have had the good fortune to accumulate extraordinary financial resources.

WOW - The number of GOP Trolls commenting above is astounding. ProPublica must be right on target and digging deep into the “blessed class” nerve center. If there’s no defense, then attack is the strategy.

You got to be kidding, the country is falling apart by an incompetent administration. Your article deals with the successful individual using the most complex tax system in the world to his advantage as best he can.

The same as all major Democratic operatives do, my God not one bit of class warfare will help stabilize this economy.  Confiscate all the wealth of the richest people and it will not solve the federal government’s economic problems.  Wail as you like it means nothing we need leadership that is not being provided.

I will bet on Romney any day of the week, to deliver better chance at turning this economy around!

Politics always includes some of the ‘blame the last guy’ game.  President Bush’ successor, Bill Clinton left us with a multibilion dollar surplus over 10 years.  It was gone well before GW Bush left office eight years later. I suspect the surplus was used to fund the two disastorous wars in the MIddle East and was used to fund the tax cuts for all those well known ‘job creators,’ the rich folk amongst us.  No the economy is not doing well right now, my retirement funds show that.  I am losing a little in one fund though.
To say Obama hates America is just more of Fox (not) News’ ‘hate’ campaign against Obama.  Obama=Evil; Romney=Wonderful.  It’s laregely based on one thing and one thing only.  Face facts.

Anyone who has operated a lemonade stand as a child knows that Obama is WAY over his head.  Anyone who understands Obama’s history and mentors understands his contempt for the United States.

http://2016themovie.com/

everyone says only 50% pays taxes. does that include the welfare for the wealthy and the corporations that make millions and pay NOTHING. People that have nothing to hide HIDE NOTHING!! cough up the tax returns Mitt.

I’m not sure any of you actually read the guide above.  It simply states what we know, what we don’t know, the questions raised. The questions should be in play because taxes are a fundamental obligation of citizenship. 

No, from what I’ve seen it doesn’t look like Mitt broke the law (at least not the letter).  But none of us have seen the 23 years he turned over to be vetted in 2008.  So we do not know.  That’s more the point. 

If you think that’s false equivalence, I don’t know what to tell you.

You can’t reason with right wing bloggers such as some of the ones on this post. After all, they’re the same geniuses who still believe Obama is a closet Muslim, that he has no birth certificate, and that he lied to get into law school. They never deal with facts - just emotion. And those emotions are typically fear, anger, and intolerance - just what their ideological policy architects count on. We should pity people who are so eager to be deceived.

If the producer of Schindler’s List and Jurassic Park had produced a movie about me as damning as the documentary movie 2016, I’d want Americans to focus on Mitt’s tax returns too.  And if I were ProPublica donor George Soros, I’d make it clear how important a hit piece about Mitt Romney was to secure the next quarterly payment.

Pepper Roberts

Aug. 28, 2012, 7:18 p.m.

It is disappointing that your investigative reporters were not active for vetting our sitting president .  In my 45 years of political activism the media has avoided sealed records setting a historical precedent Never in our history has journalists avoided so many serious issues to the point of reverse racism.  Perhaps you will make the effort of balance of pursuit and focus on critical issues of our Justice Department,and presidential executive orders.  I am saddened by Bill J. need for resorting to personal attack as this is the best in depth reporting i have found.  They seek facts and revere the first amendment.  Let’s all work on civility and remember words have meaning.

David Peterson

Aug. 29, 2012, 1:09 a.m.

Seriously, what is going on with these trolls? Propublica has hardly been kind to the current administration (and for good reason). The financial status of a candidate for the presidency is a completely relevant topic, especially when the candidate has so much wealth and, yet, has revealed so little about it. Thanks, Propublica!

Howard Katzman

Aug. 29, 2012, 5:24 a.m.

The difference between the 15% tax rate that Mitt Romney admits to paying in taxes and the 30% tax rate that the rest of us pay is millions of dollars in his case. Is this any different than the government handing out millions to millionaires? We are apparently upset about the relatively paltry sums given to the poor and elderly in the form of welfare and food stamps and medicaid that enables them to survive a bit less harshly, yet the wealthy get these huge tax breaks and we act as though they are deserved.

If we are concerned about the government deficit, we should be looking at all the places where revenues are lacking, not just assistance to the poor, but also assistance to the incredibly wealthy.

“I built it myself!” But with incredible government tax subsidies!

MITT PAID MORE THAN OWE-BAMA

“The difference between the 15% tax rate that Mitt Romney admits to paying in taxes and the 30% tax rate that the rest of us pay is millions of dollars in his case.”

That is correct. Mitt has paid 5000% more in taxes than you have and 500% more than OweBama.

MILLIONS of dollars more.

OweBama, the most unqualified president in U.S. history, and his ilk do not deserve one more penny in taxes—Solyndra, Billy BOMBER Ayers, Medicare fraud, Medicaid fraud, zillions of new regulations that cost BILLIONS, ad. inf.

You’re wrong, Clark, no one cares “what Romney does with his money”, it’s how he “earned” it that’s the issue.  Certainly he’s not the only one to profit from these liberal tax policies for millionaires and billionaires, but it’s a valid question whether it is fair.  And also, whether he had favorable treatment from Bain and others which might have an influence on him if he were elected.

MITT HAS WORKED ‘REAL JOBS’ VS. OWE-BAMA (D)

“You’re wrong, Clark, no one cares “what Romney does with his money”, it’s how he “earned” it that’s the issue ..”

WSJ has had stories about how Mitt had to handle operations all over the world, as well as his church work.

And GST Steel? It was dead, and Mitt tried to fix it. More than the unions (D) could do.

OweBama (D) has “never run a lemonade stand - and it shows.” Yup—that’s why the USA is a mess (D).

I’m curious, here, in a relatively dispassionate way.  I can’t support Romney or Obama (and no, I’m not pointing to some third candidate that will save us), because they’re both secretive, manipulative cretins who are more interested in profiteering than protecting Americans.

But as I said, I’m curious:  Those of you on the Romney Defense Squad, can I ask why you want disclosure on Obama (which I support) but not Romney?  You can’t reasonably claim that government finances follow the same model as household finances (i.e., that you can’t spend more than you earn, and must do without what you can’t afford) and that Romney is the man to fix the country if you’re not allowed to see how he manages his own household finances, can you?

And on the pro-Obama side, how can you demand release of Romney’s financials (which, again, I support), but not want the release of information that would (presumably) shut the right-wingers up about Obama’s birth?

Those are sincere questions.  The double-standard genuinely baffles me.  Even the most obsessive, single-minded sports fan admits when his favorite team needs to change something.  Even cultists disagree with their church’s most extreme teachings.

No candidate is going to fix the country, because the world is changing but the candidates are well paid to maintain the status quo.  We’re going to need to fix it in spite of them.  And arguing which candidate has the greater right to secrecy is only going to get us more Guantanamo Bays and NSA wiretap problems.  (By the way, which candidate would eliminate either of those programs…?)

We need to demand disclosure of everything, from who funds their campaigns to where they went to school to how much hair gel they buy to the White House’s microbrew recipe.  Train the candidates to answer questions, then we can get some traction.  But by dismissing questions for “your” candidate, you encourage them to apply the same secretive reasoning in office.  And I, for one, would prefer that we not live in a totalitarian monarchy.

What is the point of this story and the melodramatic “what we know so far” tone.
This is a self-made multi-millionaire who has a complex and sophisticated financial profile.
Some of which he has shared with us; none of that required.
This seems like piling on and trying to drum up an air of scandal or malfeasance where there is none.
I trust Romney and have not heard about issues with his integrity. I don’t care how much money he has or how much tax he paid in 2007.
I do care, very much, that top BHO donor Goldman profited the most from bailouts and counterparty deals (that admin types frantically tried to hide.)
I care that GE pays essentially no corp income tax.
Focus on that.

Shutter Jr.- It’s the Tax Code, the ultimate give away to those who have vs. those who have not. Spread cost of government to the masses, and keep it that way. Confuse the masses with numbers, they will get tired, bored and as long as they have income, we can keep the game going.
The game ended, and masses are more educated after losing 40% of their wealth, and income stagnation has hit them.
Trash the Code and watch the wealthy scream as the masses role out the Guillotine. Individual wealth is protected by the code through shadow corporation, kited on shore and offshore to protect ill and fair gotten profits.
The crime is not paying for the cost of government. Wealthy like America because we can protect their assets with military intervention (code for American Interest). Cost of military protection, is born by the masses in dollars, and blood and treasure. The wealthy 1% have a great bargain in absolute cost to protect their treasure and fortune, while not risking much in blood and treasure.

Clark Baker

Aug. 29, 2012, Noon

Gordon: Having lived in, worked and traveled in places like Calcutta, El Salvador, Rio de Janiero, Nairobi and Los Angeles, it is clear to me that billions of people around the world would give ANYTHING to live in the decadent luxury of America’s most squalid slums.  Americans - including their alleged “poor” - are among the planet’s ONE PERCENT - a fact that animates our misguided president.

My parents didn’t grow up with cable, electricity, indoor plumbing or the income of America’s richest families, yet they NEVER considered themselves impoverished victims of the one percent. Your arguments betray a profound ignorance of history and economic principles.

At present, the US wastes more taxpayer money than most countries generate in a whole year and yet, people like you want middle-class Americans like me to pay MORE?

You mentioned the word EDUCATION: The annual operating budget of the Los Angeles Unified School District (LAUSD) is about $12 billion dollars, employing 80,000 to serve ~650,000 students (about $18,400/year per student).  These numbers eclipse the annual budget of the City of Los Angeles, which employs 40,000 to serve 4 million residents.  LAUSD’s $12 billion doesn’t include their $22 billion construction budget.  Every month, each of those union employees (50,000 are NOT teachers) pay more than $100 in monthly union dues, generating $8 million each month for the Democrats who support our decaying schools and bankrupt state.

As for “the Military” - the HHS budget is almost DOUBLE that of the US military.  HHS agencies like the NIH, CDC and FDA support the US pharmaceutical industries, which have paid $10 billion (since 2009) to settle thousands of criminal and civil complaints related to the illegal marketing of drugs and devices that kill or injure between 2-4 million Americans ANNUALLY.  Without the US Military, the United States wouldn’t exist.  Without HHS, fewer Americans would die from the corruption and incompetence that permeates the healthcare and pharmaceutical industries.

Obama has yet to pass a single budget since he entered office and has put our country into debt by about $1 trillion each year in office.  Our Government wastes about $200 billion in tax dollars just to service that debt.

So please, don’t lecture anyone about how others pay taxes.  If it were up to me, I wouldn’t give another penny until our elected leaders passed a budget that was at least HALF as coherent as my own household budget.

Gosh, “Obama has yet to pass a single budget since he entered office…”

You do mean Congress, don’t you? And you do mean that the House initiates the appropriation? You do speak about the responsibility of our
“elected leaders” in your final paragraph. Rep. Boehner?

Baby Boomer Writer

Aug. 29, 2012, 1:52 p.m.

Wow, all this complex financial wizardry might convince your readers that Mitt Romney is highly qualified to lead us out of the recession!

Aren’t these devices the same used by legendary families like the Rockefellers, Hearsts and Kennedys, etc. who amassed fortunes that have continued uninterrupted for generations?

Why haven’t legislators reformed the tax code? Ordinary taxpayers have been suggesting that for years. What keeps our representatives from trying to make taxation fair? Congress failing to act is what should really concern us.

JOHN

“Those are sincere questions.  The double-standard genuinely baffles me.”

27,000,000 unemployed / under-employed. You cannot have affirmative action (D), etc., if there are NO JOBS.

OweBama (D) “never even ran a lemonade stand - and it shows.”

Res ipsa. Voting for Mitt. He’s not perfect. He’s better than a RUBE.

“President Obama’s Back Ground Mysteries: A Reading Guide”

This is what the American People want, do that???

Romney has been around for some time but our President is the real Mystery and you know it..
Break that code for us..???
I doubt it will be seriously tried???????????/

“R. Karl

Yesterday, 3:42 p.m.
Gosh, “Obama has yet to pass a single budget since he entered office…”

You do mean Congress, don’t you? And you do mean that the House initiates the appropriation? You do speak about the responsibility of our
“elected leaders” in your final paragraph. Rep. Boehner? “

Obama and his full controlled Congress and Senate never passed one his first two years in office, why mention Bohner????? That would have been sweet Pot Smoking Nancy Peloski ‘s job for the first two years; hmmm how easy we forget Ehhh???? Besides Obama thinks he is king or something Ex order that and this, times up Jan 20th

RP, I’m not interested in why you would VOTE for one candidate over another.  They both have it 100% wrong, because both their economic models assume an early-industrial world (whereas we’re late-industrial—it no longer takes a fortune to run a media company, for example, and manufacturing isn’t far behind) and they’re both trying to maintain a status quo of the major corporations (campaign contributors) deciding what the people want, in a “you can have any color you want, as long as it’s black” Ford kind of way.  So it doesn’t matter which way you vote, to me.

I’m interested in why a supporter is all over disclosure for “the enemy,” but supports secrecy for his guy.

(Also, just so you know, your ability to type “OweBama” is not making you sound like nearly as smart a voter as you think it does.  It’s about as tiresome as jokes about how dumb Bush was, and undermines any point you might make with an undercurrent of your just not liking the guy.)

You know, if this “reporter” who is supposedly working in the “public” interest got any deeper into the Obama camp she’d be a suppository.

The Republicans crucified the Clinton’s over a $100,000 whitewater investment but Romney gets a free pass over hundreds of millions.  Romney wouldn’t hire a CEO or VP without knowing his (never a her) financial position.  Ronald Reagen said it best - capital and labor should pay the same tax rate.

“The Republicans crucified the Clinton’s over a $100,000 whitewater investment but Romney gets a free pass over hundreds of millions.”

Do you REALLY Beleive Obama and the DOJ and the DNC would let that pass if it were true>>or provable… Clinton was in it to his her eyeballs and it is known for fact now…

If Mitt’s taxes comply with the U.S. Tax Code then why doesn’t he release them. There are two possible reasons. One, ordinary American’s will be appalled about how much money he has made and how little taxes he paid, while they earned a lot less and paid a lot more taxes percentage-wise. Or, two, he thinks it would be an intrusion into his private life. Well, as for that, he wants to be President—if he wants our trust we have to trust him and that means releasing his tax returns as his father did. All the other noise about Obama does not change this issue. Its only an attempt to bury the issue by making knowingly false allegations against Obama.

BRING IT

” .. If Mitt’s taxes comply with the U.S. Tax Code then why doesn’t he release them ..”

Why don’t you call the I.R.S. and demand those records?
What is stopping you?
Why are you waiting?
Do you have a problem?

OWE-BAMA (D) WILL KILL YOUR JOB

“As for “the Military” - the HHS budget is almost DOUBLE that of the US military.”

AS IT F*&%ing SHOULD BE!

Sandra Marietz

Sep. 5, 2012, 11:52 p.m.

I’m guessing Romney, should he win, would be the first President to be audited by the IRS.

“Presidents are tax cheats too my friend” might be a worthy phrase to copyright now for future Romeny t-shirts.

OBAMA could have raised taxes any time he wanted in 2008 and in 2009, why try now??????
With total control for two years he could have made any tax changes he wanted, why now???

Sandra Marietz…. Hmmmm Really
Obama is from Chicago you do know that right.
Obama owns a house in South Side Chicago ( 6,200 Square Feet real samll Right ) valued at approx 1.6 million dollars but that same house has not gone up in value since 2005.
If there is a tax investigation I think it will be on the guy from windy City. Know for its crooks and politicos who are crooked…..Keep in mind a President can Pardon people and Obama will Pardon very many to protect them from prosecution. But he can not Pardon him self, that is the good part, he can be prosecuted and I think he will be unless he goes home?????

Ahh google it for fact check,,,,, And Google Tony Rezo and Obama

What very simple things do we know about Williard?

He said that he doesn’t know what’s going on with the money in his blind trust.
He said blind trusts are an age old ruse. 

He wrote off his wife’s hobby horse as a $77K business investment.

And what do these very simple things tell you?

What very simple things do we know about Williard?

>> you obviously have no idea, what you are writing about, just like OweBama. Congrats.

He wrote off his wife’s hobby horse as a $77K business investment.

>> Gee, just like Bruce Springsteen. Duh.

And what do these very simple things tell you?

>> you obviously have no idea, what you are writing about, just like OweBama. Congrats.

I heard that Geitner and 93 people in the President’s cabinet didn’t event pay their taxes - what an egregious amount of hypocrisy the media has - don’t event get me started on Fannie Mae and Freddie Mac.  Also, for the FrontLine watchers, the Obama administration is definitely not “milk and cookies” yet can they implement “successfully any policy they start such as Hamp.  I can’t believe Geintner still has a job.  I digress….

Here’s the link:
http://www.pbs.org/wgbh/pages/frontline/business-economy-financial-crisis/money-power-wall-street/neil-barofsky-on-the-broken-promises-of-the-bank-bailouts/

I think Romney is hiding money offshore and that’s why he doesn’t want to release his tax returns…  I read about it here: http://mozzie.me/romney-taxes

OWE-BAMA THE BIRTHER

OK, you like crazy theories .. let’s go over OweBama’s history, inch by inch, starting with his COMMIE daddy ..

I think Romney is hiding money offshore and that’s why he doesn’t want to release his tax returns…  I read about it here: http://mozzie.me/romney-taxes

This article is part of an ongoing investigation:
Buying Your Vote

Buying Your Vote: Dark Money and Big Data

ProPublica is following the money and exploring campaign issues in the 2012 election you won't read about elsewhere.

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