Harry Reid Condemns Mitt Romney’s ‘Creative Accounting’

[ProSense]

Harry Reid Condemns Mitt Romney’s ‘Creative Accounting’

Harry Reid's famously unsubsantiated theory that Mitt Romney paid no taxes for a decade seems to be contradicted by Mitt Romney's latest disclosure, but he said Romney's decision to artificially inflate his tax rate in his 2011 returns should still raise concerns about his previous years' finances. From Reid:

“The information released today reveals that Mitt Romney manipulated one of the only two years of tax returns he's seen fit to show the American people – and then only to ‘conform’ with his public statements. That raises the question: what else in those returns has Romney manipulated? We already know Romney has money in tax havens in Switzerland, Bermuda and the Cayman Islands. What we don't know is why he refuses to be straight with the American people about the choices he's made in his financial life. When will the American people see the returns he filed before he was running for president? Governor Romney is showing us what he does when the public is looking. The true test of his character would be to show what he did when everyone was not looking at his taxes.

“It’s also galling to see the creative accounting Mitt Romney applied to his own tax returns only days after learning of his insulting comments that seniors, soldiers and hard-working parents don’t pay enough taxes. Once again, we see Mitt Romney is out of touch with middle class families, who don’t have the luxury of accounting wizards and foreign tax shelters. It’s obvious he believes in two sets of rules: one for him, and one for the middle class. He says he wants to be president for only half the people but he acts like he only cares for the top two percent. Despite the fiscal cliff looming in just over three months, Mitt Romney refuses to explain the details of his tax policy. Will the policies he proposes benefit all Americans, or only multi-millionaires like him?”

http://livewire.talkingpointsmemo.com/entry/harry-reid-condemns-mitt-romneys-creative-accounting

Give 'em hell, Harry!

Former Mitt strategist on Romneyland tax dump: 'Is this an April Fool's joke?' (updated)
http://www.democraticunderground.com/10021392128

Obama Campaign Calls On Romney To RELEASE FULL 20 YEARS, Not Just Summary
http://www.democraticunderground.com/10021392675

[ananda]

1. LOL

We want to see all the ACTUAL returns for the past ten years!

[louis-t]

2. Can I get a great, big....

"GO HARRY"?

[malaise]

7. GO HARRY!!!

[louis-t]

8. Thank ye verra much.

[hedgehog]

3. Did Romney pay his taxes to begin with, or did he re-file when he decided to run?

I can see him paying no taxes for 10 years, then running to file an amended return at the last minute. Tghat's how Reid could get the word that Romney didn't pay taxes, but the accounting firm now claims he did.

[bluestate10]

20. Funny how the super rich get away with doing "amended" tax returns.

I am in good financial condition, but if I tried to file an amended tax return five years after the date of the original tax return, I likely would have been in jail for three years of that amended time period.

[former9thward]

22. The IRS does not allow that.

[hedgehog]

25. Sure it does -

" In an amended return also released Friday, Representative Paul D. Ryan, Mr. Romney’s running mate, disclosed that he and his wife had initially failed to report $61,122 in income from 2011. He said the failure was inadvertent. The change raised their total income to $323,416 and increased their taxes by $19,917 to $64,674, or 20 percent of adjusted gross income.

They owed a penalty of $59 for the original underpayment. The Ryans explained that they had overlooked their income from the Prudence Little Living Trust. Mrs. Little, who died in 2010, was Mrs. Ryan’s mother."

http://bluemassgroup.com/

[former9thward]

26. No it doesn't.

Of course you can file an amended return for something legitimate if you found an error or something was left out of a return in the previous year.

You can't "not pay taxes for 10 years" as you said and then file amended returns "at the last minute". You would go to jail. But don't take my word for it. Just call an accountant and see how loud they laugh at you.

[hedgehog]

27. I think it depends on whether you're one of the 1%!

Ryan paid $59 for "forgetting" about $60,000!

[nc4bo]

4. I'm a tax novice.....but it seems like Mittens is damned if he does, damned if he don't

in this situation.

Release everything - might as well drop tons of gold nuggets straight in the Democrats lair.

Release nothing - What is Mitt Romney hiding questions will continue to haunt him right through election day. The media was willing to let it sink. In fact, in what he did today with his tax summary dump just made it 1000x worse and brought the subject of Romney's taxes front and center.

I don't get it. Seriously.

[ProSense]

9. Not only that, it feeds the 47 percent shit storm. n/t

[Hutzpa]

11. Whats not to get

you're watching the sophisticated action of Obama, how he can box you into a corner of damn if you do or
damn if you don't.

It's like watching a master chef at work.

[Richard D]

13. True . . .

. . . but really, he's just damned.

[bluestate10]

19. My daddy was not an educated man in the classical sense of being educated.

But there are two precious jewels of wisdom he gained from being a small child of the Great Depression, having seen the ebb and flow of economic cycles and having dealt with the actions of other people with those other people in positions of power.

The first was that I should save some money during good times because bad times would come.

The second was that a person's real character is seen when they have more than one choice available to them.

When Mitt Romney had a choice of being a businessman that built companies that innovated and kept american workers employed, he took the easier route of firing those workers and sending business to near slave wage countries. My dad had seen people like Mitt Romney during his life and warned me that they existed.

[Raine]

21. Yeah he damned himself. If he had released it during the primaries it would

have been critiqued already by the repugs and mostly behind him. This is what happens when you hide things, stall and play cute. Rmoney is in a real mess and yeah damned if he does and damned if he doesn't ... hoisted by his own petard.

[Vincardog]

5. What this demonstrates is that even though Willard has been running for President for 4 years min;

and he has shown that he is willing to manipulate his returns to show the desired results;
He has been unwilling to pay a reasonable income tax rate.

The clear meaning of this is that Willard would rather put money in his pocket, than his ass in the White House.

That is a Hard truth for Queen Ann.

[Laura PourMeADrink]

16. Exactly. This whole thing shows tons about his character. I have long thought he was

extremely anal retentive. I looked up all the symptoms and he's got them. One is an unusual focus on amassing possessions and wealth.

It is almost like he is on a supreme mission to play the tax avoidance game.

How much is enough?

Why has he been so concerned about protecting every cent of wealth when he already has zillions? Tells you a lot
about a person.

Like you said...he is willing to manipulate his returns for a desired result. It shows he never thought of playing fair naturally. He's obstinate and stubborn (classic anal behavior). He probably wouldn't listen to advisers on this matter because playing the tax game was tantamount.

[Vincardog]

17. Playing the tax game is the way he amassed "his" fortune. He used the tax laws to acquire companies

with other people's money.
Then he laid off employees to make the earnings per employee look good, then he loaded them up with debt to pay his "fees". Then he let them go bankrupt to avoid any retirement obligations or sold them off before they went bankrupt.

The definition of a vulture capitalist.

You and I can not compete with these parasites because we have a conscience.
How can you provide a good or service while you pay your employees a decent wage and provide benefits when the opposition is willing to use Prison slave labor for 2 cents an hour?

[Raine]

23. I've thought about that too. I guess he wants to be prez as long as it's easier

and he doesn't have to make any sacrifices. What I can't understand is why anyone would find someone like that acceptable for the most powerful position probably in the world.

[Laura PourMeADrink]

24. Guess the average person hasn't taken in as much information about him as we have. I am

in complete agreement with you and Vincar. The tax game and wealth amassing is "easier" and
"more important" than being president.

The good news if that although we saw early on that he is psychologically unfit to be prez, he has f'd up SO much and demonstrating his neurosis that even those who pay little attention have picked up on it.

Perfect definition:
Neurosis is a class of functional mental disorders involving distress but neither delusions nor hallucinations, whereby behavior is not outside socially acceptable norms.[1] It is also known as psychoneurosis or neurotic disorder, and thus those suffering from it are said to be neurotic. The term essentially describes an "invisible injury" and the resulting condition.

[porphyrian]

6. . n/t

[russspeakeasy]

10. WAY TO GO HARRY !!!

[MiniMe]

12. I think somebody from McCain's campaign leaked some info

Harry is keeping on this too much to not be sure.

[Richard D]

14. October surprise?

One can hope.

[ProSense]

15. What if this sudden move was pre-emptive?

Mitt's hiding something. It could be he's trying to change the subject from his campaign's current disaster, but the sudden shift that raises even more questions is really bizarre.

[bluestate10]

18. Kick Behind Harry!

You have Romney by the neck. Turn Romney everywhere but loose.

[hughee99]

28. Reid mad that Romney paid MORE taxes than he should have owed?

It's funny because the usual criticism of Romney is the opposite.