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Romney: Releasing Tax Returns Would Hurt Me Politically

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    Stating the obvious:

    He doesn't want any "distractions" from the "real" issues,  i.e.,"elect me even if I'm worse than you think"

    http://www.alternet.org/newsandviews/article/1034150/romney%3A_releasing_tax_re.../
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    Romney's absolute inflexibility on this issue is hard to understand.  The American public already knows about all his offshore accounts in tax haven countries, and they already know his effective tax rates are lower than ordinary middle class workers. And they know about his signing SEC disclosures for Bain Capital from 1999 - 2002. The big damage has already been done and some polls still show Romney and Obama neck and neck.

    So what's left...a low or zero tax rate for 2009?  Big deal...that wouldn't be a big surprise. It would not deter the Obama hating Tea Party one bit.

    What would be a big surprise to his fellow Mormon church goers is if any of his earlier tax returns didn't show that he contributed the full 10 percent to his church,.  His 2010 returns showed only 7 percent, but he has a convenient means of making that difference up in his "estimated" 2011 return. Americans couldn't care less what he contributes to his church...but Mormons do. What means more to Mitt Romney?
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    Why don't the I.R.S. just audit him?
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    Does the I.R.S. have a reason to audit him? He is not required by any law to release his forms. There is no course for legal action. The IRS has access to his taxes and if they say that the forms are in order then there is no reason to audit him. It falls are Romney to release them.
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    And if he did get audited, the forms and the numbers on the forms would not be public record.

    A public release, which is what people are wanting, would have nothing to do with the IRS whether there is an audit or not. 
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    Still, how can the IRS NOT audit him?  With millions in his IRA, can't the IRS know that he has contributed way more than the allowable $6,000/year.
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    fenway Wrote: And if he did get audited, the forms and the numbers on the forms would not be public record.

    A public release, which is what people are wanting, would have nothing to do with the IRS whether there is an audit or not. 


    Yep
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    A person can contribute as much as he wants.

    Only a certain (small) amount is tax deductible.

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    A person can only contribute a maximum of $5,000 per year to a traditional IRA ($6,000 if you are over 50). See IRS Retirement Topics - IRA Contribution Limits

    Once in the IRA, however, there are lots of opportunities to invest that money to grow towards retirement.  It depends on the provisions of the plans. Mitt Romney's were unique to him.

    The earnings in the IRA are not taxed until withdrawal and then as ordinary income at the prevailing tax rates.
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    Schmidt,

    Maybe I spoke too soon.

    I was told at one time that a person could contribute more than was tax deductible.  That was many years ago and maybe it was incorrect information.

    I know that some of the rules have changed over the years, and maybe the rules about contribution limits have changed.

    I know that I never contributed more than was tax deductible.  I probably had lots less cash to contribute than Romney, though.

    There is no limit to what his contributions could have grown to.  I invested in mutual funds which is what most people probably do.  Romney may have invested in individual stocks which would have much more potential for gain...or loss.

    I apologize if I was wrong, I should have checked.  Thanks for straightening me out.
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    hi its been some time since I posted just want to say gov rummy took Pres Obama out of context and now repubs turfs run amuck...and the way gov rummy flip flop reminds me of a joke Richard Pryor told  of when he was a kid he was in all the gangs (now these gangs were neighborhood freindly and if a dispute maybe a fistacuff or wrestle and still friends) not killing or criminal intent any way Richard goes on and joke he was in all the gangs and his reason was that which ever one was winning that's who was with andf this is how gov rummy plays campaign gin rummy..sips tea  at party...elephant turf or Jacka-- vote...also gov rummy played gin rummy with sacred Olympic Games when he took the gold from Office Depot and gave it to Staples and himself...as seen on MSNBC PolicticsNation Rev Al Sharton Boston Reporter Bernstein...as for rush the motormouth he won't have a good day if he can't mention the name Obama course Pres Obama do care and if gov rummy don't quite down rushlimburgercheese religion will make its way in and gov rummy may be asked about his mormornism and relationship of wives and race...just some thoughts as I watch this campaign progress see ya next time...why colorada being targeted? pray for tragedies happening all over the world. love/peace and happiness...
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    Schmidt Wrote: Romney's absolute inflexibility on this issue is hard to understand.  The American public already knows about all his offshore accounts in tax haven countries, and they already know his effective tax rates are lower than ordinary middle class workers. And they know about his signing SEC disclosures for Bain Capital from 1999 - 2002. The big damage has already been done and some polls still show Romney and Obama neck and neck.


    So what's left?

    That's the question. Are there some really bad skeletons hidden there?
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    fenway Wrote: A person can contribute as much as he wants.

    Only a certain (small) amount is tax deductible.



    Yeah, in "freedom of speech", money shouts, and the lawmakers like it that way.

    A Congressman costs less than a TV ad
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    "A Congressman costs less than a TV ad"

    Absolutely correct.

    And just about ALL of them are owned by one or more special interests.

    A Congressman is the gift that keeps on giving, and giving, and giving, and giving...

    MONEY  MONEY  MONEY

    The system is so corrupt, so broken that I don't think it can ever be fixed.