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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHow Likely Is It That Romney Paid No Taxes?
Brian Beutler
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Tax experts TPM spoke with believe its a plausible strategy but question whether hed be able to whittle his effective tax rate down to zero.
To erase his federal tax liability this way Romney wouldve had to eschew other income sources, or figure out ways to zero out his effective tax rate on that income too.
Thats according to Ed Kleinbard, a tax law professor at the USC School of Law who earlier this year participated in a conference call organized by the DNC. He thinks the literal reading of Reids allegation is unlikely.
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(I)t struck me as plausible, said NYU tax expert Daniel Shaviro, whos been a leading analyst of Romneys public financial information. The reason people have been saying he must have paid something is that theyve figured he must have (as in 2010) had some dividend and interest income plus other ordinary (rather than capital gains) stuff such as speaker fees. Zeroing all that out, if he had such income every year, would have required tax shelter losses that would very likely be deemed (by the IRS and many legal experts) as abusive.
- more -
http://tpmdc.talkingpointsmemo.com/2012/08/how-likely-is-it-that-romney-paid-no-taxes.php
Until Romney releases his tax returns, the speculation will continue.
What is Mitt hiding?
Here's How Mitt Romney Might Have Paid No Taxes
http://www.democraticunderground.com/10021087432
kestrel91316
(51,666 posts)gleefully cheat to keep as much as humanly possible, so they can feel superior to those who have less.
Fumesucker
(45,851 posts)At Willard's level a tax return is just an opening position in lengthy negotiations involving high priced lawyers and accountants..
slackmaster
(60,567 posts)Romney can say that a claim that he paid no taxes is false, and he may be technically correct because he paid capital gains, sales taxes, fuel taxes, property taxes, etc. (In fact I have seen public record data showing that he has paid the property tax on his home in La Jolla.)
But whoever originated the idea that he paid "no taxes" without qualifying it by saying "no income taxes" was being equally disingenuous.
spanone
(135,627 posts)Canadian 2
(20 posts)Who cares? The charge is out there, it dovetails magnificently with suspicions people already have about Romney, and he has TAKEN Reid's rope and tied himself a political noose!
Harry, my hat is off!
Ruby the Liberal
(26,216 posts)and Foreign taxes paid on gains as deductions (writeoffs) against US taxes.
Amerigo Vespucci
(30,885 posts)"The Wonder Years," when things began to go sideways for MANY people. They were IDEAL years for Romney to spank every write-off and loophole imaginable. So I'd want to see EVERY tax return from 2008 to the present.