How Likely Is It That Romney Paid No Taxes?

[ProSense]

How Likely Is It That Romney Paid No Taxes?

Brian Beutler

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Tax experts TPM spoke with believe it’s a plausible strategy — but question whether he’d be able to whittle his effective tax rate down to zero.

To erase his federal tax liability this way Romney would’ve had to eschew other income sources, or figure out ways to zero out his effective tax rate on that income too.

That’s 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 Reid’s allegation is unlikely.

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“(I)t struck me as plausible,” said NYU tax expert Daniel Shaviro, who’s been a leading analyst of Romney’s public financial information. “The reason people have been saying he must have paid something is that they’ve 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]

1. IMHO, highly. He loves his money. People like him

gleefully cheat to keep as much as humanly possible, so they can feel superior to those who have less.

[Fumesucker]

2. Willard doesn't figure out jack shit, he has minions for that..

At Willard's level a tax return is just an opening position in lengthy negotiations involving high priced lawyers and accountants..

[slackmaster]

3. I think it's impossible that he paid no taxes at all. No INCOME taxes for some years? Sure.

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]

4. where are the tax returns mitt... one year release unacceptable for america's CEO

[Canadian 2]

5. Let's get Machiavellian

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]

6. Foreign gains coupled with US-based losses

and Foreign taxes paid on gains as deductions (writeoffs) against US taxes.

[Amerigo Vespucci]

7. 2008 + 2009

"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.