Romney's refusal to release his tax returns has caused a feeding frenzy for Democrats starting with Harry Reed. According to the erstwhile leader of the Senate, the Republican candidate has not paid taxes for the past ten years. They say it is important to know how much the former owner of Bain Capital earned as if that would make a difference between a good leader and one like our current President.
The demand for tax records is nothing but a search for damaging information that can hurt Romney's campaign and get Obama re-elected. It would be a mistake to release the records. Any return can be made to look nefarious by using words to describe perfectly legal tax loopholes which we are sure that Romney has used. Releasing the tax forms would be a campaign ending mistake.
As far as the comment that Romney paid no taxes, the Senate leader is incorrect as there is a provision in the law called the "Alternate Minimum Tax" (AMT) which requires each taxpayer to pay at least a minimum amount to the government. The way the provision works is that it adds back items which are deductions on the return to get to a number on which you pay tax.
The original idea was to prevent high income people avoiding taxes by using tax loopholes. Does that sound familiar? However, in recent years the AMT is hitting even middle class people who have certain income and investments. Romney definitely would be subject to AMT which makes Harry Reid's comments laughable. He is lying and he knows it. He is carrying the water for the Administration, being a "good" Democrat. The unfortunate thing is that many Americans are so unschooled in the tax code, they naively believe what he says.
Here are some references to get up to speed on AMT:
http://www.fairmark.com/amt/amt101.htm
http://www.smartmoney.com/taxes/income/the-alternative-minimum-tax-9540/
http://www.hrblock.com/taxes/tax_tips/tax_planning/amt.html
http://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Alternative-Minimum-Tax--Common-Questions/INF12072.html
Conservative Tom
The demand for tax records is nothing but a search for damaging information that can hurt Romney's campaign and get Obama re-elected. It would be a mistake to release the records. Any return can be made to look nefarious by using words to describe perfectly legal tax loopholes which we are sure that Romney has used. Releasing the tax forms would be a campaign ending mistake.
As far as the comment that Romney paid no taxes, the Senate leader is incorrect as there is a provision in the law called the "Alternate Minimum Tax" (AMT) which requires each taxpayer to pay at least a minimum amount to the government. The way the provision works is that it adds back items which are deductions on the return to get to a number on which you pay tax.
The original idea was to prevent high income people avoiding taxes by using tax loopholes. Does that sound familiar? However, in recent years the AMT is hitting even middle class people who have certain income and investments. Romney definitely would be subject to AMT which makes Harry Reid's comments laughable. He is lying and he knows it. He is carrying the water for the Administration, being a "good" Democrat. The unfortunate thing is that many Americans are so unschooled in the tax code, they naively believe what he says.
Here are some references to get up to speed on AMT:
http://www.fairmark.com/amt/amt101.htm
http://www.smartmoney.com/taxes/income/the-alternative-minimum-tax-9540/
http://www.hrblock.com/taxes/tax_tips/tax_planning/amt.html
http://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Alternative-Minimum-Tax--Common-Questions/INF12072.html
Conservative Tom
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