Harry Reid’s Mitt Romney tax rant – backfiring even with the Left
Four Pinocchios from The Washington Post regarding Harry Reid’s rant that Mitt Romney paid no taxes for 10 years. The Post asked several tax experts and all concluded based on the information already released by Romney and their knowledge of different legal tax shelters used by the wealthy, that it was highly improbable that Mitt could have not have paid any taxes in 10 years. Thus the Post concluded the experts were probably correct and Harry Reid W R O N G.
So one must ask why would Reid risk such a blatant attack on Romney’s tax returns and finances. Is he so delusional and corrupted by power that he believes himself to be, let’s say, “untouchable.” Or does the wily coyote already smell defeat, and trying to be a good lockstep soldier for the President, he thus is ready to eat and spit up any pablum that Axelrod gives him.
Salon.com, a liberal leaning website, was mentioned, in the Politifact article as also checking out the story and came to the same conclusion:
The article quoted David Miller, a tax attorney with the firm Cadwalader, Wickersham & Taft in New York, saying it’s “highly unlikely” that he paid nothing.
“It would be easier for someone like Steve Jobs to pay zero, as most of his wealth was in company stock, which isn’t taxed until sold and may never be sold,” Miller told Salon. The Salon article continued, “But Romney’s arrangement with Bain is different. He would have earned management fees, and when Bain sold the underlying companies that it invested in, Romney would have been subject to tax on his share. ‘It’s possible he paid very little in taxes, but I find it hard to believe that he paid none,’ Miller said.”
Salon also quoted Joshua Kamerman, a lawyer and CPA in New York, who said while it’s theoretically possible, it’s also “preposterous.”
“Charitable donations can shield up to only 50 percent of tax liability, while other means can lower the rate,” the article said. “But to pay nothing, Romney would have to sustain business operating losses, Kamerman said. The IRS lets people carry over losses for up to 20 years until they make a profit from which to deduct them. But Kamerman said this is almost certainly not the case for Romney.”
Therefore, we the people, have elected a politician, who holds one of the highest ranking positions in the legislative branch, Senate Majority Leader, who has engaged in the lowest form of election year skulduggery. In the process, and supported by his minions, Sen. Charles “Chuckles” Schumer, Sen. Patty Murray, not to mention Nancy “we have to pass the bill so you find out what is in it” Pelosi, Harry just may turn out like his friend Barack, with his comment, “you got a business, you didn’t build that”. The gift that keeps on giving.