Mitt on the defensive: Why won’t he release taxes before 2010?
What you’re witnessing below is a candidate on the ropes. Mitt Romney is on the defensive, about outsourcing, Bain Capital, when he left the company and now his tax returns, which he’s refusing to release despite demands even from some Republicans that he do so.
It’s enough to make you wonder whether the GOP is going to hand onto him as putative nominee. I don’t think picking Condi Rice for his VP slot can save him from this. Oh Lord — on the defensive is not where he wants to be.
July 14, 2012 - 12:31 AM
There obviously is damning. Info in those returns or he would have released them long ago.
The info from his returns will leak. You can bet on it. The McCain people took a look at Romney’s returns and then picked Palin almost sight unseen. I’ll bet there are a bunch of years where he paid no taxes on millions in income.
Romney is ever classy. He politely answered the partisan reporter, than asked the question on everybody’s mind; Why won’t 0bama talk about his record?
See, the problem for you leftwingers and the reason lies won’t stick to Romney is the guy is a boy scout. This is what great character does for you. I know Democrats don’t understand that because they don’t nominate character people. Look at the last two for godsake.
Democrats demanding transparency. Too funny. Maybe Obama should ask Romney to release his birth certificate or his college records.
why wont obama release all his college info like grades and papers..why did he hide them from the public. Taxes Mitt paid or didnt pay before 2010 is not so important than what barry has been doing his entire life…damning? oh brother.
Mitt Romney has given me all indications that he will be as effective representing his party as John Kerry was his. The parallels seem pretty clear.
The Romney campaign isn’t stupid. From what I can tell they run a first class response operation and are on top of all the issues. They make conflicting statements on occassion, but for the most part they stay on message. I’m pretty sure Romney’s team has fully weighed the consequences of releasing all the returns and have calculated the cost/benefit of doing so. Obvioulsly Mitt’s returns are going to show every tax dodge available to people who can take advantage of such tax dodges. Still, the campaign must think having Obama’s team allege such things is better than a authentic record of what the wealthy do to shelter the assets. I’m sure he “complied” with all existing laws, but I bet that doesn’t look so good to Mr. and Mrs. middle class America.
Could be the same reason the media never pressed Obama to release anything…….EVER !
But, despite the attempt at diversion, lets keep our eyes on what is important to the people…..the ECONOMY….Do NOT be swayed ….they will use any means necessary to try and turn your heads the other way …it is, and always will be about the ECONOMY !!!!!!!!!!!!
This is a clear case of the son not following the advice of the father. George Romney was a decent and honorable man. His son fell a long way from the tree.
http://www.npr.org/2012/02/24/147351064/from-george-romney-to-mitt-a-shrinking-tax-rate
Has Romney released his birth certificate? Obama’s released two, so far.
Man, this guy apparently has never heard the old adage “where there is smoke there is fire”, because he seems intent on continuing to fill-up the room with smoke until it chokes him once and for all!
http://www.clarionledger.com/article/20120713/NEWS03/120713033/Romney-says-he-ll-only-release-2-tax-returns?odyssey=tab|topnews|text|Home
LACONIA, N.H. — Likely Republican presidential nominee Mitt Romney says he’ll only release to the public one more tax return and not until his accountants complete it.
Romney tells CNN he’s complied with the law by filing a financial disclosure statement.
Romney so far has released one complete tax filing, for 2010, along with an estimate for 2011. He filed for an extension for his 2011 tax return.
Democrats are accusing Romney of being secretive and taking advantage of tax loopholes that aren’t available to average Americans. The former Massachusetts governor has also come under attack for accounts he has held in Switzerland, the Cayman Islands and Bermuda.
Romney’s fortune is estimated at $250 million. The bulk of it comes from Bain Capital and the return on investments from the company.
rwt2557 (aka Jeff Doto) pick one ID and stick to it, please.
Re: Comment by rwt2557 — July 14, 2012 @ 8:56 am
Another conformation the faux is an entertainment venue not a new media — ever?
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A non issue. It did take Obama over 2 years to produce what is probably a valid birth certificate. I’m more concerned with what President Obama has done with taxpayer money than what Mitt Romney does with HIS money.
I’d still like to see those stellar grades from HaaaVaaard produced by Obama.
On the ropes? Ha, right.
Outsourcing? Where is your tv made? Your cell phone? Your clothes? Aren’t you outsourcing? Companies outsource because the consumer demands lower prices. It’s an economic fact. This is a non-issue.
Mit Romney made a great deal of money before 2010, so what? I want a successful president, one knowledgable about business, not Obama who has been in government all his life, aided by the dirty Chicago Political machine. If an old tax record is relevant, so is Obama’s past cocaine use.
Let’s stick to the issues. Obama talks about job creation, and deficit reduction, bu it hasn’t happened in 4 years. Why would you want to give him another 4?
“Let’s stick to the issues. Obama talks about job creation, and deficit reduction, bu it hasn’t happened in 4 years. Why would you want to give him another 4?”
Comment by JSwift.
Funny how they forget about all the birth certificate nonsense so quickly, and want to focus on THE ISSUES, eh?
For the record, the credibility of a president of the United States is AN ISSUE. We don’t want to hire a liar in chief. And the income tax returns of presidential candidates, going back decades, have been AN ISSUE. Those inform the public about the people who are seeking our votes to lead the country.
Only now, when Mitt declines to release his returns from before 2010, does it suddenly become NOT AN ISSUE. And why won’t he release those? It seems like there’s blood in the water: One very good reason n ot to release them would be that the returns from 2000 or 2001 list his employer as Bain Capital and his occupation as CEO.
Which takes us back to the credibility question.
“Blood In The Water”? Why are we still ignoring fast and furious? White House top secret leaks? 2 more items waaaay more important than Romney’s taxes!
“I will cut the deficit in half in my first term”. We already have a proven Liar in Chief!
Rwt is correct. They will do ANYTHING to avoid talking about 0bama’s economy.
OK, “let’s stick to the issues”. The same people who are STILL whining to see Obama’s “original” birth certificate, college transcripts, papers and applications are now defending a candidate who has released the barest minimum required for his financial disclosure. That is the issue and Romney stinks to the clouds over it. So do you for defending it. Your transparency is telling.
Obama has made progress against the deluge of economic ruin the Bush/Cheney regime and the TP/GOP policies unleashed on this nation. Ten years of bad cannot be undone in a few years during an economic crisis. Way to make hay in a disaster, but you are only kidding yourselves if you think the TP/GOP bears no blame or could ever be the solution! We have a leader, you have a boss.
#5 pamadoodle – try and stay current, your comment is so 2010…
#9 – Oh, goody, let’s talk about the ECONOMY
Once upon a time…
☻The Dow Jones Average when Bush took office was 10,686. When George W. Bush left office, [Jan. 16, 2009] the Dow Jones was 8,776.39 . http://finance.yahoo.com/q/hp?s=^DJI&a=00&b=20&c=1993&d=00&e=20&f=2001&g=m
☺NOW, under the Obama Administration, as of July 13, 2012, the Dow Jones closed – 12491.61
☻The Washington Post documented that George W. Bush presided over the worst eight-year economic performance – “Bush Lead During Weakest Economy in Decades” – as a matter of fact, in “modern American presidency”: The number of jobs in the nation increased by about 2 percent during Bush’s tenure, the most tepid growth over any eight-year span since data collection began seven decades ago. http://www.washingtonpost.com/wp-dyn/content/article/2009/01/11/AR2009011102301.html?hpid=topnews
☺WHEN President Obama began his term after the abysmal performance by GW Bush, the unemployment rate surged to 10% [the result of Bush Policies] “…since then, unemployment has gradually decreased to 8.2% as of June 2012. http://money.cnn.com/galleries/2012/news/economy/1206/gallery.Obama-economy/?iid=SF_E_Highlight
☻During the Bush Administration, gross domestic product, a broad measure of economic output, “grew at the slowest pace for a period of that length since the Truman administration.” http://www.washingtonpost.com/wp-dyn/content/article/2009/01/11/AR2009011102301.html?hpid=topnews
☺NOW, under the Obama Administration, “Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.9 percent in the first quarter of 2012 (that is, from the fourth quarter to the first quarter), according the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 3.0 percent. http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm
☻“Americans’ incomes grew more slowly than in any presidency since the 1960s, other than that of Bush’s father.” http://www.washingtonpost.com/wp-dyn/content/article/2009/01/11/AR2009011102301.html?hpid=topnews
☺NOW, personal income increased $25.4 billion, or 0.2 percent, and disposable personal income (DPI) increased $18.5 billion, or 0.2 percent, in May, according to the Bureau of Economic Analysis. Real disposable income increased 0.3 percent in May, compared with an increase of 0.1 percent in April 2012. http://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm
☻On January 9, 2009, the Republican-friendly Wall Street Journal summed it up with an article titled simply, “Bush on Jobs: the Worst Track Record on Record”. In September 2009, the Congressional Joint Economic Committee, charted Bush’s job creation disaster, the worst since Hoover…
http://blogs.wsj.com/economics/2009/01/09/bush-on-jobs-the-worst-track-record-on-record/
☺NOW [remember, Romney wanted the auto industry to be left to go into bankruptcy], under the Obama Administration, “The number of people seeking U.S. unemployment benefits plunged last week [July 2012]. But a big reason was that some automakers skipped their traditional summer shutdowns to keep up with demand, leading to fewer temporary layoffs of autoworkers.”
http://www.fox10tv.com/dpp/on_the_money/fewer-auto-closings-reduce-us-unemployment-claims
Is the economy and unemployment where this President wants it to be? Of course not. But President Obama pulled us back from the abyss that the Republicans and their obstructionist behavior pushed us towards. Republicans want us to go backward to the Bush years. The US as a whole, and certainly the economy is stronger,and has moved FORWARD. Dare I say, Four More Years, Four More Years?
I love how the same nitwits who demanded the release of President Obama’s birth certificate, college grades, and total transparency on his whole life are not demanding the same from Romney, saying it’s not relevant. To me, Romney’s activities of the past 10 years are far more relevant to whether Obama made a B or C in Con Law at Harvard 25 years ago.
And if the nitwits would do just the slightest bit of research they would see, via the Bureau of Labor Statistics just how many jobs have been created in the last 4 years (as well has how many were lost in the previous administration). And they would see that despite the GOP’s efforts at blocking every effort at creating jobs, as well as having no jobs bill of their own, our ecomnomy has had 21 months of job growth.
Should say: “To me, Romney’s activities of the past 10 years are far more relevant THAN whether Obama made a B or C in Con Law at Harvard 25 years ago.”
Oh, Bob. Please find me a politician who doesn’t or hasn’t lied.
Let’s see, there was GHWB who said “No new taxes.” How about Reagan lying to Congress about arms sales to Iran? Or GWB lying about Saddam Hussein possessing chemical & biological weapons? Nixon lying about Watergate? LBJ lying about Vietnam?
Seriously, if you expect honesty from politicians you haven’t been paying attention.
Comment by Bob — July 14, 2012 @ 12:00 pm @18
You do understand that CONGRESS legislates and controls the “purse strings”, right? Your imbecilic republican teabagging, Norquist pledge signing group have blocked progressive legislation in the House, spent months trying 33 times to repeal the ACA – a constitutional piece of legislation – and in the Senate, filibustered any and all legislation that would create jobs and reduce the deficit.
Go to the library, pick up a book called, “How Your Government Works” or there is a great cartoon version, :How A Bill Becomes a Law”- Schoolhouse Rock here:
http://www.youtube.com/watch?v=L3KHBczTYxA
Was written, I think, for your level of [mis]understanding. Enjoy.
From the Associated Press (7/14/12):
Romney acknowledged that he would have benefited financially from Bain’s operations even after he left management of the firm to others. “All of the investors participate in the success or failure of various investments, just like you do as a shareholder of an enterprise,” Romney told CBS.
Thus, Mitt Romney, abortion profiteer.
Thus, Mitt Romney, offshoring outsourcer.
Thus, Mitt Romney, misleader-in-chief.
Why is it appropriate Shrillary to use your vile term Tea Bagging? I sure don’t want mine done by you. You seem to be very hateful, and I expect fugly.
The 30 bills sitting on Harry Reids desk are not all Obamacare. Explain the 2 years of Obama, Senate and Congress in full control without wandering off the subject. You can’t!
Good thing the focus is off of the white house leaking classified info to the world!
Which takes us back to the credibility question.
The biggest credibility problem I see is 0bama’s. Even today, even in Roanoke, he says he won’t raise taxes on the middle class, while 0bamacare is the biggest tax in history on the middle class. He’s just flat out lying.
Comment by Bob — July 14, 2012 @ 10:29 pm @29
Touch a nerve Bob?
Did you notice the Small Business bill that was introduced by Senator Reid last week? “The Democratic bill would give tax credits of up to $500,000 this year to companies that enlarge their payrolls over 2011 levels. It would also let firms deduct the entire cost of some major equipment purchases this year under the tax code’s “bonus depreciation” rules, doubling the current 50 percent deduction available.
Democrats said the measure would create 990,000 jobs, citing a study they requested from a private consulting firm. The White House said 2 million companies that hire new workers or give raises would benefit.”
http://www.washingtonpost.com/business/senate-ready-to-vote-on-rival-democratic-republican-plans-to-cut-taxes-on-businesses/2012/07/12/gJQAzMahfW_story.html
It did not pass due to procedural hurdles place by republican senators.
From the same citation, a bill devised by House republican Eric Cantor was also introduced:
“In an embarrassment to the Republican bill’s original author in the House, House Majority Leader Eric Cantor, R-Va. – 21 Republican senators — nearly half — voted against it. Several Republicans said they were unhappy that the $46 billion measure was not paid for — meaning it would boost budget deficits — and that it complicated the tax code at a time when many lawmakers want to simplify it by erasing some tax breaks.”
And just FYI – when the Democrats submit bills in the House,of Representatives, those bills rarely will even come to the floor for a vote – republicans simply bury them. In the above example, please note that Harry Reid let Eric Cantor make a complete fool of himself with a little help from his senate republican “friends”.
It is, evidently Cantor’s Constitutional right to do so.
And you do realize that 33 times, republicans voted on the ACA, a Constitutionally upheld law? Did you count those bills too?
Oh and Bob, @29, your comment, “Explain the 2 years of Obama, Senate and Congress in full control without wandering off the subject. You can’t!”
First, the sentence doesn’t make sense, I always stay on topic, and secondly, do you want me to do all your research for you on all the legislation and compile it into an easy reader? Not going to happen, do the research yourself.
However, this goes to your questioning a backlog of legislation, I believe:
“The Republican-controlled House’s frequent election-year recesses do little to clear the mountain of legislative work off their plates and have rankled such Democratic colleagues as House Minority Leader Nancy Pelosi, D-California.
“Instead of recessing yet again, the House should remain at work and pass critical legislation that will create jobs for the middle class that will actually be signed into law. Republicans must not run out the clock on the economy,” Pelosi wrote in a letter to House Speaker John Boehner, R-Ohio, this week, adding that the upcoming recess is the ninth weeklong break this year.”
http://www.cnn.com/2012/06/08/politics/congress-worse-election/index.html
Aren’t the republicans in the party that espouses “hard work”. Must be a case of never practicing what they preach.
It really all comes down to this; One candidate is a good man who is honest in his intentions, and the other is an evil man who is dishonest about his plans.
Romney truly wants to get the country’s economy fixed. He believes in free enterprise and he would govern that way.
0bama is deceiving people. His goal is total government takeover of health care, but he pretends like it isn’t. He has every intention of raising taxes on the middle class, but he says he isn’t. He claims to want jobs, but he’s intentionally hurting the very companies that provide jobs.
We learned a lot about what happens you put a low-character guy in the White House. We did that in ’92 and ended up having to impeach the philanderer. On top of that, he was asleep at the switch while al-queda was building which led to 9-11, thus necessitating the Iraq War. We learned the lesson again when 0bama stole the election in ’08. The SOB has about bankrupted the country. It will take years, even decades to undo what he’s already done. If he wins again, it’s all over.
“Romney truly wants to get the country’s economy fixed. He believes in free enterprise and he would govern that way.”
Da Suze is saying that if Romney is elected, the next time there’s a warm winter, and Roanoke Gas doesn’t sell enough gas, they’re NOT gonna be able to bill you extra anyway (even though the price of natural gas is plummetting) for gas you DIDN’T buy. No siree, under President Mitt, SHAREHOLDERS, not rate-payers, are going to have to take it on the chin because there will be no such thing as guaranteed profits.
Same with AEP and the cost of cleanup from the derecho.
And all of that is a lie. Romney doesn’t believe in classic, good old American free enterprise.
He believes in legal corporate bustouts that leave bondholders holding the bag, while Bainholders walk away, laughing all the way to the bank.
He believes in legal corporate bustouts that leave bondholders holding the bag, while Bainholders walk away, laughing all the way to the bank.
Comment by Dan Casey — July 15, 2012 @ 11:15 pm
Especially banks in Switzerland and the Cayman Islands.
Dan focuses on the seven companies that eventually went bankrupt while Romney was at the helm of Bain capital while ignoring the 40 that staved off bankruptcy as the result of Bain strategies. In fact only 5% of companies went bankrupt while under Bain control, a number consistent with the national average.
So in other words, Bain SAVED far more companies than not. Yet the dishonest 0bama campaign lies and distorts. And of course the loyal foot soldier Dan Casey joins in.
This is nothing more than slander of a great man of great integrity. Funny these people don’t want to talk about Solyndra, a company that lost $535 million taxpayer dollars that 0bama pushed their way. This was OUR money, people. Where’s your outrage on that, Dan? Where is yours, Liberal Ron?
Bain is was somewhat atypical of private equity groups in using an omnivorous approach to making profits, instead of focusing on one particular strategy. When they spotted an undervalued company that they could turnaround, they would operate it, using a combination of maneuvers with financial instruments and aggressive cost cutting techniques including downsizing, outsourcing, wage and pension adjustments, and asset sales. Many of these companies survive. Bain also invested in small companies that sought to grow or relaunch, such as they did with Staples, which also may have survived.
But when they spotted a company that was undervalued because it’s fundamental business model was deteriorating, their strategy from the start was simply to gain control and essentially loot the liquid assets, often replacing them with overvalued junk debt. This is known as a bleedout, first cousin to a bankruptcy bustout, except that it has been legalized when done with financial instruments (similar to the abuses after S&L “reform” in the ’80′s).
It’s must be stressed that in all the types of its’ investment approaches, Bain structures the deal so that there is very little or no downside risk to Bain. The substantial fees for acting as ivestment banker/agent come right off the top, their “vig” as it were, and equity participation is mostly done with debt, borrowed against the very company they are investing in. Thy create special classes of new stock, then they borrow some more for the payment of “special dividends” to a limited subset of shareholders-themselves. These special dividends are one of the worst, albeit legal, financial abuses in the bleedout strategy, in terms of brazenly screwing the existing investors.
Claims that Bain’s investments represent huge risk taking are almost always untrue. And claims that Bain provides needed liquidity or operating expertise are also usually untrue, in the sense that liquidity gained from junk debt or asset sales and used to immediately pay certain shareholders is not liquidity that benefits the businesses’ operations, and once Bain expertise implemets its’ own self-serving strategies, other operating expertise becomes less relevant.
One other thing that should be noted is Bain’s hyper-aggressive evasion of taxes, using the most techncial and arcane interpretations of the tax code. This is mirrored in other companies that Romney has had a hand in, such as Marriot, and indeed apparently in his personal taxes, as even indicated in the only tax return made public thus far. There would otherwise be little reason not to release more of them, since the world already knows that he’s made a fortune.
Also note that while there are a number of related subsidiaries and partnerships using the Bain name in their moniker, such as Bain Capital, all of them have interlocking principals and use the same set of strategies.
The problem is that so much of this is legal, after decades of Washington legalizing abusive and predatory forms of capitalism by allowing sharks to set the rules (or lack of rules) and gutting enforcement of those weak rules that remain. Rmoney’s owners only seek to maintain and expand this state of affairs.
typos, 3rd paragraph: “they” and “investment”
typo 4th paragraph; “implements”
typo 5th paragraph “technical”
#36 most ill-informed posted, “This is nothing more than slander of a great man of great integrity.”
I know you are no genius, but really, slander? Do you even know what the definition is? Here’s your learning moment – embrace it:
Slander: n. oral defamation, in which someone tells one or more persons an untruth about another which untruth will harm the reputation of the person defamed.
on the other hand – please read in its ENTIRETY…
Libel: 1) n. to publish in print (including pictures), writing or broadcast through radio, television or film, an untruth about another which will do harm to that person ..
http://legal-dictionary.thefreedictionary.com/libel
so to bring it down to your level – slander is “said”, or spoken,
libel is written. And it must be UNTRUE. Got it? Your welcome,
And wouldn’t it be great fun if Rice was to become VP for Romney…I wonder if he remembers she’s pro-choice?