Saturday, August 11, 2012

What's Really Hidden Under Mitt Romney's Fiscal Bed?

UNLESS YOU'VE BEEN ASLEEP FOR THE LAST TWO WEEKS, you probably already know that Senator Harry Reid (D), from Nevada, has been taking heat for suggesting Mitt Romney might not have paid any federal income taxes for ten years straight. Reid has been called a liar by all sorts of aggrieved conservative folks.

In fact, they can't believe the mean things Harry Reid says!

Meanwhile, have they mentioned lately that "President Obama has no birth certificate. Therefore he's not a legitimate president? And did they tell you that he's a communist and so are all of his supporters and they want to destroy the United States of America?"

Well, what DO we know about Mitt Romney and Mitt Romney's taxes? We know Mitt really, really wants to lead this fine nation. We know he wants us to have the best military in the world, no matter the cost ($700 billion annually). We just don't know if the Stormin' Mormon wants to pay his share of the tab.

We don't know because Mitt has released his tax returns for only one year:   2010.

Otherwise, he's refusing to provide additional information. It's like your girlfriend comes over unexpectedly, sees your ex's car in the drive, and storms inside, accusing you of cheating on her. And you reply, "Baby, you know I wouldn't do that. I'll let you look in the living room, just not in the bedroom or closet. I love only you, honey."

That's not going to fly.

How bad could Romney's returns be? Is it possible he doesn't want us to find the fiscal bra and panties, so to speak?

We know that Governor Romney made $21.7 million and paid only 13.9% in federal taxes in 2010. That's not a lot but it's not too bad.

The question, of course, is what might be under Governor Romney's bed. Certainly, for many of the richest men and women in America it's more than a few harmless dust bunnies. According to a report released by the I. R. S. this summer, the superrich pay taxes differently from you and me. Romney isn't quite in that category mind you; but he's not doing too bad. Sure. He has secret bank accounts in Switzerland. Don't we all? Sure. He stashes cash in Bermuda and the Cayman Islands, too. Don't you?

What, then, if anything does the presumptive GOP nominee for president have to hide?

Consider the top 400 American earners in 2009, the latest year for which figures are available. The average income for those 400 men and women was $202 million each. Of course, you may have heard the typical Fox News Line: These people deserve more because they work harder than you. It must be tough, alright. If they work 2,000 hours, a typical year for a plumber or police officer, they$101,000 hourly.

And now, you expect them to pay taxes?

What's your average multi-millionaire or billionaire supposed to do? You can start by hiring a good tax lawyer and a few accountants or do what the Koch brothers do, and purchase a few dozen assorted state and national politicians. Of those 400 hard-working Americans, six paid zero dollars to the federal government in income taxes. (That's like catching your boyfriend, naked, in bed, with his ex-girlfriend.) Twenty-seven paid 10% or less; and 89 paid between 10 and 15%, just about as much as most teachers and carpenters and blue collar union workers.

So, Mr. Romney, let's prove Senator Reid a liar. Show us your income tax returns for the last decade. Show us the money! If you want to lead the greatest nation in the history of the world, show us you're willing to shoulder your share of the cost and burden.

According to Forbes magazine, a study done by British economists indicates that the superrich around the world are now hiding $21 trillion in illegal offshore bank accounts.

Only regular suckers pay taxes.


  1. Very well written. However, Mitt has released the taxes required by law. A flat consumption tax, say 20%, as an amendment to the constitution, can provide equality under the law. That he takes full advantage of the system designed by our elected representatives is not criminal. Obama's justice department, on the other hand, just closed the federal investigation into Goldman Sachs, who's actions we know to be criminal.
    Where's the outrage?


  2. Goldman Sachs, the boys saved by the last Republican administration? The guys who tell us we don't need more Wall Street regulation?

    I can't stand all the crooks on Wall Street; and they're the ones hiding the $$ in offshore accounts, generally.

    The Obama administration recently forced UBS, a Swiss bank, to divulge the names of 4,500 tax cheaters.

  3. A flat consumption tax will not provied equity under the law because the poor "consume" (spend) most of their income on necessities and therefore are taxed on all of it. The wealthy, on the other hand invest or bank (like Switzerland and the C
    aymans) and therefore are not taxed on all of their income. equity here.