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IPFS News Link • TAXES: Federal

This Is The Best Theory We've Heard Yet For Why Mitt Romney Won't Show His Taxes

•, Joe Weisenthal

A growing number of Republicans think that obviously Romney should release his taxes. But only he knows what's in his returns, and he does not think it's so obvious.

So everyone has their theories.

One easy possibility is that it's just a matter of drawing more attention to the fact that he is really rich and his tax rate isn't all that high. But this doesn't make sense since this would only confirm what everyone really knows.

Joshua Green at Bloomberg has what is the most logical theory so far... which is that thanks to the economic collapse of 2008, and the massive losses he probably suffered, Romney might not have paid any taxes in 2009, thanks to tax-loss carryforwards.
As a member of the ultra-rich, Romney probably wasn’t spared major losses. And it’s possible that he suffered a large enough capital loss that, carried forward and coupled with his various offshore tax havens, he wound up paying no U.S. federal taxes at all in 2009. If true, this would be politically deadly for him. Even assuming that his return was thoroughly clean and legal — a safe assumption, it seems to me — the fallout would dwarf the controversy that attended the news that Romney had paid a tax rate of only 14 percent in 2010 and estimated he’d pay a similar rate in 2011.

1 Comments in Response to

Comment by Stupid Amerkin
Entered on:

Not that I am for Mitt Romney, as a matter of fact I say that as long as there are politicians, there will always be misery, suffering, death and wars. Aside from that, these criminals disguised as public servants and respectability,   are now being judged by their tax records? The fact that this is really even an issue continues to validate how successful the dumbing down of America has been.

On a positive note, I do believe many are coming out of their coma and waking up, including myself and earth shaking changes are coming and it won't be from the district of criminals.

We are soon to be re educated  on the real meaning of freedom and liberty.