Skip to comments.Harry Reid Still Whining About Taxes….Damn Those Rich Folks!
Posted on 08/29/2012 5:40:41 PM PDT by Starman417
Harry Reid is still bringing up Romney's taxes. Here he is a few days ago:
Senate Majority leader Harry Reid tells George Knapp of KLAS his source is a long time friend, a very wealthy person hes known for 30 years whos had business dealings with Bain Capital. He told him Romney hasnt paid taxes like you and I for 10 years. He adds, he cant give us his tax returns because it would be the end of his campaign for sure
The end of his campaign eh?
Well, that bastion of conservative thought, the New York Times, disagrees:
Mr. Romney has insisted that his returns from 2010, and preliminary returns for 2011 (until he provides a final version) are enough for voters to evaluate his fitness for office. But even though he has not released his returns from earlier years, the 2010 return sheds some light on those years.
Thats because Mr. Romney paid income tax to foreign countries, and as result claimed in 2010 a $129,697 foreign tax credit, which he used to offset taxes he owed in the United States. American taxpayers who claim the foreign tax credit are required to report their total foreign taxes paid and tax credits used for the previous 10 years. So that return contains foreign tax data going back to 2000.
The good news for Mr. Romney is the forms suggest that he paid at least some federal income tax every year, as he has said he did. He used the foreign tax credit every year to offset his taxes in the United States, and American taxpayers cant use a tax credit if they owe no federal income tax. This casts even more doubt on the claim by the Senate majority leader, Harry Reid, attributed to an unnamed Bain Capital source, that Mr. Romney paid no income taxes during that time.
Of course they have to throw an elbow here or there:
But the data does suggest that Mr. Romney was able to reduce his taxable income in 2009 to a very low level, and thus might have paid relatively little tax even if it did, as Mr. Romney claims, amount to at least 13 percent of his taxable income. Tax experts also said it is theoretically possible, though highly unlikely, that he paid no federal income tax in 2009. At the same time, an unusually high foreign tax credit in 2008 raises questions about the size and source of Mr. Romneys foreign income that year and how it was treated for tax purposes.
I find it hard to believe that someone would want to reduce their taxable income....oh wait:
[Diane] Feinstein. OpenSecrets.org lists her as the seventh-wealthiest senator, with a net worth between $44 million and $94 million, according to her latest disclosure forms. And, just like Romney, she keeps a portion of it in offshore accounts. Her most recent reports say she has an unspecified amount (at least $1 million) held independently by the spouse or independent child in Coral Growth Investments, Ltd., in St. Peter Port, Guernsey. Guernsey, a tax haven, is a small island in the English Channel that early this year drew the ire of a British Labour-party leader for helping wealthy Brits dodge taxes. The California senator also has between $500,000 and $1 million in a fund called Cevian Capital II L.L.C. in Jersey, another of the Channel Islands. According to her latest forms, that holding generated between $15,000 and $50,000 in capital gains, interest, and dividends. Feinstein has another $1,000 to $15,000 in Mauritius, an island nation in the Indian Ocean off Madagascar that is an up-and-coming tax haven.
(Excerpt) Read more at floppingaces.net...
To heck with “the rich”. TAX politicians first! They should pay their “fare share” to ride on the American porkwagon. I’m sick of politicians always stealing and spending other people’s money to get elected.
It Sounds like the Vegas money has left Old Harry.
This pathetic excuse of a man should be horse whipped.
Harry when are you going to release YOUR tax records? So far you have release ZERO years.
And a totally corrupt political whore...
He belongs in handcuffs...
Then life in prison for his malfeasance in office...
THIS MAN IS THE PROBLEM!