So looking forward to hearing Mitt Romney explain how his $180,000 in contributions to his IRA, $6000 maximum amount allowed for 30 years, is now worth between 20 and 100 million dollars, and how he has been sheltering this money in a tax free account all these years.

Hopefully, this investigation will be fast-tracked so that we can hear Romney's explanation before the election. Perhaps it's time for republicans to think about nominating another candidate.

But the tax bill when it's drawn out is going to be a Lulu.

it really is no mystery to wait for how it happened. The federal tax laws of this country allow it.....that means it ain't illegal. You might not like it....but anybody at any earnings or wealth level are eager to take advantage of those laws, loop holes and interpretations that allow one to pay less, little or no taxes.

That is why the big deal tax question is such a joke.....when do we move on to the real issues affecting America? How about Obama's alleged real estate deal in Illinois with his real estate buddy to sell of pieces of property to diminish the real value and pay lessor tax? Don't worry about it. He is a lawyer...he did not do anything illegal.....some of us just don't like it.

It has nothing to do with or affect electability....just like it apparently did not affect voting for Obama.

btk

I agree. I'm tired of the mud slinging with the only purpose to discredit everyone but the slinger.

hopefully it will spur holder to address the REAL problems within this administration - fast-tracked or not!

Maybe that question should be asked of Treasury Secretary Tim Geithner who's over the IRS, to see why they have not prosecuted Romney for such alleged violations.

After all, Geithner is no stranger to working the system......

"The statute of limitations had expired for 2001 and 2002, and Geithner did not file amended returns or pay the additional amounts due for those years until after Obama expressed his intent to nominate Geithner to be Secretary of the Treasury.

He also deducted the cost of his children's sleep-away camp as a dependent care expense, when only expenses for day care are eligible for the deduction, failed to assess himself an early-withdrawal penalty from a retirement plan, took a charitable-contribution deduction for ineligible items, an improper small-business deduction, and made illegal expensing of utility costs that went for personal use."

http://en.wikipedia.org/wiki/Timothy_Geithner

That is the purpose of the letter to the Justice Department, to investigate Mitt Romney's IRA holdings. Every day Romney is talking about his taxes, his IRA holdings, his offshore accounts, his dancing horse, his car elevators is a winning day for Preseident Obama, who is out there every day explaining to people how Romney's tax plan will increase their taxes by as much as $2000 per year while reducing his taxes by $87,000 annually.

We are really watching and reading at different posts !!!

I have seen NOTHING of what you say Romney is saying.....as I didnt see Obama's JOBS bill that you saw ......guess I am tuned in to the wrong reading materials, etc.

Does Obama ever talk about his plans for jobs, or anything like that in whatever you read ? I have heard a rumor that Romney wants to change the tax code sustantially but of course it is only a rumor.....didnt Obama have a committee looking into that one time..oh, in my reading material, he dumped them !!!

It is interesting to see some on this thread continue to pound the table and demanding an accounting as did harry Reid to the Senate.

first romney has already turned over more years than are required by law to do so.

Secondly Harry Reid in spite of his demands for romney's taxes refuses to share his taxes.

Thirdly Romney's tax returns shows he paid what was required of him by law.

Fourth those demanding more tax returns and especially those on this thread would gain nothing because they wouldn't understand them in the first place.
Heck these poster making such demands probably have to take their simple tax filings to H&R Block. Geeezzz

Mitt Romney spent his whole news conference yesterday (Friday) in Las Vegas talking about his taxes. President Obama's American Jobs Act would have been discussed, if Speaker John Boehner had brought it to a vote on the house floor, but Boehner was too busy calling for a vote to repeal the Affordable Care Act 33 times.

1. It is shameful that a presidential candidate is made to have those discussions; Just terrible and I think the american voter has had just about enough.

2. Boehner did not stop the vote. Mr Reid stopped the vote in the Senate because of defections in the Democratic party !

do you mean that every day romney is out explaining that the allegations made against his taxes, holdings, accounts, equine therapy/investment, etc are baseless, legal/lawful - and are democratic diversions from facts such as unemployment is not at 6%, obama secret agreements and sealed records are not kept promises of transparency, obamacare is not a tax, and the deficit has not been cut in half?

Wow, that's a pretty large and rude assumption on your part.

"Fourth those demanding more tax returns and especially those on this thread would gain nothing because they wouldn't understand them in the first place.
Heck these poster making such demands probably have to take their simple tax filings to H&R Block."

I bet that Sarah Palin doesn't have the smarts to understand simple tax filings. After all, it took her 6 years and 5 colleges to get her Bachelor's degree. :1rotfl:

Sarah Palin is not on any ballot.

Do you have any clue that there are different kinds of IRA's, for different income levels and their taxation??

$6,000 maximum?? Have you ever heard, for example, of a SEP IRA, for self-employed people???

SEP IRA
Best for: High-income business owners who want to maximize contributions through an uncomplicated plan with low fees. SEPs also work well for small-business owners with mostly low-paid, high-turnover employees, because there's no vesting structure and less incentive for employees to stay long-term.

With a simplified employee pension, or SEP, you can contribute up to 20% of your net self-employment income (which is income minus half of your self-employment tax) to a SEP, up to a maximum of $49,000 for 2009. The deadline is October 15, 2009, if you get an extension for filing your 2008 tax return. There's no additional salary deferral, so your income must be at least $245,000 before you reach the $49,000 contribution level.

Kiplinger.com

Way too complicated for me. This is what the Justice Department and the Treasury Department get paid to figure out. Add that to the Security and Exchange Commission investigation of when Mitt Romney actually departed Bain Capital and why he was signing agreements after his so-called retroactive retirement.

Posh: I see your point and a look back tells me perhaps I would have re-worded number 4. However, the issue of taxes is a very complicated process and I understand why a guy like Romney would not want all of his taxes under the scrutiny of people who have little accounting tax expertise. Because all they are going to use it for is fodder as a distraction from the real issues in this campaign

My filings are not that difficult yet I hire a CPA annually and so number 4 was also suggested with me in mind and I have credentials in investing and insurance.

So if my earlier posting offended anyone I do apologize for the bad wording but not the intent.

Thanks!

I think you and POSH handled it quite well !!

Now, how do we reduce the noise on Romney's returns. Guilt by insinuation and constant yapping. WOW.....folks I know on the left are even sick of it.

But you guys handled it well !

Gov Romney's handlers have made a calculation that exposing the Tax Returns would create more damage than keeping them private IMO. After all he shared them with Sen. McCain and Sarah Palin was picked.

I do not believe that at all...in anyway shape or form !!!

Romney is a very very very rich man...NONE of us can relate to that. He has a battery of lawyers and tax accountants...not individuals...companies of them to handle his taxes.

They are complex beyond any persons understanding and I am sure he has taken every single tax advantage possible to reduce his liability.

Disclosing them would open them to become the campaign...and you know as well as I they would be the ONLY thing discussed. Once one item was responded to, another comes up. If the IRS is satisfied and by all accounts, despite the criminal and terrible accusations leveled, there is no evidence of any wrong doing (Unlike MOST of those in the Obama administration) so why put them on the table and what purpose does it serve for anyone but Obama's campaign ?

It is much ado about nothing and those who continue on the path, in my estimation, have no real substance to talk about. It is getting so old that it is driving Dems away...they are making criminal accusations...on behalf of the President of the US...that is pretty demeaning to that office !

Whoa big guy. Where did I say criminal? You are getting worked up for nothing. Please reread my post and think about it. I think you will find that I was saying the same as you. "Disclosing them would open them to become the campaign"

I am sorry...I thought you implied that they saw something fishy or something.....ok...we agree...my bad...reading comprehension goes fast :)

Mitt Romney can't release his tax returns, because if he does the Democrats will be mean to him? These are tax returns, factual documents. No different than, say a birth certificate. But the GOP argues that inconvenient facts can be withheld from public scrutiny, because they can be used for mean purposes is a radical idea in a democracy.

maybe the tax obsession is the one and only thing that is important to some. It surely makes a statement if it is.

To continue day in and day out on minutia is truly unbelievable or the party has run short on issuing new(er) talking points.

Wake me up when the real issues that affect Americans EVER comes up for discussion....or should I say get discussed because I know me and others have tried and failed to get any response.

Until then be happy in your plight for tax returns....that will be so helpful in your future years!!

btk

If it is a SEP-IRA, let's say he contributed $50K per year (to make the math simple) for 30 years - that is still only $1.5M in contributions. Also, we know that $50K would not have been the limit for all of those 30 years as there have been incremental increases. In addition, I'm not certain that he would have been eligible for a SEP-IRA during all of those years because he was an employee (Boston Group and IOCC) at certain times in the past 30 years.

I think it's very simple. If the general public(middle class)really sees what is going on with tax loopholes for the rich and how much they don't pay in relation to the % they should be paying some independents will be shocked , angry and might take it out on him at the polls. I just think he realizes that disclosure will hurt him more than hiding them from us. And please I am also not saying Romney did anything criminal,what's criminal is a tax code that allows the many loopholes for what seems to be only the wealthy.

For general information, it is possible to roll over funds from other retirement accounts to an IRA without violating the contribution limit. It is also possible to have shares of your company stock in a retirement account and if the company does well the value of your IRA stock can also do well. Just think of how some of the internet companies have done in the past few years.

For clarification, the roll-over accounts would have had the same contribution limits.
The shares of company stock would also be similarly restricted to the IRS contribution limit.

waynet - and where whould these unknowing general public/middle class be living - under rocks? do you really think they are not aware of these abuses? - OR - that there are democrats taking advantage of them, too? - many of whom in both parties those general public/middle class voters keep reelecting to congress!

rather, i believe that is why so many general public/middle class folks want to see major changes to our tax codes - and are frustrated because no one will listen to what we want because they are too busy telling us what we need!

Now that is something I agree with as does Governor Romney. We need tax code revision badly and had Obama not ignored the committee he appointed we might be on our way but it will take a long time.

Here's a good article on how Timothy Geithner, Treasury Secretary has become known as "Secretary Loophole".....

It shows what convoluted schemes can be carried out while following the "letter of the law" in the tax code.

This is good reading for everyone, regardless of being a righty or a lefty.

The American Spectator : Secretary Loophole

THAT is an incredible read.....sort of answers a number of questions though

Thanks for a great read !

When Obama doesn't accomplish something he's ignoring it; when he tries he's wrong....nothing, absolutely nothing he does gains approval with the Party of No. Oh, and I can predict the replies. "we approve of him losing"...cute. :ohdear:

The number of prominent republicans now calling for Mitt Romney to release his tax returns is now up to 21, with Ed Rollins being the latest to call for the release on Fox News Sunday.

Top GOP Strategist Pushes Romney To Release More Tax Returns: 'Two Years Is Not Enough, Obviously" | ThinkProgress


Ann Coulter said on ABC's This Week, that Bill Clinton never released his medical records. Someone should tell Coulter it's not Mitt Romney's medical records that are in question.

Remember every time Coulter opens her mouth it creates a cash flow for her, same with Palin. The more controversial the speak, the more cash they make.

media based knowledge is so limiting. So biased! And remember it is their job to be first, then they will determine if it is true or not!!!!

I suspect the "prominent" republicans are only playing the vote saving game.

I also suspect that EVERY politician with 6 figures or more of net worth are also playing the game and wishing/hoping desperately that the tax fluff and distraction goes away.....remember like Pelosi said there are far more important issues to worry about.

Yup if Mitt has to show his then a lot of others will have to follow and show theirs....

Just why does anybody care what his tax returns show? We know what ever they show will be legal and allowed by the IRS.
There were many more controversial issues Obama related when he was a candidate.....I guess the advantage then and now is anything with doubt involving Obama gets little of no coverage by the main stream media....the information source (unfortunately for them ) of millions of loyal followers.

How eager would any of you be to show your tax returns to a bunch of known waiting vultures who have only one objective in mind. To make you look bad...even if you are not....to say things to put you on the defense....to lie about what they saw to discredit you.....now how many of you that are so eager for Romney to do that would do so as well.

And please don't belittle yourself by telling me he is running for POTUS.....just please answer the question. Would it be OK for a group of waiting vultures do that to you?
As with all the other specific questions ever asked on this forum, I do not expect this one to be answered either.....anyway we all know the answer is no!!!

btk

Willard seems to be taking the position that if he ignores these calls to releases more of his returns, the issue will fade away.

Either this week, or next, he will announce his VP pick, and that will take some of the heat off the tax return issue. But, it will not go away - wonder how many years of returns his VP will be required to release.

That is a very good question. I'm thinking Romney's vetting team will see many years of returns but we the little people will never get a peep.