Have you been following the controversy over Mitt Romney and his income tax forms? He’s released last year’s and promises to release this years. He says he will release no more. Today on TV his wife reiterated that point.
People have speculated on what’s hidden away. My guess is everything is legal… ‘creative,’ but legal.
It’s possible he’s listed his occupation as CEO of Bain Capital in years he said he wasn’t. There are already papers saying that. Some have speculated he might have taken advantage of an amnesty concerning Swiss bank accounts. That’s pretty far fetched.
Governor Romney has completed the disclosures required by law. There’s no legal obligation to do more.
I have a selfish reason for hoping he does.
Our tax system is set up to be gamed by the well to do. All us poor(er) people assume that happens, but we have never actually seen how it happens. The Romney tax forms would be a peek into a secret world most of us will never live in.
The truth is many of the tax loopholes and tricks wealthy people use have only one purpose and it’s not job creation. It’s tax avoidance! And these are loopholes Governor Romney himself lobbied for.
As Governor Romney has said, he pays what he owes and not a penny more. Hey, that’s just like you and me.
The difference is there are more ways for high income families to shelter their money from taxes. The Romney tax forms would make additional or even continued tax relief for high income earners a lot more difficult to sell.
Governor Romney is in a difficult position. I don’t know that it will be possible for him to be elected without releasing the forms. He probably already worries it won’t be possible to get elected if he does.
Stay tuned. This story has legs.