Thursday, August 2, 2012

Witholding IRS Returns Can Be Taxing

It's no wonder why Mitt Romney doesn't want to release his tax returns. In an interview with HuffPo, Senate majority leader Harry Reid admitted that Romney probably wouldn't make it through a Senate confirmation process as a mere Cabinet nominee, due to the lack of transparency over his personal finances.

"His poor father must be so embarrassed about his son," Reid also said, in reference to George Romney's standard-setting decision to turn over 12 years of tax returns when he ran for president in the late 1960s.

The blockbuster quote of the interview came when Reid described a conversation he had with a Bain Capital investor a month ago.
"Harry, he didn't pay any taxes for 10 years," Reid recounted the person as saying.
"He didn't pay taxes for 10 years! Now, do I know that that's true? Well, I'm not certain," said Reid. "But obviously he can't release those tax returns. How would it look?
Reid also expressed doubt over the extent of Romney's wealthe.  "You guys have said his wealth is $250 million," Reid said "Not a chance in the world. It's a lot more than that. I mean, you do pretty well if you don't pay taxes for 10 years when you're making millions and millions of dollars."

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