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The Real Reason We Want Romney’s Tax Returns

Okay let’s lay out the argument.  Romney is refusing to release more than two years of tax returns.  He has already released his 2010 and 2011 tax returns, that is true and out in the open.  Aside from lying about his taxes running for governor of Massachusetts and then retro-actively filing his tax returns in the state of Massachusetts, they should be released for a number of reasons.  One reason and it is very seldom talked about but 2010 and 2011 were great years for those making their income in dividends and earned income, not labor.  Which allows him to tout his business “cred”.On the other hand if we delve one year back alone, we will find out how he weathered the recession.  Our tax system is set up to allow individuals to weather recessions, it’s something built into the tax code.  According to the Center on Budget and Policy Priorities “As the  temporary tax cuts expire and the economy and incomes strengthen, people’s tax  liabilities will rebound (see Figure 1).”

Aside from delving into points on taxes the link above is actually an excellent take on taxes, but this article is intending to portray the purpose for Romney to release his tax returns.

It’s important to note that Romney to this point has been running a campaign on the economy and that it will take a business man to run it and get the economy booming again.  I understand the sentiment from the Republican side of the argument that he understands business, no one of any substance is questioning that.  But his taxes might allow for a glimpse as to what a business person such as Mitt Romney allocates his money to be successful.

Another point for the Democrats to play on is that he either paid more in taxes and therefore less charity to optimize his taxes, which he most likely does, and that is his right as a citizen.  Or he paid little or none in taxes particularly during the recession.  If he ended up paying more during the recession, it somewhat damages his credibility as being a successful business person.  It’s also important to note that Democrats would also be able to match Romney’s tax returns to any Romney-Ryan budget to understand just how much he will be benefiting from his own tax plan.  It’s a win-win situation for the Obama campaign and apparently it’s been weighed by the Romney campaign as to be more beneficial to their endeavors to not release his returns, even for five years total.

On the other hand, our current president has set precedence for transparency, and is at least in the works for a more transparent government, unless it comes to our intelligence agencies which are locked up tighter than ever.  He has established a website now allowing for the public to view which legislators are meeting with lobbyists and when, he has released his birth certificate for the second time, as well as seven years of tax returns.

Mitt Romney Steve Pearce event 018The Romney-Ryan ticket have both released just two years of tax returns.  Have not disclosed specifics of their plans for the budget, which shouldn’t we as a country expect that, particularly when Romney picked the chairman of the Republican Budget Committee?  That they would be working on at least tweaking Ryan’s “Path to Prosperity”?  Either way, Romney has muddied the waters all week, possibly pandering to whichever crowd he is in front of on the Ryan budget.

At this point however, if you’re already known for flip-flopping, what’s another?  Well, we as a country expect more from a presidential candidate, especially within the last three months before the election and after you’ve picked your Vice President.

If Romney were to release his previous tax returns, it would put the ball back in his court however to explain them first and foremost and be honest and up front about what is in them.  Also it would allow him to come out and say where he thinks the specifics of his tax returns can and should be changed.  He still has room to own the taxes issue, but has yet to prove he is ready to handle it.

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August 18, 2012 - Posted by | Economics, Opinion, Politically Speaking, Politics | , , , , , , ,

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