It’s good to be ‘Mittens’

Posted by AzBlueMeanie:

Willard "Mittens" Romney worked as a vulture capitalist for Bain Capital until 1999. He still receives income from Bain Capital on investments, which for hedge fund managers and guys like "Mittens" Romney is taxed as capital gains at a rate of 15%. The über-rich have a lower tax rate than you and I do, especially when you add in FICA payroll tax deductions on top of income tax liability.

"MIttens" claims to have earned around $374,000 in speaking fees, which he described as "not much money" (followed by evil laughter). This is more than six times the average middle-class household income of $50,000. Not much? Out of touch Richie Rich.

"Mittens" Romney says he may produce his income tax records in April, which most political commentators rightly observe will only be his 2011 taxes, and will be politically manipulated in an attempt to defuse this issue. Not so fast, "Mittens."

His father George Romney released 12 years worth of tax records when he ran for president in 1968. I want to see his tax records for the past 12 years, i.e., since he left Bain Capital — and he can release those records today, there is no justifiable excuse for delay.

And I have a few questions about "Mittens" income taxes:

• How much carry forward interest do you have on your investments that you have never paid taxes on?
• Have you ever classified any of the properties you own as "farm" property to receive the lower tax rate/deduction? And have you ever received any federal farm subsidies?
• How much of your investment income is earned overseas on which you have not paid taxes and for which you argue for a "repatriation" tax at a minimal rate that would result in a windfall to you?
• How much of your income is in offshore tax shelters like the Caymen Islands, etc. on which you have not paid taxes?

These are just a few of the questions I have. Seeing your tax records for the past 12 years may raise more. Which is why "Mittens" has never released his tax records as Governor of Massachusetts or as a candidate for president.

The DNC is out with a video that sums up "Mittens" taxing day on Tuesday.