POLITICO: 5 Reasons Romney's Taxes Matter

On January 23, 2012, POLITICO reported:

Many presidential candidates — and presidents, for that matter — have been very rich guys. So why the big fuss over Mitt Romney’s taxes?

MEMO: Romney’s Taxes – What We’ll Be Looking For

With the impending release of Mitt Romney’s taxes, we thought it might be helpful to highlight a few of the items we will be looking for in his 1040. It is important to note that no matter what his taxes reveal, it will be an incomplete picture of his finances, which could be clarified by examining his taxes back to his Bain days. Form 1040 Home Address -- In which state did Romney declare residency? Line 7 Earnings -- Did Romney earn any wages, or did all of his income come from other sources? -- Did Romney receive K-1 earnings form a partnership in a corporation? Line 8a Taxable Interest -- How much interest did Romney earn? Line 8b Tax Exempt Interest To calculate the percentage of taxes Romney paid, this line must be added to his total income, because it only appears on this line (because it is tax exempt).Although it is not taxable, this is still income. Line 12 Business Income -- Did Romney claim any business income? If he owned any businesses it could appear here. His speaking fees could also likely appear here. Line 13 Capital Gains -- How much income did Romney receive that is taxed at a lower capital gains rate? Line 21: Other Income This is where some unknown unknowns should show up. If there is a number here, there will be additional paperwork. Line 22: Total income Again, to calculate Romney’s real income, add line 22 + line 8b tax exempt interest. Line 28: If a business Romney owned made retirement contributions, it could appear here. Line 40: Itemized Deduction Total Romney’s deductions, including charitable giving will be outlined on Schedule A and totaled here. Line 45: AMT -- Does Romney pay the AMT? See more after the jump.

POLITICO's Arena: Is Newt An Embarrassment?

The real embarrassment for the Republican Party is that this is the best slate of candidates they could field. South Carolina was just won by a part-time candidate, and the only thing he has done well during the campaign is feign indignation. This speaks to a serious disconnect between the Republican Party establishment and voters. For the establishment, Mitt Romney was the inevitable nominee. But to voters, he is a candidate who can't be trusted, is known to say anything if he thinks it'll help him get elected, and whose massive personal wealth blinds him to the real struggles that working class American families are facing. That is why Republican primary voters have been so desperate to support anyone but Romney. We see the same disconnect between congressional Republicans and the American people. Americans wanted a Congress that would set aside their partisan differences and work with President Obama to fix our nation's economy. Instead, they've been rewarded with congressional Republicans fixated on social issues, and who've placed winning elections above helping the American people. It's no surprise they're reluctant to support the candidate who has puts profits and elections above personal values, Mitt Romney.

Boston Globe: Senator Scott Brown’s Crass Warfare

On January 18, 2012, Boston Globe columnist Brian McGrory wrote:

If I’m correctly reading Brown’s bizarre logic, Warren is guilty of being a class traitor? She shouldn’t be able to make money because she grew up relatively poor? Or once she did make money, she should have become an advocate for the rich?

MEMO: Debate Prep For Republican Presidential Candidates

To: Republican Presidential Candidates And Their Esteemed Representatives From: Ty Matsdorf, Senior Advisor American Bridge 21^st Century RE: Debate Prep Date: January 19, 2012 Tonight’s debate may offer you your last best chance to reach voters not only in South Carolina, but across the nation. After more than a dozen debates, a lot of ground has been covered but there is still room to distinguish yourselves from Mitt Romney and attempt to derail his coronation. Since it seems that you have struggled to focus in on a sustained line of attack that erodes Mitt Romney’s standing and qualifications for being president among the Republican primary voters while not costing you support from your conservative base, we have mapped out three central themes that will accomplish both should you choose to highlight them in tonight’s debate. Themes For The Debate:

Romney Puts Personal Profit Above Values And Beliefs: It is no secret that Governor Romney is wealthy, and that is not something to begrudge. But highlighting what that wealth encompasses is a key line of attack that could be used. Below are examples that should be broached tonight:

Romney Profits From Abortion Services: On the campaign trail (even though he was previously pro-choice,) Romney continually touts his pro-life positions. However, that hasn’t stopped him from padding his bank account with investments in Stericycle, a company that disposes of aborted fetuses. Stericycle has been targeted by many conservative groups, the same demographic that Romney has been pandering to on the trail. (Huffington Post, 1/17/12)

Romney Profits From Fannie Mae and Freddie Mac: Despite demonizing Speaker Gingrich for his work for Fannie/Freddie, and the continual disparaging of them on the campaign trail, Romney personally invested up to $500,000 in these organizations and made up to $50,000 last year alone. (Boston Globe, 9/19/11)

Romney Profits From China: On the campaign trail Romney is quick to talk tough on China, but that didn’t stop his investors from investing his money in Chinese holdings. And if Romney hides behind his “blind trust,” remind him of his quote from 1994 calling blind trusts “rouses” (Wall Street Journal, 12/17/11)

Romney Profits From Offshore Tax Shelters: This line of attack writes itself. But just in case, this just further shows that with Mitt Romney his own personal profit trumps all else. (ABC News, 1/18/12)

Romney’s Business Success Was Due To “Corporate Welfare”: Governor Romney has held up his business experience as his main qualification for being President, and has been quick to dismiss the manner in which he acted as simply “free market capitalism.” What he doesn’t mention is that some of his success has been due to huge government subsidies and tax breaks, something decried by the conservative Cato Institute as “corporate welfare.”

Steel Dynamics: Undoubtedly, Governor Romney will tout Steel Dynamics, the “steel mill in Indiana,” as one of his successes. You must tell the other side of the story: this was only a success because of more than $37 million in government subsidies. And what is even more damaging, these subsidies were paid for by raising taxes on the local residents. (LA Times, 1/12/12)

Romney Is Out Of Touch: This has been percolating for months but nowhere was it more crystalized then his flippant comments about the amount of money he made from giving speeches. Again, while no one begrudges success, Governor Romney’s complete inability to relate to the struggles of working families is absolutely astounding.

Romney/Speeches: On Tuesday, Romney offhandedly said he didn’t make very much money from giving speeches. In reality, he has made more than $360,000 dollars last year alone giving speeches. (Politico, 1/18/12)

Huffington Post: Mitt Romney's Bain Capital Invested In Stericycle, A Company Now Targeted By Anti-Abortion Activists

On January 17, 2012, the Huffington Post reported:

One of the highest performing companies in which the private equity firm founded by Mitt Romney invested is now a top target of the most vehement anti-abortion groups in the nation. Stericycle, a massive medical waste disposal service company, received a $75 million investment from Bain Capital in 1999 and soon became an industry leader. Today, it has more than 485,000 customers worldwide. Its clients include hospitals, blood banks, and pharmaceutical manufacturers. But it has also helped dispose of medical waste from Planned Parenthood and abortion clinics -- waste that included aborted fetuses -- and that has attracted the ire of the pro-life community and establishment Republicans.

The Press & Guide: MI U.S. Sentate GOP Hopefuls Blast UN, Federal Reserve, Immigrants

On January 16, 2012, The Press & Guide reported:

Five of the candidates who hope to be the Republican Party’s nominee for the U.S. Senate sought the endorsement of a coalition of Michigan Tea Party groups Saturday by attacking the Federal Reserve, the United Nations, taxes and children of illegal immigrants.

Washington Post: Allen Opposes Stimulus, But Backs Company That Received Stimulus

On January 16, 2012, the Washington Post reported:

George Allen, the likely Republican nominee for U.S. Senate, recently headlined a town hall at Micron Technology, a semiconductor company with a facility in Manassas. It’s the same company that received $5 million in stimulus money. And the same company whose CEO, Steve Appleton, met with President Obama to show his support for the American Recovery and Reinvestment Act of 2009. But, as you may recall, Allen doesn’t support the recovery act.

VIDEO: "Not Very Much"? Romney On $374,000 In Speaking Fees

Today in South Carolina, Mitt Romney explained that he pays a lower effective tax rate than many working Americans because his “income comes overwhelmingly from investments made in the past, rather than ordinary income or rather than earned annual income.” Romney also noted that he gets paid for speeches “from time to time,” but described the fees as “not very much.” However, Romney’s personal financial disclosure reveals that he raked in $374,327.62 in speaking fees between February 2010 and February 2011. That may be “not very much” to Mitt Romney, but the vast majority of voters would certainly disagree. Watch Romney’s remarks below:

Miami Herald: The Boomerang Effect: R's Who Attack Newt Gingrich For Rivera Support Impugn Marco Rubio

On January 14, 2012, the Miami Herald reported:

Yesterday, after Miami Rep. David Rivera made it official that he supported Republican candidate Newt Gingrich, the anonymous conservative whisper campaign began. They pointed out that Rivera, the only one of the three Republican representatives from Miami not to endorse Mitt Romney, had been dogged by state and federal investigations owing to investigative reports in The Miami Herald. [...] But, by this standard, the Republicans' beloved Senator, Florida's Marco Rubio, needs some new furniture. Rivera isn't just an ally of Rubio's. He's a close family friend, like an uncle to Rubio's kids.