TPM: Three Key Questions Raised By Romney’s Tax Revelations
On January 25, 2012, Talking Points Memo reported:
Romney’s revelations confirm that his effective tax rates in the past couple years have been as low or lower than those of workers with truly modest means. They also confirm that he’s availed himself of truly complex tax strategies designed to boil his liability down to the lowest level allowed by the country’s heavily rigged, labyrinthine tax code. And we know, too, that these are things Romney didn’t want voters to know — at least not yet. But they raise a series of new questions that will likely require Romney to disclose several years’ worth of additional tax returns if he wants to answer them satisfactorily. Here are three big ones that touch generally on the theme of Romney’s efforts to reduce his tax burden by taking advantage of areas of the law that simply aren’t available to most people...
AP: Thompson Earned At Least $8.5 Million Since 2005
On January 24, 2012, the Associated Press reported:
Former Wisconsin Gov. Tommy Thompson has earned more than $8.5 million in compensation since 2005 from a web of private sector companies that includes a prominent Washington lobbying firm, a medical device manufacturer and a globally recognized consulting firm, according to public filings and reports. Thompson's work in the private sector is getting fresh scrutiny as he mounts a bid for a political comeback, running for the U.S. Senate seven years after he left his last public post, as President George W. Bush's Secretary of Health and Human Services, and more than 13 years since he last faced voters. American Bridge 21st Century, a Democratic political group that researches Republican candidates and proposals, provided documentation of all of Thompson's publicly disclosed earnings to The Associated Press. They were then reviewed and independently verified.
AP: Romney Paid $3M In Federal Income Tax In 2010
On January 23, 2012, the Associated Press reported:
One investment, listed as a "Federated Government Obligation Fund" and worth between $250,000 and $500,000, was a mutual fund that included both Fannie Mae and Freddie Mac assets among a larger pool that included other government securities. The holding was not listed in Romney's blind trust, which led some Democratic Party activists to suggest that the investment was under his direct control. "He is relentlessly attacking Newt Gingrich over his ties to Freddie Mac despite the fact that he personally invested up to a half a million dollars in both Fannie Mae and Freddie Mac," said Ty Matsdorf, a senior adviser with American Bridge 21st Century, a PAC associated with Democratic Party and liberal causes.
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.
AP: Ohio Treasurer Balances Job, Politics In 1st Year
On January 14, the Associated Press reported:
During his first year as state treasurer, Ohio Republican Josh Mandel has been a man between two worlds, balancing duties of his first statewide office with a fledgling U.S. Senate campaign. Mandel has aggressively worked the fundraising and speaking circuit these past months, amassing more than $3.8 million this year in his Senate bid against Democratic incumbent Sherrod Brown. That's perhaps more than any other Senate challenger in the country. At the same time, his weekly calendars as state treasurer are almost devoid of appointments outside of staff meetings and speaking engagements. And he's yet to hold a single news conference to discuss the work he's doing for Ohioans.
ICYMI: Romney Profited From Government Handouts
This morning, the Los Angeles Times reported on Mitt Romney's reliance on tax breaks and government subsidies while working in private equity. The article focuses on Steel Dynamics, the same steel company featured in Romney's positive ad released just this morning, and all of the government help they received. In fact, Dekalb County was forced to institute a new tax to pay for all of the handouts. Despite his constant opposition to government interference in the free market, Mitt Romney has a long history of profiting from government handouts. Research after the jump.
Miami Herald: Liberal Attack Group Blasts Marco Rubio For "Hypocrisy" Over Debt
On January 10, 2012, the Miami Herald wrote:
If Sen. Marco Rubio is eventually tapped to be a Republican vice-presidential candidate, expect a lot more of this from groups like American Bridge 21st Century...
Marco Rubio's Deadbeat Hypocrisy
Marco Rubio recently sent an email to supporters touting a letter he sent to President Obama to “oppose his request to continue borrowing and spending recklessly.” In it, he accuses the president of turning the US into “a deadbeat nation.” Given Rubio’s financial and ethical failings, he has absolutely no ground to stand on, and this attack reeks of hypocrisy. Before he goes throwing around words like "deadbeat," perhaps Marco Rubio should take a look at his own record first. After all, we certainly will. The president is working to create jobs; Rubio used the state party credit card to remodel his home. Which one is the deadbeat? Research after the jump.
Bloomberg: Santorum Becomes Millionaire In Six Years After U.S. Senate Loss
On January 5, 2012, Bloomberg reported:
Since his 2006 re-election defeat, the former Pennsylvania lawmaker has gone from being one of the poorer members of the U.S. Senate to earning $1.3 million between January 2010 and August 2011. In 2007, he spent $2 million to buy a 5,000-square foot home in Great Falls, Virginia, according to property records. Santorum’s financial rise was powered by consulting contracts with fuel producer Consol Energy Inc. (CNX), faith advocacy group Clapham Group and American Continental Group, a Washington consultancy, as well as media engagements.