Romney Finally Coughs Up 2011 Tax Return

by John M. Curtis
(310) 204-8700

Copyright Sept 21, 2012
All Rights Reserved.                                         

                 Caving in to mounting pressure, GOP presidential nominee former Massachusetts Gov. Mitt Romney finally released his 2011 tax return, showing he paid 14.1% in federal taxes.  Mitt faced criticism from the Democrats and members of his own party for failing to release multiple years of returns.  When he vetted his running mate Rep. Paul Ryan (R-Wis.) he reportedly asked for 10 years of returns.  While most of Romney’s income comes from investments, taxed at the capital gains rate of 15%, as opposed to 35% for ordinary income, Mitt paid a lower tax rate than President Barack Obama at 21.8%.  Most Americans don’t begrudge Romney taking as many legal tax breaks as possible.  What they have a problem with are recent off-the-record statements that he believes 47% of voters leach off the government for food, housing and health care, something Mitt calls government dependent.

            Mitt called the remarks “off-the-cuff,” though he stands behind his statements that Obama’s followers depend too heavily on the government. Romney doesn’t complain about publicly-traded defense and oil companies receiving billions in government contracts   He and his VP pick Ryan only complain about individuals receiving government benefits.  Mitt and Ryan completely ignore their supporters gladly receiving Medicare and Social Security benefits, despite ranting about Obamacare as the ruin of the nation.  Speaking to the American Assn. of Retired People today, Ryan was roundly booed when he criticized Obamacare.  Ryan cites twisted stats about Obama’s plan to streamline senior HMO Medicare Plans, saving Medicare over $600 billion.  Ryan’s facts are so distorted that even ordinary seniors listening to his unctuous sales-job reacted with spontaneous boos.

            Romney’s reluctant release of his 2011 return came with explanations of the arcane tax loopholes and deductions.  Posting the returns online at his Website, www.mittromney.com, Romney had to explain how the 65-year-old presidential candidate paid $1,935,706 in federal taxes on $13,696,951 in total income.  Obama, for comparison, paid 21.8% in taxes.  Mitt gave $4,020,772 to charities.  Romney’s reluctance to release his return stems from the amount he gives the Mormon Church.  While there’s nothing wrong contributing to one’s favorite charity, the Mormon Church spent about $25 million to pass Prop 8 Nov. 4, 2008 banning same-sex marriage in California.  “During a 20-year period covered by the PriceWaterhouseCoopers letter, Gov. and Mrs. Romney paid 100 percent of the taxes that they owed,” said R. Bradford Malt, Romney’s manager of his blind trust. 

             When news of Romney’s low tax rate and tax shelters in Switzerland and Cayman Islands surfaced July 6, it put the campaign on the defensive.  Senate Majority Leader Sen. Harry Reid (D-Nev.) got carried away suggesting Romney paid zero in taxes.  Malt indicated that Romney filed his 2011 tax return today and that PWC would provide as summary of Mitt’s tax rates and payments from 1990 to 2009.  Democrats’ main complaint involves Mitt’s reluctance to release his full returns.  Letting PWC provide additional information should satisfy most voters.  Mitt gets himself in hot water with voters when he blames Obama’s supporters of mooching off the government.  He and Ryan have been making the old false argument that the private sector does a better job of providing health care than the government.  Mitt and Ryan know that government only pays for health care.

            Instead of focusing on Mitt’s unknown tax returns, Obama would be better off refuting the GOP’s claim that life would be better under a Romney and Ryan regime, claiming they have a secret plan to add 12 million jobs to the U.S. economy over their first term.  They won’t say how’d they do it but have hinted they plan to reduce the size of the federal government.  Spoken less euphemistically that usually means hiring freezes, early retirements and layoffs.  Romney and Ryan stated emphatically they plan to reduce the size of the federal government.  Ryan was practically booed off AARP’s stage today for bashing Obamacare and talking about his plan to “save” Medicare.  Romney and Ryan want to turn Medicare into a voucher program, something that would wreck the nation’s only true national health care program.  Ryan’s ultraconservative views have backfired on Romney’s campaign.

            Obama campaign officials would be well-advised to let go of Romney’s tax return issue and let it die on its own.  There are enough gaffes from Ryan’s interview and stump speeches to drive disgruntled independents into Obama’s camp.  When Romney picked Ryan Aug. 12 he repeated the same mistake as Sen. John McCain (R-Ariz.) when he picked former Alaska Gov. Sarah Palin August 29, 2008.  Both Romney and McCain share somewhat moderate GOP views.  Yet both acquiesced to right wing pressure to add a conservative on the ticket.  Since adding Ryan, Romney has watched his presidential fortunes vaporize.  Ryan’s “cuteness” doesn’t outweigh his extremist views, especially his budget that attempts to slash the federal government.  Romney made the wrong Faustian bargain to placate his Party’s extreme right wing.  Between now and Nov. 6, he’s paying a draconic price.

John M. Curtis writes politically neutral commentary analyzing spin in national and global news.  He's editor of OnlineColumnist.com.and author of Dodging the Bullet and Operation Charisma.

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