IRS to investigate Romney's past 10 years tax returns!

[QuantumLeap]

The first paragraph is completely inaccurate. Most of the debt under Reagan was because of interest on the debt. If not for that the debt under him wouldn't have even doubled.

Trickle down economics worked for Reagan and it worked for Bush II when he put in his tax cuts.

Actually, Reagan spent quite a bit on defense but we all know what happened with that.

[PAULYPOKER]

Both houses of Congress under Clinton was Republican. Clinton vetoed the Republican Congress' budget-cutting bill yet people still give him credit for the good economy.

Again,debt is debt................

The system is responsible,

if you support corruption by voting R or D,you get what you get.......................

[LVHerbie]

Article addressing questions raised from only year he felt safe in releasing... Seems pretty obvious why a guy who was willing to rule using a red sickle so could be Governor in liberal Massachusetts is now being hype as the second coming of Joseph Smith by those of the pseudo-conservative Opie-esque archetype...

http://www.cnn.com/2012/07/18/opinion/kleinbard-canellos-romney-tax/index.html

So, what are the issues?

The first is Romney's Swiss bank account. Most presidential candidates don't think it appropriate to bet that the U.S. dollar will lose value by speculating in Swiss Francs, which is basically the rationale offered by the trustee of Romney's "blind" trust for opening this account. What's more, if you really want just to speculate on foreign currencies, you don't need a Swiss bank account to do so.

The Swiss bank account raises tax compliance questions, too.

The account seems to have been closed early in 2010, but was the income in fact reported on earlier tax returns? Did the Romneys timely file the required disclosure forms to the Treasury Department (so-called FBAR reports)?

The IRS announced in 2009 a partial tax amnesty for unreported foreign bank accounts, in light of the Justice Department's criminal investigations involving several Swiss banks. To date, some 34,500 Americans have taken advantage of such amnesty programs. Did the Romneys avail themselves of any of these amnesty programs? One hopes that such a suggestion is preposterous, but that is what disclosure is for -- to replace speculation with truth-telling to the American people.

Second, Romney's $100 million IRA is remarkable in its size. Even under the most generous assumptions, Romney would have been restricted to annual contributions of $30,000 while he worked at Bain. How does this grow to $100 million?

One possibility is that a truly mighty oak sprang up virtually overnight from relatively tiny annual acorns because of the unprecedented prescience of every one of Romney's investment choices.

Another, which on its face is quite plausible, is that Romney stuffed far more into his retirement plans each year than the maximum allowed by law by claiming that the stock of the Bain company deals that the retirement plan acquired had only a nominal value. He presumably would have done so by relying on a special IRS "safe harbor" rule relating to the taxation of a service partner's receipt of such interests, but that rule emphatically does not apply to an interest when sold to a retirement plan, which is supposed to be measured by its true fair market value.

Third, the vast amounts in Romney's family trusts raise a parallel question: Did Romney report and pay gift tax on the funding of these trusts or did he claim similarly unreasonable valuations, which likewise would have exposed him to serious penalties if all the facts were known?

Fourth, the complexity of Romney's one publicly released tax return, with all its foreign accounts, trusts, corporations and partnerships, leaves even experts (including us) scratching their heads. Disclosure of multiple years' tax returns is part of the answer here, but in this case it isn't sufficient. Romney's financial affairs are so arcane, so opaque and so tied up in his continuing income from Bain Capital that more is needed, including an explanation of the $100 million IRA.

Finally, there's the puzzle of the Romneys' extraordinarily low effective tax rate.

For 2010, the Romneys enjoyed a federal tax rate of only 13.9% on their adjusted gross income of roughly $22 million, which gave them a lower federal tax burden (including payroll, income and excise taxes) than the average American wage-earning family in the $40,000 to $50,000 range. The principal reason for this munificently low tax rate is that much of Romney's income, even today, comes from "carried interest," which is just the jargon used by the private equity industry for compensation received for managing other people's money.

The vast majority of tax scholars and policy experts agree that awarding a super-low tax rate to this one form of labor income is completely unjustified as a policy matter. Romney has not explained how, as president, he can bring objectivity to bear on this tax loophole that is estimated as costing all of us billions of dollars every year.

[Let's Go Rangers]

Can't wait till the truth comes out and everybody finds out what a lying, rich, offshore money hiding greasy douche bag this guy is. But please by all means, vote for the guy if you have millions like him stashed away if the Cayman Islands. What a great, honest American Mormon piece of shit he is.

LINK PLEASE

Pretty sure they can only go back 3 years, but if you say they are going back 10 years, I guess its true


I predict 2 things

1) Romney's tax returns don't get investigated back 10 years
2) I predict **CRICKETS** in response to a link to this "news"

[QuantumLeap]

Again,debt is debt................

The system is responsible,

if you support corruption by voting R or D,you get what you get.......................

I agree Pauly.

After I thought about my Double Facepalm I thought maybe you thought I was directing at you. I wasn't.

Still, I believe Romney will cause less debt than Obama so that's why I will vote for him. The lesser of 2 evils. I would vote for Ron Paul if I thought he had a chance.

[PAULYPOKER]

If you vote for "The lesser of 2 evils" as the majority you will always get exactly that.............

[rkelly110]

The real question is...................what's his lucky/ magic underwear?

If we find out, I wonder how many rich/ Mitt loving Repubs in here would buy them up.
(hopefully wear them on their head an walk around in public after he loses)

There ya go John, sell some of Mitts magic underwear and make a killing. Guaranteed to magically
increase penis size and win all of your bets.

[LVHerbie]

I agree Pauly.

After I thought about my Double Facepalm I thought maybe you thought I was directing at you. I wasn't.

Still, I believe Romney will cause less debt than Obama so that's why I will vote for him. The lesser of 2 evils. I would vote for Ron Paul if I thought he had a chance.

[CarpeDime]

it is fine if a President or Presidential candidate used offshore accounts or other methods to avoid paying the amount of taxes he legally owed

end of debate

if obama had done the same thing, if he had offshore accounts in known tax havens and amounts in various accounts that strongly hinted at likely illegal tax evasion, the Republicans would be fine with it and would not be investigating it or bringing it up as an issue at all

so why are the Democrats whining about it?

[LVHerbie]

[PAULYPOKER]

Here is the precious IRS in fraud action


Federal agency that strikes fear into U.S. taxpayers getting dose of own medicine




The federal agency that strikes fear into many U.S. taxpayers is getting a dose of its own medicine – as it is now the focus of a year-long audit for allowing illegal aliens to scam the system and bilk taxpayers out of billions of dollars every year.
Federal employees are blowing the whistle on the Internal Revenue Service, according to a report by Indianapolis television station WTHR-TV.

The scam involves the use of an Individual Taxpayer Identification Number, or ITIN –a nine-digit tax-processing number assigned by the IRS to individuals who are obligated to file a federal tax return but do not have or are not eligible for a Social Security Number. Illegal aliens may obtain an ITIN by sending the IRS documents such as original or notarized photocopies of birth certificates, driving records, voter ID cards, school records and vaccination records – all documents that are easily forged or falsely notarized.

The Center for Immigration Studies reports that in the 2010 tax year alone, more than 3 million returns were filed with ITINs. Approximately 2.3 million paid no federal income taxes and also collected a cumulative $4 billion in tax refunds.
According to the news station, which conducted a four-month investigation, “the ITIN system is plagued by abuse and fraud.”


Howard Antelis, a tax examiner at the IRS’ ITIN processing center in Austin, Texas, explained: “We were being told by upper management to ignore fraud, to assign ITIN numbers and … pay out refunds to people who are lying. It’s a license to steal when you allow that.”

A half dozen tax examiners from the Austin office blew the whistle on the IRS and told WTHR-TV the same story: Every one of them says IRS managers told them to “look the other way” when they processed ITIN applications that appeared to be fraudulent or raised suspicion of criminal activity.
As one example, Antelis explained that he had been given a stack of ITIN applications indicating that dozens of dependent children had been attending a South Carolina school.
But he discovered one major problem: The school didn’t exist.

Antelis said he told his managers about the false information, but they told him to approve the applications anyway.

“C’mon. This is fraud! Those kids weren’t even real and I’m supposed to give out [ITIN] numbers?,” Howard said he asked his bosses.

He told the news station, “We’re tax examiners but the truth is we’re not supposed to look into anything. We’re not supposed to examine anything. It’s like an assembly line. It’s just ‘Get it out of here. Boom. Boom. Boom. Get it out of here and don’t worry about the fraud. Fraud slows us down.’”
Antelis said he reported the scams regularly to his managers – for years – with no result.
Frustrated with the inaction, he called the Inspector General’s office in Washington, D.C.


“I’ve been working for the federal government for 23 years and I signed an ethical standard of conduct when I went to work that says if you see fraud, you need to report it,” he said. “I tried and tried and tried, couldn’t get anywhere so … I went into a quiet room and started making phone calls.”
According to the report, the IG’s office sent auditors to Texas to interview Howard and dozens of other tax examiners.


The auditors made a shocking discovery: IRS employees were, in fact, encouraged to overlook indications of fraud.

The IG’s final audit report is expected to be released this summer.

WND reported in May when one Northern California Internal Revenue Service employee described revelations that millions of illegal aliens are claiming and receiving billions of dollars in tax refunds for alleged family members in Mexico using a loophole in the tax code.

Then, a WTHR-TV report documented illegal aliens filing the IRS Additional Child Tax Credit form for children – often nieces and nephews – who have never lived in the United States. To legally qualify, a child must be present in the filer’s U.S. residence for over half the year.

“We’ve seen sometimes 10 or 12 dependents, most times nieces and nephews, on these tax forms,” a tax preparer-turned-whistleblower told WTHR News. “The more you put on there, the more you get back.”
“Here’s a return right here: we’ve got a $10,300 refund for nine nieces and nephews.”

“We’re getting an $11,000 refund on this tax return. There’s seven nieces and nephews,” he said, pointing to another set of documents. “I can bring out stacks and stacks. It’s just so easy it’s ridiculous.”
Of course, the problem was not a revelation to the Northern California IRS field-office worker who viewed the report: “The fraud has been going on for years,” he told WND. “Business as usual.”

“As the video indicates the Service does nothing,” he said, asking WND not use his name to avoid reprisal.


As a result, illegal aliens who are defrauding the system not only manage to pay no federal income taxes, their abuse of the credit means they get back everything they paid into Social Security and more.
On May 23, 2011, dozens of House Republicans co-sponsored H.R. 1956 “to amend the Internal Revenue Code of 1986 to require individuals to provide their Social Security number in order to claim the refundable portion of the child tax credit.”

But Democrats resisted, and the legislation stalled after only one hearing before the House Ways and Means Committee.

Ironically, IRS Commissioner Douglas Shulman said in April that paying taxes should be considered one of the pathways to citizenship for illegal aliens.

Based on what comes across the Northern California field-office agent’s desk, he has seen the problem burgeon in tax returns filed by Spanish-language tax preparers. Calling them “the enablers and catalyst of this fraud,” he noted their clients are more comfortable working with preparers who speak their language. The preparers educate their clients about greater returns they can receive the following year if they qualify family members for the Additional Child Tax Credit refund. It’s a win-win-lose – the client learns how to get more money back from the IRS, the preparer generates good will and repeat business, and the U.S. taxpayers get soaked. Knowledge of the scam then spreads by word of mouth.
While agreeing the Additional Child Tax Credit was a major problem, he said it should not be the primary focus.


“When reviewing the big picture of this fraud, always remember and never forget that it is the ITIN that opens the portal to obtaining the credit,” he said.
The requirements for obtaining the ITIN for a worker includes submitting original official documentation from the country of origin to the IRS processing center in Austin, Texas, for validation.
But, as WTHR-TV reports, the Texas office has many of its own mismanagement issues, providing more cause for concern.


“It’s pure negligence by management and they’ve been trying to keep it quiet,” Antelis said. “There is a criminal element that is defrauding the U.S. government by filing mountains and mountains of these fraudulent applications. We see them in piles in bulk every day that are obviously not legitimate documents and not legitimate tax returns and not legitimate wages … and [IRS managers] don’t want to deal with it. That’s where all the fraud is. The fraud is in the fake notary stamps and fake documents which we’ve been accepting.”


IRS Deputy Commissioner for Services and Enforcement Steve Miller reportedly met with 100 tax examiners and said he would address the issues reported by workers and the news station.
According to the report, tax examiners will be given additional training and tools to help spot fraudulent paperwork, including ultraviolet lights and magnifying glasses. According to new procedures, illegal aliens will be required to submit original, certified documents – not notarized copies, which are often forged.


“That’s a huge step in the right direction,” Antelis told the station. “Because of the Inspector General and all of the media attention, things are finally starting to change. For the first time in a long time, I feel like this might get fixed.”

But Antelis said the IRS is retaliating against him for exposing the fraud.

The agency reportedly cut his job-performance rating from “exceeds fully successful” to “minimally successful,” reducing the size of his paycheck and causing him to wonder whether he will lose his job for speaking out.

“I’m a little nervous, but not really. I guess they could try to fire me, but I don’t think they will,” he said. “I just want to see things fixed. We’ve been allowing the U.S. taxpayer to get robbed for years now and those days appear to be over.”

[mikejamm]

LINK PLEASE

Pretty sure they can only go back 3 years, but if you say they are going back 10 years, I guess its true


I predict 2 things

1) Romney's tax returns don't get investigated back 10 years
2) I predict **CRICKETS** in response to a link to this "news"

Hate to burst your bubble there bud, the IRS can go back 10+ years! And If you are found to have avoided paying taxes or attempted to hide income, they can nail your ass for the entire amount regardless of when it took place. Yeah, you can negotiate a settlement, but they're still gonna get penalties and interest. As far as a link goes, CNN is the source reporting on it!

[falconticket]

3 year statute on audits. No statute of limitations on fraud. Romney clearly commited no fraud. So 3 years for him

[Emily_Haines]

He should have had his ass audited right away when he revealed he only paid 14%

[Carseller4]

Fukk the IRS

[LVHerbie]

He should have had his ass audited right away when he revealed he only paid 14%

I believe he has admitted he has been audited several times in the past so while it sounds like his past practices might have raised eyebrows at the IRS mostly like the truth is he was just able to work the system in some legal fashion because, well, that is what rich fukks who can hire an army of tax accountants are able to do...

Of course all this remains just speculation because, unlike his born in a Mexican polygamist colony father who tried to run for president (ignoring constitutional birth restraints...) and released all his tax returns when he ran for office, strangely Mitt wants to keep all this information in the dark rather than clear his good name?

[Tully Mars 63]

Romney clearly commited no fraud.

And you can be sure of this how?

[Albert Pujols]

"raise taxes on the folks that hire"? Yeah the only problem with that is, they're not fuk'in hiring anybody! They're only look'in for more tax breaks from other rich fuk's so they can keep more money for themselves! Trickle down my ass! When you've got one greedy bastard who only takes more money from the poor and middle class guy, there is no balance! The struggling common man, paying the same fuk'in bullshit tax rate, while the rich asshole pays less, is always going to lose. Simple fuk'in math that republicans can't even grasp because they're too busy with their pompous egos over a black man being in the white house. We all know what this is really all about. Wait until we have a Latino president, you back woods fuk'in southern hillbillies and rich white purists will really go ape shit then, wont you!

You are an absolutely clueless moron. I bet you pay zero income taxes and are out holding a sign that says the rich should pay their fair share. Dumbass. The poorest 50% don't pay any taxes.

[CanuckG]

[RonPaul2008]

It's not too late to dump Romney and elect somebody else at the convention.

[guitarjosh]

The fact is debt doubled,excuses is only excuses............................

The fact is that most of that was out of his hands.

[Balco10]

Can't wait till the truth comes out and everybody finds out what a lying, rich, offshore money hiding greasy douche bag this guy is. But please by all means, vote for the guy if you have millions like him stashed away if the Cayman Islands. What a great, honest American Mormon piece of shit he is.

Why cant you wait for the truth, but opening your fuking pie hole! 10 years and no report? Are you stupid or just a scum Lib? There is no law requiring him to release this info. Obama can since he has a simple return and never held a private sector job. Romney has many lawyers doing his taxes. He be in jail if he hasn't paid in 10 years. Just plain idiotically! My gosh is Obama without any flaws? Sory, but your guy is far from the truth. Do we take back America or let it rot until Obama as this was his plan all along?

[Balco10]

It's not too late to dump Romney and elect somebody else at the convention.

Dump??? So basically you would vote Obama over Romney. You a piece of shit! There is no other choice nut job!
Raul Paul is 100% for Mitt!

[RonPaul2008]

I will never vote for Barack Obama or Mitt Romney and I couldn't care less who else supports them.

Dump??? So basically you would vote Obama over Romney. You a piece of shit! There is no other choice nut job!
Raul Paul is 100% for Mitt!

[TrailerParkBoy]

Players Talk

The SBR Lobby: Sports Talk, Gambling and Bettors Chat

and apparently sucking politician's dick. Amazing what gets moved to the saloon and what stays here.

[MUHerd37]

What about when Tim Geitner and so many others were nominated to positions in the Obama administration and it was found they hadn't been paying taxes? Where were the Dems then?

[Smoke]

[ChalkyDog]

I have a very general question to these Reagan teacups. How and why is Reagan credited with being the concept of "trickle down" economics, when the damn idea is clearly a rip off of Adam Smith's take on economics, a person that was extramural influential in the minds of out forefathers and is the basic economic tenants this country was founded on?

Yet, Reagan rebrands the goddamn thing, and this dude all of a sudden becomes some great mind in economics?

[eidolon]

Guys are about a half a rung up from the Scientologists. I actually can't believe this isnt more of an issue.

who's nuttier: Mormons or Scientologist?
I don't know

[LVHerbie]