The Real Romney’s… Taxes (or: Why We Need to See Mitt’s Past Tax Returns)

August 2nd, 2012

A follow-up to Swiss Mitt, titularly inspired by the book The Real Romney.

 

 

“One year could be a fluke, perhaps done for show.” – George Romney while running for President in 1967, explaining why he released 12 years of tax returns
 
“I’m happy to go back and look.” — Mitt‘s response when asked if he’d ever paid less than a 13.9% tax rate (so far, he hasn’t come up with the promised info)

 

 

 

 

We already know

2010 was for show.

 

But could Mitt have even more

Retroactivity in store?

***

Here’s Rachel’s 8/01/12 report on Mitt’s history of tax shenanigans, including the above Romney quote at the 3” mark. As I discussed in an earlier piece, Mitt Romney’s 2010 tax return (the only one he’s released so far) has obviously been scrubbed, or as Mitt’s father would say, “done for show.” But there’s an additional and potentially more important way in which that could be true.

Under U.S.tax law, it is possible to amend tax returns for up to three years after their required filing date. There is no penalty for doing that, as long as all taxes owed were paid. That means that Mitt could wait until next year to amend and refile both his 2010 and 2011 returns (he’s provided an estimate for 2011 and says he’ll provide the full return when it’s done, which I’m betting won’t be until mid/late October). Those refiled returns could potentially include both additional income and additional deductions, potentially reducing his tax rate to…10%? 5%? 1% 0.1%?

Crazy? Well, Mitt’s done it before. Ten years ago while running for Mass.governor, he refiled his past tax returns to change his residence from Utah to Massachusetts (otherwise he wouldn’t have been eligible to run), all the while claiming he’d filed as a Mass. resident all along (read Proof! for more about that). Pretty, brazen, no?

So not only could Mitt’s real pre-2010 tax returns show that he paid a tax rate even lower than the already obscenely low 13.9%, his 2010 and 2011 returns could show the same… retroactively, of course.
 

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One Response to “The Real Romney’s… Taxes (or: Why We Need to See Mitt’s Past Tax Returns)”

  1. Newsericks » Blog Archive » Double Donation Deduction Dodge Says:

    […] follow-up to Swiss Mitt, The Real Romney’s… Taxes and the rest of our “Mitt’s taxes” series, inspired by Romney tax rate 14.1 in 2011 (Philip […]

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