Thursday, September 5, 2013

Romney: Want to be President? Release your Tax Returns Now!


Romney: Want to be President? Release your Tax Returns Now!

Thursday 05th, September 2013
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Romney: Want to be be Employed by Americans?  
Release your Tax Returns Now!

It is an open secret that the vast majority of the people in positions of power in the US government don't release their tax returns to the public. If they're up for a position in the Executive Branch, they'll release them to the Administration, but they are never made public. Unfortunately the vast majority of the members of Congress don't release their individual returns to anyone.

Romney feels since he belongs to those in power so he does not have to release his tax returns even when he knows he is running for the highest office “The President of USA.” He is defying all the past norms that Presidential Candidates do release multiple year tax returns. Then he is defying his own upbringing by disrespecting his father George Romney who released 12 years of his Tax Returns while running for President in 1968. This the same Romney, who was being considered as a running mate by Senator John McCain in 2008, provided 23 years worth of tax returns to McCain’s campaign.

 According to Congresional Budget Office report released in July, Americans paid an average tax rate of 17.4 percent in 2009. That represented the lowest average tax rate paid since 1979 and was a drop from 19.9 percent paid in 2007. Romney is not at all apologetic while claiming publicly that he has not paid less than 13% for last 10 years and in 2010 he paid 13.9%. Romney should know that even the minimum wage earner flipping burgers at the hamburger joint or washing dishes in Senator Lautenberg’s Restaurant pays a minimum of 15.3% (excluding the temporary payroll tax cut, including employer matching) on his wages.

 America’s 10 most profitable corporations paid an average corporate income tax rate of just 9 percent in 2011 against their marginal rate of 35%, according to a study from financial site NerdWallet reported by the Huffington Post. The 10 companies include Wall Street banks like Wells Fargo and JP Morgan Chase, oil companies like ExxonMobil and Chevron, and tech companies like Apple, IBM, and Microsoft. The two companies with the lowest tax rates were both oil companies. ExxonMobil paid $1.5 billion in taxes on $73.3 billion in earnings, a tax rate of 2 percent. Chevron’s tax rate was just 4 percent. None of the companies paid anywhere near the 35 percent top corporate tax rate, providing more evidence to debunk claims that America’s corporate tax rate is stunting economic growth and job creation (Despite the high marginal rate, American corporations pay one of the lowest effective corporate tax rates in the world). Of the 100 highest-paid CEOs in America in 2011, 26 enjoyed pay packages that were actually higher than the amounts their companies shelled out in taxes. 

 In an interview with NBC’s “Rock Center” in August 2012, Mitt’s wife Ann Romney said, “Mitt is honest. His integrity is just golden,” If Mitt is really honest and his integrity is just Golden then why both husband and wife are refusing to release their last 10 years Full Tax Returns?

 Both Mitt and Ann Romney repeatedly say two things: (1) we didn't break any law; and (2) stuff in those returns can be used against us. The Romneys have publicly spoken that they take advantage of every tax shelter that is available to the very wealthy, right up to the limit of the law. Then they have repeatedly said that there is a lot in those returns that could make them look very bad.

 What is this bad stuff in their returns that they feel Americans have no right to know about it? Why Romney’s are so secretive? May be they took advantage of 2009 Amnesty? There are endless possibilities; may be ordinary income was shown as Investment Income or perhaps Romney streched legal deductions beyond all loopholes and shelters or he fudged numbers to get $100 million in his 401 (K).

 Americans wants to know what is so bad in those Tax Returns that can be used against Romney rather future Presidential of America if he is elected? Americans also have the right to know how the Romneys have made tens of millions. Have they used Wall Street Connections to make those tens of millions by betting on the collapse of housing market or by betting on foreign companies beating their US competitors? Has Romney deliberately shown income from investments that may have been his regular income? Did the Romneys took advantage of 2009 amnesty for Swiss accounts used to cheat IRS or they have used Exotic off shore accounts in Tax heavens to avoid paying Taxes?
American public has the right to understand Romney’s tax record that clearly illustrate the ways how the wealthy can use loopholes and tax shelters to lower their payments to the IRS. Romney’s 13% low tax rate is result of the fact that most of his annual income comes from investments, which are taxed at 15 percent, far below what he would pay on ordinary income. If earned as regular wages, Romney’s income would otherwise put him in the nation’s highest tax bracket and he would pay a marginal rate of 35 percent.

 According to the IRS, the global corporation share of total taxes collected in 2010 was just 6.4%. GE paid nothing and actually got over $1 billion in corporate welfare programs. The global corporations own over 80% of the U.S. economy. Americans have the right to know is this a normal way to run a nation? Where corporations pay minimal to no taxes, rich people like Romney can avoid paying taxes by using shelters and loop holes. Let there be a public debate how much a small business owner should pay in taxes and how much an average wage earner should pay in Taxes as percentage of their earnings?
Even President Obama’s 2011 tax return shows that he paid an effective rate of 20.5% on adjusted gross income of $789,674 which is 7.5% higher then 13% that Romneys paid. Vice President Joe Biden and his wife paid an effective rate of 23.2 percent on income of $379,035. Even Romney's running mate The Republican vice-presidential candidate Paul D. Ryan and his wife, Janna, paid 20 percent of their adjusted gross income in federal income taxes in 2011 and 15.9 percent in 2010. The couple filed an amended return in 2011, because their original return understated their income by $61,122 — a mistake they attributed to accidentally omitting income from the trust. These kinds of mistakes of understating income are allowed to rich and powerful; Congressman Charlie Rangler is another example! 

Coming back to Ann Romney’s statement Mitt is honest and his integrity is Golden. If that is the case why he has taken tens of millions in his PAC’s from Sheldon Adelson? It is an open secret that Sheldon’s 90% earnings comes from foreign operations and he is being investigated by Obama administration for possible money laundering and other criminal financial activities including bribing foreign officials. Then Adelson does not like Obama's two state formula for Palestine and Israel and his proposal to tax foreign earnings of American corporations like the Adelson's Sand Corporation. Adelson under the fa├žade of conservative causes attach a string with his money that the reciver has to take a pledge that they will be loyal to Israel under all circumstances and will not hesitate to put America under the Bus for Israel.

 Romney is running for the President of the United States of America, during campaigning on record said that Paul Ryan's budget would lead him to paying 0% taxes! That could be the reason that he picked Ryan as his running mate to be his Vice President if he is elected President. Romney believes that his privacy trumps full disclosure. And this guy thinks that he has the honesty and integrity what it takes to make decisions for Americans for the next 4 years? Romney needs to stop assuming that we the Americans will become his employees if he becomes President. He should never forget we the American public are his boss if we elect him President of America. As employers we have the full rights to properly investigate and understand our employee who is going to represent us and our Country in the world. So Governor Romney "Where are the tax returns!!!" produce them ASAP if you need the Employment Letter on November 6TH, 2012.
Dave Makkar

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