Pelosi Comes To Defense Of Reid Over Comments On Romney’s Taxes

Associated Press ^ | August. 6, 2012

[Free ThinkerNY]

BOCA RATON, Fla. (AP) — House Democratic leader Nancy Pelosi is coming to Sen. Harry Reid’s defense in his comments on Mitt Romney’s taxes.

Reid has outraged some Republicans by saying he’s been told Romney didn’t pay taxes for 10 years.

[worst-case scenario]

“Really, think about it....in what universe does a person get away with not paying any taxes for 10 years....and a public figure at that?”

In this universe, and this country, if they have the ability to receive their money in forms other than direct income, and have sufficient deductions against the money they received. The Romneys may have paid no taxes at all, and it would all be perfectly legal. After all, their 2010 return showed that they could take a $77,000 deduction for their dressage horse.

If the Romneys didn’t pay Federal taxes for a decade, it would say more about the Federal tax law (and how it got that way) than it would about the Romneys. It would simply mean that the Romneys could afford good tax preparers and accountants.

[generally]

Exactly what I’ve been thinking.

Reid nearly lost in Nevada in the last election. Probably squeaked by only due to fraud. The writing is on the wall - He’s Done. So they might as well get as much utility out of him while they can. I’m sure he owes everyone on the left.

Reid’s nutty claim dovetails nicely with the ads Zippy has been running lately. There doesn’t have to be any truth to any of it; it just has to get to the ears of the voters. Create some outrage, whether true or not and hope that jealousy and envy and resentment are enough to make people vote against Romney.

Kind of pathetic and amusing at the same time. I think the envy card, much like the race card, is just about played out. The voters who’ve been at the table for a few hands can see the marked cards, can see the dealing from the bottom of the deck, can see the bluffing. The voters are getting much more savvy and won’t be suckered into playing this crooked game any more.

[spawn44]

You have to pass it before you read it. Wait a minute, that’s the wrong issue. Ah, I didn’t buy any stocks with insider trading tips. Oh wait, what was the question. Harry did release his tax returns for the last 10 years, I’m sure.

[lacrew]

Well....I sorta think Romney has been paying some taxes.

His 2010 form:

http://thorndike.com/wp-content/uploads/2012/01/Romney1040-2010.pdf

Says he paid $672k in state/local income tax, presumably in 2009.

And, it says he paid $4,619,207 in 2010 federal taxes.

This was an overpayment of $1,609,441, which he applied to next year’s taxes.

Where did his income come from?

$3,295,727 in interest
$4,923,348 dividends
$593,996 business income
$12,573,249 in capital gains

Here’s 2011:

http://www.boston.com/news/politics/2012/president/candidates/romney/romney_tax_return_1040_2011/

$4,099,136 in interest
$3,168,867 dividends
$10,700 capital gains

He paid $3,434,441...which was an overpayment of $207k.

Now again I ask....really, in all seriousness, do you think somebody (who is a public figure) is going to be able to get his tax liability down to zero for ten straight years...only to be in the $3-$4 million range of taxes paid the following two years?

All the fantastic deductions people are talking about (horse for example) are part of business....but it would be a neat trick to have his business run a loss for ten consecutive years (which I don’t even think is allowed), and have that loss large enough to offset his huge gains. May (and its a big maybe) he had capital losses and no dividends in those years....but his interest income should keep trucking along, right?

Mitt Romney paid no federal taxes for 10 year? If that’s true, I’ll eat my hat. Its just not possible.

Just keep in mind (and I heard this from a reliable source), Harry Reid wears pink thong underwear, while on the senate floor. Don’t believe me - just ask Harry to show you his underwear.

[JPG]

Indeed. High earners are under constant scrutiny by the IRS and are audited much more frequently than Joe 6-pack. Why? It's where the money is. IMO, Romney plays by the tax rules very carefully and Reid is just being Reid.

[Blackirish]

So now Nancy Pelosi is defending Harry Reid from credible reports that he is a pedophile.

Can she sink any lower.

[ReaganGeneration2]

Why is the Senate Majority Leader accusing a private citizen of breaking the law from the floor of the Senate?

Or, if Romney is legal, is he proposing the gov’t create a tax for Romney? - the Senate can’t do that, by law.

Why aren’t Republicans calling for Reid to step down or voting to censure him? (Wait, why am I asking? This is the McConnell GOP.)

[lacrew]

I too have wondered why on earth Senate business includes speculating on a citizen’s tax returns.

I guess this is what that ‘bipartisianship’ looks like.

[worst-case scenario]

Then he should just release them and prove Harry Reid is a liar. The longer he doesn’t, the more that they are just going to keep on raising the issue.