Romney exploits loophole to hide assets

Discussion in 'Politics, Religion, Social Issues' started by mcrain, Apr 6, 2012.

  1. mcrain macrumors 68000

    mcrain

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    #1
    In 2008, Mitt Romney disclosed years worth (18 I think) of tax returns to the McCain campaign when they were considering him for VP. I find it a bit odd that not only has he refused to release those same returns, but he's using this loophole to hide as much information as he can.

    It may be nothing, but if it walks like a multi-millionaire, if it quacks like a multi-millionaire, and it proposes policies like a multi-millionaire, it probably is.
     
  2. thewitt macrumors 68020

    thewitt

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    #2
    Let's see, Romney cleared everything through the Ethics Committee, but his rivals lawyer has a problem with it...

    No story here. Move along.
     
  3. mcrain thread starter macrumors 68000

    mcrain

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    #3
    There is no way to know how much of his assets are hidden offshore based on this disclosure. It is anything but transparent. It may be legal, but it certainly is not informative. But, as you say, no story here. It would be perfectly reasonable to elect someone who has massive potential conflicts of interest, without any disclosure of those conflicts.

    (edit) How do you know Romney isn't using Bain to fund terrorism?
    (edit2) How do you know Romney doesn't have massive amounts of money in China?
    (edit3) Do you really want a president who has $xxx,ooo,ooo in a foreign country? Isn't that ripe for potential blackmail?
     
  4. iJohnHenry macrumors P6

    iJohnHenry

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    #4
    Did you MattScott the ending?

    He has walked the fine line all his adult life, and you want this guy in the White House?

    Now that is what I call dedication, among other things.
     
  5. citizenzen macrumors 65816

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    #5
    Said the man from the side that couldn't let go of Obama's birth certificate. :rolleyes:

    What's Romney trying to hide?

    Nothing. No story here. Move along.

    Apparently inquisitiveness cuts along party lines.
     
  6. mcrain thread starter macrumors 68000

    mcrain

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    #6
    Nothing to see here, move along...

    (edit) Bain Capital pals around with communists.
     
  7. Eraserhead macrumors G4

    Eraserhead

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    #7
    Seriously? What's the problem with him investing in the worlds second largest economy?

    I think Bain's investments in Iran, while maybe not quite as exciting for the average American, are dodgier as he has to use a French bank to invest, presumably to get around US sanctions.
     
  8. eric/ Guest

    eric/

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    #8
    I do think it's a bad idea for somebody with money in ore countries to be a presidential candidate, becaus rod e blackmail issue, and in general the nature of our government catering to corporations and basically everybody but Americans. Having some super rich guy in office in general doesn't settle well with me.
     
  9. Eraserhead macrumors G4

    Eraserhead

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    #9
    So are you saying that anyone who invests outside the US shouldn't be president?
     
  10. mcrain thread starter macrumors 68000

    mcrain

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    #10
    I have no problems with a Presidential candidate investing overseas, but I think they should probably be open about it. Full disclosure or full divestment.
     
  11. bruinsrme macrumors 601

    bruinsrme

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    #11
    Is he within the laws that have been established?

    If the is a loop hole I am sure it can be closed with a new law.

    But then again how many law makers are exploiting the same loop hole?

    Personally I would find it hard to believe Romney is the only one to have accountants smart enough to find such loopholes.

    How much is Apple investing overseas and not reporting?
     
  12. mcrain thread starter macrumors 68000

    mcrain

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    #12
    This is a disclosure rule for candidates. :rolleyes:

    Yes, it is a loophole that could be closed, but ONLY if you don't vote for the guy using it to hide his investments in the Cayman Islands, Switzerland, and who knows where else. Oh, that's not to mention his profiting from companies that spy on people who want freedom in China and do who knows what in Iran.
     
  13. hulugu macrumors 68000

    hulugu

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    #13
    Is he operating within the text of the law? Yes. Is he operating within the spirit of the law? I don't think so. And, the question is what does that say about him as a presidential candidate? Does he have holdings that may create a conflict of interest?

    Is Bain capital going to experience the same boon as Haliburton under Dick Cheney?

    At the very least, the lack of financial transparency tells us how little Romney thinks of the process.

    That's a separate problem, Apple isn't running for president.
     
  14. Sedulous macrumors 68000

    Sedulous

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    #14
    Certainly it tells us Romney's opinion on fair taxes. He hasn't even been elected and has already shown he is for the 1%. Why on Earth would anyone (except for 1%ers) be gullible enough to vote for people like him? Even South Park made it clear in the episode "Something Wall Mart This Way Comes" that draining the middle class leaves you with nothing but a slave class.
     
  15. mcrain thread starter macrumors 68000

    mcrain

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    #15
    Somehow the GOP has convinced the white guy working in a "part-time" non-union job with no benefits, living in a trailer, that he would be better off voting for this man who has millions hidden offshore, and not the guy who spent a huge amount of political capital in an effort to get he and his family health care, better wages, and more.

    Just wait, watch how illegal immigration, English as a national language, flag burning, abortion, welfare queens, and other divisive issues pop up during the campaign season.

    Mitt Romney is supposed to be an expert in business, but watch for specifics on what he plans on doing. So far, it's been a lot of right-wing talking points without any substance. I would expect more from an "expert." Don't you?
     
  16. Sedulous macrumors 68000

    Sedulous

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    #16
    A substantial part of it is rooted in sheer ignorance.[​IMG]

    I can't understand why people utterly fail to connect that taxes are at historic lows and sovereign debt is rising. Other than sheer ignorance there really is no explanation for the conservative outcry for tax reduction for "job creators", particularly when those job creators are posting record profits and executive pay.
     
  17. eric/ Guest

    eric/

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    #17
    No, I'm saying people who have a lot of wealth, are hiding it off shore, and investing other monies in foreign multi national corporations doesn't sit well with me. Nothing more, nothing less.
     
  18. bruinsrme macrumors 601

    bruinsrme

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    #18
    I have a hard time understanding what " the spirit of the law" means.
    Someone at works aid the same exact thing in a discussion.
    I ask what that meant and they said well the laws says this but really means this.
    The compared it to speeding. The speed limit is 65, but you can go 5 over and be ok.

    Apple has billions off shore but that's ok because they are not running for president.
    Guess that is the spirit thing being applied.

    All I am saying if Romney is breaking the law the it should be an issue. However if he is within the laws that the people in Washington are responsible for putting in place, I can only assume they are, then why is it an issue?

    If the people in Washington wanted loop holes closed they would be doing just that, closing loop holes? To me that suggests they too are taking advantage of such loop holes
     
  19. hulugu macrumors 68000

    hulugu

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    #19
    His approval of Ryan's budget illuminates how he will use that expertise: to cut taxes, slash public programs, and apparently relinquish the military's budget to the military.

    Romney may decrease the debt, but he'll do it at the cost of the indigent, the environment, and maybe the next few years of economic growth.

    ----------

    The spirit the speed limit is to drive safely and efficiently, the law is not to exceed 65. In inclement weather, the letter of the law allows you to drive 63, but you should probably drive slower; on a good day with no traffic in a well-maintained car, the spirt would allow you to exceed that limit.

    Similarly, the goal of the law is to allow voters to understand a candidate's financial ties. To avoid this with fancy accounting tricks that the law hasn't accounted for (and to do so requires increasingly complex rulings that often make for unintended consequences) is to ignore the spirit, informing voters of a candidate's conflicts of interest.

    Because he's avoiding transparency using financial tricks that are only available to someone at his financial status. It's a kind of lying.
     
  20. iJohnHenry macrumors P6

    iJohnHenry

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    Well, how about because the people in Washington that put them in place, did so for their own use. He just pushes the envelope just a little further, his usual M.O.. Imagine what will happen to loop-holes such as this, if he actually succeeds in becoming POTUS. :eek:

    You don't really believe this "blind trust" crap, do you? They are just clever at how they go about directing their assets.
     
  21. mcrain thread starter macrumors 68000

    mcrain

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    #21
    Mitt Romney has been running for president for 5+ years? Plus, he was a governor of a State, and yet, he refuses to disclose his tax returns from when he was governor or when he was running for president? He will disclose last year, but none of the other years he was a candidate? Why?
     
  22. iJohnHenry macrumors P6

    iJohnHenry

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    Did he not claim that he was operating under a non-disclosure agreement with his previous companies?

    I would like to see this figment agreement, together with absolute proof of it's date of execution.

    You know, like a Birth Certificate. ;)
     
  23. bruinsrme macrumors 601

    bruinsrme

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    #23
    If the lawmakers and president were committed making the rich pay more they would have over the last three years, hell overthe last 20 years.

    In my opinion the law makers can sit there and cry foul about Romney's financial dealing but until they actually do something they should stop complaining. To me is like McDonalds CEO going on CNN and saying he thinks their burgers contain too much fat and sodium and something needs to be down.

    The people in DC can make the tax laws and close loop holes.

    I just have a hard time sitting here complaining about people acting within the law while at the same time listening to the people that can actually do something about it do nothing.

    Warren Buffett says he should pay more in taxes. Have you ever heard him say, I just wrote a check for X amount because I wanted to pay more?

    ----------

    Just to check you up as this was just released.
    Romney's disclosure
     
  24. mcrain thread starter macrumors 68000

    mcrain

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    #24
    Just to check you up, or as it appears, help you brush up on your reading comprehension, the article you linked points out that he ONLY has disclosed a single year, 2010, return. He plans on releasing 2011 at some point.

    Why is he refusing to release prior years?

    We ALL know why, but why would we let him get away with that?
     
  25. bruinsrme macrumors 601

    bruinsrme

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    #25
    I thought he had released his 2011 taxes .
    I wonder if this a rogue site.
     

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