Tuesday, May 08, 2012

Foreign Affair -- Mitt Romney's Waterloo

I send the following quote from Huffington Post to our friends and allies who desperately want the re-election of the president.  This is, I believe, one of Romney’s most damning indictments and in my mind HIS Waterloo. HP said as follows:

 At a town hall-style meeting Monday in Cleveland, the GOP presidential candidate got this pointed question about his investments: In this age of tough foreign competition, could Romney explain the "over $1.5 million in foreign tax credits" he received since 2000?

"I'm not familiar with that," Romney told the man who asked. The crowd booed. "I didn't think I paid any foreign income taxes, but I'll be happy to take a look at it."

In fact, Romney and his wife, Ann, paid more than $1.2 million in foreign taxes on so-called passive investments from 2000 through 2010, and paid about $800,000 in taxes on general income to unspecified countries. That's according to the couple's own tax returns.

Their foreign tax bills entitled them to more than $1.5 million in tax credits in the United States since 2000, thanks to Internal Revenue Service rules that prevent businesses and investors from being doubly taxed on money they earn abroad.

This tax avoidance scheme is yet another in the hundred perhaps thousands of ways corporations and the mega rich, with their sophisticated tax attorneys, snake around paying their fair share to our government and then tax the middle class here to pay for their avoidance over there.  This issue, I believe, should be the most important attack against this valueless empty suit, Romney and his Republican Party.  The flip-flopper-in-chief times 10, is worse than any other candidate by far through his own economic slither to avoid paying taxes in our country. 

Receiving a tax credit in our country and paying taxes to foreign countries is without a doubt revolting.   If these know nothing Republicans want to talk about treason insulting the president (including Romney’s assent to it by his silence) then they should look to Romney, a presidential candidate, giving money to foreign countries but depriving the US, the country he SAYS he loves, of its rightful share.  It is an abomination!  He did not have to set up his investments that way.  It would not have made him significantly poorer but would have helped OUR country in its effort to emerge from the GREATEST RECESSION/DEPRESSION EVER, CREATED BY MOSTLY REPUBLICANS.   The fact that he CAN do this and Romney, et al would never change it, is testament as to just how skewed the tax system is to the ultra rich.   Republicans have a vested interest to keep it that way while we the 99% go without jobs, without health care and some day, if the Ryan bill Romney loves so much becomes the law of the land, with deep cuts to
social safety net programs like Medicare, Medicaid and even ultimately Social Security.

The Democratic Party and many others who want the president re-elected should get the message out, take advantage of savvy liaisons they may have with the press and crush Romney’s candidacy for the presidency in pertinent part because of the taxes he paid or more precisely DID NOT pay to our country!

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