User:Smallbones/drafts

Delaware

Julia Tourianski (Declaration of Bitcoin's Independence, Brave The World) Roger Ver (Bitcoin Evangelist, also known as the "Bitcoin Jesus") Paul Joseph Watson (InfoWars) Jeff Berwick (The Dollar Vigilante, Anarchast) Jeffrey Tucker (CLO, LIberty.me) Charlie Shrem (BitInstant)

Gavin Wood (Ethereum)

Patrick M. Byrne (overstock.com, "Bitcoin Messiah") Amir Taaki (Libbitcoin, Dark Wallet, Dark Market) Chris Ellis (World Crypto Network)

Max Keiser (Keiser Report, MaxCoin, STARTcoin) Stacy Herbert (Keiser Report, STARTcoin)

Andreas Antonopoulos (bitcoinbook.info, serial tech-entrepreneur, Let’s Talk Bitcoin)

New Jersey

Pennsylvania

References

From List of public art in Philadelphia

Mitt Romney's tax returns became an issue during his 2012 Presidential campaign. Due to pressure from political rivals during the Republican primary campaign, Mitt Romney released his 2010 tax return in late January 2012, along with a partial 2011 return which he promised to release in whole upon its completion.^[291][292] His campaign promised to release his 2011 tax return as soon as it is filed, before October 15, 2012.^[293] On August 16, 2012 Romney said that he has paid at least 13 percent annually on his federal income tax returns for the last ten years and Romney stated that the rate would be over 20 percent without charitable deductions.^[294] The average American family with income between $50,000 and $75,000 a year pays 12.8 percent annually. Romney's income was about $21 million in 2010, but most of his income is in the form of capital gains which are taxed at a lower rate than wages.^[295]

Romney's fortune is in a blind trust, run by his long-time personal and business lawyer R. Bradford Malt, and has included investments which do not match his political philosophy.^[296][297] Romney has previously stated that blind trusts are "an old ruse."^[298]

Democratic Governor Martin O'Malley of Maryland accuses Romney of tax avoidance, as distinguished from illegal tax evasion.^[293]

Background

In 1968, Mitt's father George W. Romney, set a precedent for presidential candidates to release their income tax returns. George Romney released 12 years of his returns, most other presidential candidates have release slightly fewer years.^{[299][300][301]} These releases are not required by law. Statements made by some Democrats that “(Mitt) Romney is the first major party candidate for president of the United States in modern times not to release at least 12 years of tax returns,” have been rated false by Politifact.^[302] According to FactCheck.org, John McCain is the only other recent major party nominee who has released just two years of returns, and we'd "have to go back more than 30 years" to find another "major party nominee who released less than five years of tax returns".^[303]

PolitiFact states that several major presidential candidates have released fewer than 12 tax returns:

• In 2008, Barack Obama and Hillary Clinton released seven, and John McCain released only two.
• In 2000, George W. Bush released nine and Al Gore released eight.
• In 1988, Michael Dukakis released six.
• In 1980, Ronald Reagan released only one.

Starting in 1977, all sitting presidents and vice-presidents have released their current tax returns, and challengers to incumbents have generally matched the incumbent in the number of returns publicly released.^[302]

During Mitt Romney's previous campaigns for public office, an unsuccessful bid to become a senator from Massachusetts, a successful run for the governorship in 2002, and a presidential campaign in 2008, he has released required financial disclosures about his assets, but not income tax returns.^[299]

At the beginning of his 2012 presidential campaign Romney stated, “I don’t intend to release the tax returns. I don’t.” But he released his 2010 return and 2011 estimated return on January 24, 2012 following challenges by Newt Gingrich and Rick Perry.^[301]

During the Republican primary debate in South Carolina Newt Gingrich stated, prior to Romney's release of any tax returns at all: “Look, he’s got to decide and the people of South Carolina have to decide. But if there’s anything in there that is going to help us lose the election, we should know it before the nomination. And if there’s nothing in there — if there’s nothing in there, why not release it?”^[304] During the same debate Romney pledged "I'll release multiple years. I don't know how many years. And -- but I'll be happy to do that."^[305] Gingrich believes that 2 years of tax returns are enough.^[305] The earliest return that Gingrich himself released was his 2010 return.^[306]

During the presidential campaign, Romney declined to disclose additional returns citing the matter as a distraction from more important issues, despite calls to do so by Democrats and several notable Republicans.^[307] He states “I’m simply not enthusiastic about giving them hundreds or thousands of more pages to pick through, distort and lie about.”^[304]

Romney stated on ABC television that he has been audited by the IRS, though he did not specify when the audit took place. His campaign did specify that "the audit did not result in a fine or penalty. Mitt Romney has fully complied with U.S. law and he has paid 100 percent of what he has owed," and that the audit did not take place in the last ten years.^[308]

Media speculation

Though nothing can be known for sure without the release of Romney's tax returns, several large news organizations have speculated on the reasons for Romney's reluctance to release them. Business Week speculated on the possibility that Romney paid no income taxes in 2009.^[309] Tax lawyers Edward D. Kleinbard and Peter C. Canellos, commenting on CNN, focused on Romney's Swiss bank account, his $100 million IRA, which could have been funded by a maximum of $30,000 annually, and what they consider to be an unjustified tax-loophole for hedge fund managers.^[310] Tax law professor Michael Graetz commenting in the New York Times concentrated on the IRA, gift taxes to family trusts, and the use of tax havens such as the Cayman Islands and Bermuda.^[311] The New Yorker listed four possibilities: 1. Extremely high levels of income; 2. More offshore accounts; 3. Politically explosive investments; and 4. A very, very low tax rate.^[312]

The Obama campaign has suggested that in some years Romney may not have paid any taxes, but on August 16, 2012 Romney said that he has paid at least 13 percent annually on his federal income tax returns for the last ten years. The average American family with income between $50,000 and $75,000 a year pays 12.8 percent annually. Romney's income was about $21 million in 2010.^[295]

In 1982 Romney invested in a tax shelter called the Gem Plan, which involved purchasing 5 new homes in Houston suburbs. The housing market, however, soon collapsed and it proved difficult to sell the houses. In 2010 Romney continued to receive interest income from a mortgage he offered to the residents of one of the houses who was unable to quality for a loan.^[313]

Reactions

Republicans who have urged Romney to release his tax returns include former Mississippi governor Haley Barbour, Michael Steele, and Bill Kristol. George Will said "The cost of not releasing the returns are clear. Therefore, he must have calculated that there are higher costs in releasing them." Republican strategist Matthew Dowd said, "There's obviously something there, because if there was nothing there, he would say, ‘Have at it.' So there's obviously something there that compromises what he said in the past about something."^[314][315] Donald Trump suggested that Romney release additional returns after Obama releases his college transcripts. ^[316]

The Romney campaign has stated that Democrats will keep on asking for more of Romney's returns no matter how many he releases. When Jim Messina, Obama campaign manager stated that they would only seek five years returns, Romney rejected the offer.^[295]

In an TV interview, Romney told ABC's David Muir that he didn't know offhand if he'd ever paid a rate lower than the 13.9% he paid in 2010, suggested that he would look into it, and reiterated that he paid all the taxes required by law.^[308]

In an interview in the Huffington Post, Senate Majority Leader Harry Reid, Democrat, Nevada, said that he had received information from an unidentified investor in Bain Capital that Romney didn't pay any taxes for 10 years.^[317] The accusation was repeated on the Senate floor by Reid on August 2, 2012.^[318] On the following Sunday's political morning talk shows, the allegation was characterized by Senator Lindsey Graham, Republican, South Carolina, as unfounded and made up. Reince Priebus, chairman of the Republican National Committee characterized Reid as a "dirty liar."^[319] According to CBS News, Romney stated, "Let me also say, categorically, I have paid taxes every year -- and a lot of taxes. So Harry is simply wrong." PolitiFact.com's Truth-O-Meter rated the accusation as "Pants on Fire!"^[320] CBS also reported that Romney had submitted 23 years of tax returns to the John McCain campaign in 2008, when he was being vetted for the vice presidential nomination. Although McCain did not review all the tax returns himself, he stated "Nothing in these tax returns showed that he did not pay taxes."^[321]

Paul Ryan, Romney's presumptive vice presidential running mate, released two years of tax returns, after having several years examined by the Romney campaign. He paid 15.9% of his income in federal taxes in 2010 and 20% in 2011, more than Romney.^[322]

Public opinion

Polls have shown most Americans favor Mitt Romney releasing his tax returns. According to a USA Today/Gallup poll, 54 percent of Americans favored Romney releasing more than two years of tax returns. In the same poll 47 percent of Americans said that what might be in the returns was "largely irrelevant to voters."^[299]

In a Public Policy Polling poll, it was found that 61 percent of Americans said Romney should release more returns. As well, 56 percent of voters wanted Romney to release information regarding bank accounts in Switzerland and Bermuda.^[323]

References