Outrage over tax returns a replay of past campaigns

(CBS News) The battle over whether Mitt Romney should release more than two years of his tax returns may be filling a lot of airtime this campaign, but in reality it's a rerun of past presidential campaigns. And Romney's refusal to allow the world to deeply peer into his personal finances is also not a new development.

Dating back to 1980, the number of tax returns presidential candidates have released - both Republican and Democratic - has varied, often with much debate, hesitation and uproar.

President Obama's campaign continues to accuse Romney of hiding something by not releasing his taxes, feeding the theories that he houses his money in offshore bank accounts and avoids U.S. taxes through tax shelters in Bermuda and the Cayman Islands. Questions have also been raised about whether Romney has avoided paying taxes through available loopholes and exemptions.

Romney stands his ground on tax returns
New Obama ad: Did Romney pay any in earlier years?

A look back at presidential campaigns in recent history reveals similar tax return issues have dogged the candidates, including one eventual president - Ronald Reagan - who, it turns out, avoided paying state taxes one year.

2008: John McCain vs. Barack Obama

Before the Democratic primary was decided, then-Sen. Barack Obama released seven years of tax returns, pressuring his challenger to do the same in March 2008.

"Senator [Hillary] Clinton can't claim to be vetted until she allows the public the opportunity to see her finances -- particularly with respect to any investment in tax shelters," Obama spokesperson Robert Gibbs said in a statement at the time.

Republican candidate John McCain released two years of tax returns for the years of 2006 and 2007 in April 2008, less than a month after Mr. Obama. The Obama campaign was not satisfied because the candidate, who is one of the wealthiest members of Congress due to his wife's income, did not release his wife's tax returns. 

In 2008, Democratic National Committee spokesman Damien LaVera criticized McCain saying, "Unless John McCain's idea of being a different kind of Republican means disrespecting the voters by denying them the right to examine the links between his political career and the McCains' business ventures, he should immediately release Cindy McCain's tax returns."

The Washington Post agreed. "Releasing tax information entails intrusion, but, as we wrote four years ago, presidential candidates and their spouses 'relinquish a significant measure of privacy. Meanwhile, tax returns provide information not contained in financial disclosure forms, such as charitable contributions and the use of tax shelters."

"This is a privacy issue. My husband is the candidate," Cindy McCain said interview with NBC's "Today Show."

However, she changed her mind in May and released a summary of her 2006 returns, which showed she made more than $6 million.

Mitt Romney has been pointing to McCain as evidence that two years of tax returns is sufficient, most recently during an interview Monday on Fox News Channel.

"You know, John McCain ran for president and released two years of tax returns. John Kerry ran for president. You know, his wife who has hundreds of millions of dollars, she never released her tax returns. Somehow this wasn't an issue," he said Monday.

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[TimeToEvolve]

Hey if these billionaires don't like it here they can get the hell out. But we should not let them take Americans money with them.

We truly have a completely failed and obsolete Republicon Party. They keep saying that the rich create jobs. They keep saying that the rich need more tax cuts. They keep saying the free market works. They are truly nuts. There NEVER WAS a "free market".

[Rafterman11]

All this analysis is meaningless. The bottom line is, we are not talking about embarrassing deep personal details about Romney's life or cringing medical records. We aren't asking how Mitt likes his sex for cripes sake. We are talking about dry, boring tax returns. There is no reason in the world that a candidate wouldn't release anything they got unless there is something there that could hurt their reelection. If Mitt is "embarrassed" by his tax returns, then that is a serious problem.

[cb1957]

I enjoy the fact that he insists that he need not release more tax returns because McCain and Kerry did not. Indeed he has a point, there is a pattern there: The losers in presidential campaigns seem reluctant to release their tax returns.

[fiberglass3]

Nothing Mitt RobMe has to say is going to be heard from the American people if he does not come clean on his taxes.

Romney is vacuous and offers nothing but criticism. Under Obama, bin Laden is dead, GM is alive and pre-existing condition loophole is closed.

[californiadreaming1]

If Romney is hiding money offshore, you won't find it in his tax returns. Get real!

[CaptainSmollett]

I don't care what Romney did with his own money, but I do care what Obama is doing with mine, and it's not pretty!!

[Bendech]

when Reagan was governor of California in the early 1970s, it came out that he'd paid no state income taxes - none - one year, despite being a wealthy man.
April of 1971, a student-operated radio station at Sacramento State College reported that Reagan's 1970 California tax return claimed the governor owed precisely zero dollars and zero cents.

How was a wealthy man able to wind up paying zero state income tax??

The governor had contracted to have cattle he owned "managed" by a company called Oppenheimer Industries, which in its brochures advertised to clients with a net worth of at least $500,000. "Federal tax laws favor cattle if you pick the right kind and stick to the rules. Herds of beef cows top the list. When you buy them, you become a farmer and can keep your books on a cash basis. You put in dollars that depreciate or are deductible. You take out capital gains." Voila: newly minted cattlemen - their ranks, the Bee reported, also included Jacky Benny and Alfred Hitchcock - "lose" enough money on cows raised hundreds or thousands of miles away "to avoid or postpone payment of any income tax, state or federal."

The New York Times was the only outlet to follow up. The paper tracked down a Montana rancher who domiciled beasts for Oppenheimer. "This is strictly a tax dodge on their part," he attested.
The Times also found a copy of Reagan's contract, "signed for him by his personal attorney and close friend, William French Smith."
Long-memoried political junkies of a certain age will recall that President Reagan later named Smith attorney general of the United States.

In the words of Hotel Heiress Leona Helmsley...who winded up getting nailed for buying personal furniture and billing it as "hotel" expenses...

Only the Little People pay taxes.


Read more: http://www.rollingstone.com/politics/blogs/national-affairs/ronald-reagan-welfare-queen-of-montana-or-tax-tips-for-mitt-romney-20120207#ixzz20pnj92To

[thatchmo62]

Why is everyone so worried about how Mitt managed his money. I'm more worried about how Obama is managing mine.

[Bendech]

It is about fairness.
Supporting our troops , paying for the war on drugs, building a fence to secure our southern borders, helping Israel with 3 billion dollars a year to fight terrorism, keeping federal prisons open, building a national missile shield, fighting the war in Afghanistan and Iraq....all this costs hundreds of billions of dollars.
It is the duty of every American to make sure that this country meets its commitments and stays strong.

If some Americans...in particular those who have lots of money...are seen as not doing their fair share..or using sophisticated tax avoidance methods to push the burden of supporting our troops onto the shoulders of those who are less able to carry that load....then there is a moral question of fairness.

For example,when Reagan was governor of California in the early 1970s, it came out that he'd paid no state income taxes - none - one year, despite being a wealthy man.
April of 1971, a student-operated radio station at Sacramento State College reported that Reagan's 1970 California tax return claimed the governor owed precisely zero dollars and zero cents.


The governor had contracted to have cattle he owned "managed" by a company called Oppenheimer Industries, which in its brochures advertised to clients with a net worth of at least $500,000. "Federal tax laws favor cattle if you pick the right kind and stick to the rules. Herds of beef cows top the list. When you buy them, you become a farmer and can keep your books on a cash basis. You put in dollars that depreciate or are deductible. You take out capital gains." Voila: newly minted cattlemen - their ranks, the Bee reported, also included Jacky Benny and Alfred Hitchcock - "lose" enough money on cows raised hundreds or thousands of miles away "to avoid or postpone payment of any income tax, state or federal."

The New York Times was the only outlet to follow up. The paper tracked down a Montana rancher who domiciled beasts for Oppenheimer. "This is strictly a tax dodge on their part," he attested.

Read more: http://www.rollingstone.com/politics/blogs/national-affairs/ronald-reagan-welfare-queen-of-montana-or-tax-tips-for-mitt-romney-20120207#ixzz20prTtHHx

Leona Helmsley, the hotel heiress,whose husband spent his last days in federal prison for tax evasion once said

ONLY THE LITTLE PEOPLE PAY TAXES.

And that is the sad unfortunate truth. The wealthy have armies of lobbyist with suitcases full of money that they send to Congress to make laws exempting them from paying taxes.
Guys like you and I can't afford a lobbyist.

So we end up paying for the 1%

[PhilipASC]

Funny how this article didn't mention that almost none of the folks who refused to provide their tax returns were elected. (Reagan was an exception.)

[wfw3536]

Romney should release his tax returns when Obama releases all the information on the gun running coverup that resulted in Mr Terry, the brave American agent being killed. Oh, I guess it is alright for Obama to cover this up, so Holder gets off the hook.

[Jaylah54200]

Or maybe they BOTH should come clean?

[Bendech]

I think we can argue who needs to release what and when.
But in all fairness, as an independent and concerned about this country more than whether the right or the left wins, I am concerned about people in this country looking at taxes as if they were something to be avoided.

If you ask most Americans if they support the troops, if they want to see a strong military, if they want to see more agents protecting our southern borders, or a fence built between mexico and the US, if they want to continue to give material support to Israel, if they want to continue to fight the war on terrorism or the war on drugs...I think most Americans would insists that the US pays for those things.

But if you ask the same Americans they will tell you they don't want to raise taxes. That means, of course, that to fight the war in Afghanistan and to pay for veterans benefits, we will have to BORROW THAT MONEY.

But if you ask many Americans they will tell you that they don't want the US to borrow anymore money.

So we are at an impass.
We want a strong military, aid for israel, border security, a space program etc.
But we don't want to raise taxes for them.
Nor do we want to borrow money to pay for them.
And with a 14 trillion dollar deficit...our current tax collection isn't going to be able to bridge the deficit AND PROVIDE FOR THOSE SERVICES.

[larryleighton]

He should be honest.

[CaptainSmollett]

Obama is just looking for more dirt to fuel his slanderous campaign.