Outrage over tax returns a replay of past campaigns

2004: John Kerry vs. President George W. Bush

Democratic candidate Sen. John Kerry released 20 years of tax returns, including his 2003 returns - the year prior to the presidential election. However, like McCain, Kerry refused to release his wife's tax returns. Teresa Heinz Kerry, whose net worth was estimated at more $500 million at the time, is the widow of John Heinz, the heir to the ketchup fortune. She relented, just like Cindy McCain, and released a short summary of her 2003 taxes, which showed an income of just over $5 million mostly from tax-exempt bonds.

2000: George W. Bush vs. Al Gore

The fight over transparency and taxes was relatively quiet during the 2000 presidential campaign because both presidential candidate served in public office, requiring financial openness.

When he entered the 2000 presidential race, George W. Bush had already released his tax returns dating back to 1991. His openness was due, in part, to the fact the tax debate had heated up when he was facing incumbent Gov. Ann Richards for the governorship in 1994. After winning the statehouse, he released his returns going forward, and during his presidency as well.

As vice president, Al Gore released his taxes during the years he served. He caught heat for one year when he contributed only $353 of his $198,000 income to charity.

1996: Bob Dole vs. President Bill Clinton

The real debate over tax returns during the 1996 campaign was during the Republican primary, where Bob Dole released 30 years of tax returns in an attempt to pressure one of his challengers, multimillionaire Steve Forbes, to release his returns. Forbes, who was estimated to be worth $440 million refused to release his taxes.

1992: President George H.W. Bush vs. Ross Perot vs. Bill Clinton

Billionaire independent candidate Ross Perot did not give into pressure to release his tax returns. The self-financed candidate, who ran in 1992 and 1996, was estimated to be worth $3.3 billion dollars. An estimate by the organization Citizens for Tax Justice estimated that Perot paid 6.8 percent of his income in taxes, according to a 1992 article in Newsday.

While running for president, then-candidate Bill Clinton released his tax returns for 1990 and 1991, and the years between 1980 and 1990 had previously been released. But controversy erupted when Mr. Clinton refused to release tax returns prior to 1980.

In an interview with the Washington Post during the 1992 campaign, Hillary Clinton said, "We just feel we have gone the extra mile. Talk about accountability. We feel we have been more accountable than most people who have been in this position, and we feel very comfortable about it."

After relentless pressure from the press, the couple, in 1994, released their taxes from 1977, 1978 and 1979. David Kendall, the Clintons' personal attorney, said, "In a spirit of full cooperation and openness, the Clintons have now made public their tax returns for the past 16 years, since Mr. Clinton's first year in public office."

The tax returns answered few questions about Whitewater, an Arkansas land-development investment the Clintons invested in, which erupted into a scandal during Clinton's first term. The Clintons were alleged to have obtained illegal tax deductions for the deal. Before the Whitewater investigation was complete, Mr. Clinton had to pay more than $5,000 in back taxes for problems with some of his tax filings in the 1980s.

Their returns also showed that Mrs. Clinton got involved in cattle commodities trading where she made $100,000 and was suspected to have received preferable treatment and prices.

As for Mr. Bush, his tax returns were released each year he was in office.

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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.