Outrage over tax returns a replay of past campaigns

1988: George H.W. Bush vs. Michael Dukakis

AP

During the 1988 Republican primary, the debate over taxes and wealth erupted.

"Bob Dole and Vice President George H.W. Bush have been sparring over their relative wealth," the Los Angeles Times wrote in January 1988, referring to a broader debate about personal wealth that lead to a contest over who was more transparent with their personal finances. Bush released 14 years of returns, including the eight years he was vice president, and called on Dole to do the same. Dole upped the ante and released 21 years of returns.

Because Mr. Bush released his tax returns during the primary, the onus was on Democratic nominee Michael Dukakis to release his returns. An editorial in the Washington Post called on Dukakis to release his most recent return. "Voters have a right to know how a candidate has been making his living, what financial assets and liabilities he has and whether he has been meeting his obligations to pay taxes," The Post wrote. "Michael Dukakis has been a stickler for disclosure and for this campaign has made public his income tax returns for every year from 1982 to 1986. He has not yet, however, made public his 1987 return; he should do so."

Less than a week after that editorial, the former Massachusetts governor did. He and his wife Kitty had less to show than most presidential candidates, making a combined income of $109,000.

1984: Walter Mondale vs. President Ronald Reagan

Democratic candidate Walter Mondale faced criticism over the taxes his running mate's husband. His vice presidential pick, Geraldine Ferraro, had a wealthy husband, John Zaccaro, who refused to release his tax returns. "I want full disclosure from all those over where I have responsibility. Mr. Zaccaro has his own business life which he is entitled to lead. He is complying with the law," Mondale said on ABC News in August 1984. "Senior advisers are now clearly worried that the tax return controversy is taking on a life of its own," ABC reported.

"I am the candidate. ... My husband is not a candidate," Ferraro said, according to The Miami Herald.

But Republicans didn't buy it. "The question really is what is Walter Mondale going to do about it," Republican Party chair Trent Lott said.

Shortly after these reports, Ferraro and her husband eventually released six years of their personal income tax returns, though Zaccaro didn't release some business-related income tax returns.

1980: Ronald Reagan vs. Jimmy Carter

AP Photo/Madeline Drexler

After refusing to offer any insight beyond the minimum requirements into his personal finances, then-candidate Ronald Reagan released one year of tax returns after the 1980 Republican National Convention.

His campaign's reason for releasing them: "[B]ecause he will be the Republican (presidential) nominee and, as a candidate, he feels it is appropriate that he do so," Reagan press secretary Ed Gray said, according to a July 1980 Associated Press article.

One interesting aspect of his tax return is that despite receiving publicly-funded matching funds, Reagan did not check the box on his IRS form that contributed $1 to the federal general election fund.

According to a separate Associated Press report, Reagan experienced "one of the most embarrassing incidents of his career" after his 1970 tax returns were released to the press. The reason? The millionaire former actor and governor, worth up to $4 million, paid no state taxes because of business losses and tax shelters.

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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.