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That’s because Mr. Romney paid income tax to foreign countries, and as result claimed in 2010 a $129,697 foreign tax credit, which he used to offset taxes he owed in the United States. American taxpayers who claim the foreign tax credit are required to report their total foreign taxes paid and tax credits used for the previous 10 years. So that return contains foreign tax data going back to 2000.
The good news for Mr. Romney is the forms suggest that he paid at least some federal income tax every year, as he has said he did. He used the foreign tax credit every year to offset his taxes in the United States, and American taxpayers can’t use a tax credit if they owe no federal income tax. This casts even more doubt on the claim by the Senate majority leader, Harry Reid, attributed to an unnamed Bain Capital source, that Mr. Romney paid no income taxes during that time.
Not that I care too much - but I know this has been an issue Obama/Reid has brought to the surface.
That’s because Mr. Romney paid income tax to foreign countries, and as result claimed in 2010 a $129,697 foreign tax credit, which he used to offset taxes he owed in the United States. American taxpayers who claim the foreign tax credit are required to report their total foreign taxes paid and tax credits used for the previous 10 years. So that return contains foreign tax data going back to 2000.
The good news for Mr. Romney is the forms suggest that he paid at least some federal income tax every year, as he has said he did. He used the foreign tax credit every year to offset his taxes in the United States, and American taxpayers can’t use a tax credit if they owe no federal income tax. This casts even more doubt on the claim by the Senate majority leader, Harry Reid, attributed to an unnamed Bain Capital source, that Mr. Romney paid no income taxes during that time.
Not that I care too much - but I know this has been an issue Obama/Reid has brought to the surface.
After hearing how much lesser sources of news depend on the al Times for their news I wonder how long it will take for people to start seeing that Reid is nothing but a partisan liar and has sucked Obama right in there with him.
This is good news and it comes out at about the right time. Thanks for the link.
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
8,852 posts, read 10,456,964 times
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1. Somebody must have a real exaggerated sense of their own self-importance, if they assume everyone else gives a rat's patootie about the same stuff they do.
2. As the Right is so fond of reminding us, the NYTimes is a "lib-rul rag".... except for whenever they print something that wingnuts wanna use as "proof".
3. All Romney has to do is release the "real thang" (aka, his tax returns), and we wouldn't have to "speculate" to begin with!
That doesn't prove anything. In 2009, there was a tax amnesty program that allowed taxpayers who cheated on their taxes by using foreign means to hide their taxes, could come clean and only pay the tax (instead of going to jail.)
It's been suggested that Romney used the amnesty program and, if he did, the NYT article would have shown that he paid taxes.
However, disclosing his 2009 taxes would also show that he was a previous tax cheat -- and that's the reason he refuses to disclose his taxes.
It "suggests" he paid taxes? Well, release the tax returns and prove it true. Otherwise, I am assuming Romney is hiding something that would kill his chances at election.
If in your stock portfolio you have blind trusts that have foreign investments, you don't have control over the exact foreign transactions that took place.
You are required to pay taxes however on those foreign investments. You may also have to pay taxes to foreign nations and then you can claim those against your US taxes.
All is perfectly legal and the IRS wouldn't ASK about those foreign investments OR give you a tax credit for foreign taxes paid if it were illegal.
If in your stock portfolio you have blind trusts that have foreign investments, you don't have control over the exact foreign transactions that took place.
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If my grandmother had balls she'd be my grandfather.
Unless you know something about Rmoney's taxes that the rest of us don't, your "if" has no weight. The only way to know is to release those taxes.
If my grandmother had balls she'd be my grandfather.
Unless you know something about Rmoney's taxes that the rest of us don't, your "if" has no weight. The only way to know is to release those taxes.
No...not at all.
The IRS I am quite sure would prosecute Romney if he'd have done anything illegal.
I'm also quite sure Obama's people have his tax returns and haven't done anything except make up fake telephone calls because they know there's nothing there.
No wonder we havent heard about tax returns for a little while now. They're stuck on the race card and class warfare at the moment. That will shift to war on women again next week.
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