Quotes of the day

posted at 10:01 pm on July 17, 2012 by Erika Johnsen

***

My tax returns that have already been released number into the hundreds of pages. And we will be releasing tax returns for the most current year as soon as those are prepared. They will also number in the hundreds of pages. In the political environment that exists today, the opposition research of the Obama campaign is looking for anything they can use to distract from the failure of the president to reignite our economy. And I’m simply not enthusiastic about giving them hundreds or thousands of more pages to pick through, distort, and lie about.

Well, first of all, all of my investments are managed in a blind trust. By virtue of that, the decisions made by the trustee are the decisions that determine where the investments are. Secondly, the so-called offshore account in the Cayman Islands, for instance, is an account established by a U.S. firm to allow foreign investors to invest in U.S. enterprises and not be subject to taxes outside of their own jurisdiction. So in many instances, the investments in something of that nature are brought back into the United States. The world of finance is not as simple as some would have you believe. Sometimes a foreign entity is formed to allow foreign investors to invest in the United States, which may well be the case with the entities that Democrats are describing as foreign accounts.

***

“And to somehow allege that there was something wrong with his tax returns with no factual evidence with no basis whatsoever is the kind of Chicago sleaze-style campaign that’s being run by the Obama campaign,” McCain told reporters. The Arizona senator added that he personally vouches for the fact that there was nothing in the returns that would be disqualifying — the returns were reviewed as part of the 2008 vice presidential nominee selection process. …

“(Palin) was the best fit for our campaign,” McCain said, “but we’ve taken an answer on why I selected her and not Romney and twisted it into some interpretation that is obviously not the case.”

***

***

The question is what could be in them that would be so damaging to the Romney campaign. Right now, the most popular theory is that Romney simply didn’t pay any federal taxes at all in 2009. As Joshua Green wrote, ” It’s possible that he suffered a large enough capital loss that, carried forward and coupled with his various offshore tax havens, he wound up paying no U.S. federal taxes at all in 2009.” …

But the tax experts I’ve spoken to are skeptical. “Romney had a $4.8 million capital loss carryover coming into 2010,” says Edward Kleinbard, a professor of tax law at the University of Southern California. “So that means no capital gain income in 2009. If you look on the first page [of his 2010 tax return], though, he had lots of ordinary income (interest mostly), and dividends, which are taxed at the same rate as capital gains but which cannot be sheltered from tax by capital losses. So presumably he had some positive income tax in 2009.” …

But Daniel Shaviro, a tax professor at New York University, isn’t so sure. “I think there’s an excellent chance that [Romney] didn’t pay any taxes in 2008 or 2009,” he says. But to get from a small federal tax liability to no federal tax liability, Romney would have needed to engage in incredibly aggressive tax planning. Shaviro mentions picking loser investments to get some benefits from “loss harvesting,” unusual tax shelters, and a bevy of other stuff that, frankly, I don’t totally understand.

***

“Politically, I think that would help him,” the Republican congressman and former presidential candidate said in an interview with POLITICO. “In the scheme of things politically, you know, it looks like releasing tax returns is what the people want.” …

“It’s a shame. The important issue is [what] the two candidates seem to agree on. They don’t really disagree with militarism overseas, they don’t disagree with the Federal Reserve system and the bailouts, and they don’t disagree on basically whether the role of federal government is wealth redistribution through welfare. So instead, they’re talking about tax returns and that to me is so disappointing,” he said. “It’s all a charade, I think it’s all contrived to not have a debate.”

Asked to speculate on why Romney has so far refused to hand over more returns, Paul replied, “I have no idea.”

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Night, SW.

4Grace on July 18, 2012 at 3:44 AM

Okay.. Good night B, Good night SWalker!

thatsafactjack on July 18, 2012 at 3:45 AM

Nugent AND Floyd, Grace? Now I have WHIPLASH, too!LOL!

thatsafactjack on July 18, 2012 at 3:43 AM

Yeah, sorry about that. They are just the only 2 songs that still take me back to certain partying materials. :)

4Grace on July 18, 2012 at 3:47 AM

4Grace on July 18, 2012 at 3:47 AM

No need to apologize.. loved every minute of it… then… and now.

I really am all in , Grace. I have to bid you all a fond good night, It was, as always, delightful spending time with you all. Thanks. See you soon.

thatsafactjack on July 18, 2012 at 3:51 AM

novaculus on July 18, 2012 at 3:40 AM

Great group. Many good tunes.

4Grace on July 18, 2012 at 3:51 AM

thatsafactjack on July 18, 2012 at 3:51 AM

I hear you. My eyes are crossing. lol

Night, jack.

Night all!

4Grace on July 18, 2012 at 3:52 AM

I live in GREEN COUNTRY…just outside of Tulsa…

thatsafactjack on July 18, 2012 at 2:55 AM

That’s definitely a misnomer. I used to laugh everytime Channel 8 (KTUL) would say that in their self promo…

Gohawgs on July 18, 2012 at 4:02 AM

Ok gang, I’m out too. Just remember, Heaven Is In Your Mind.

novaculus on July 18, 2012 at 4:09 AM

Good morning, all! The Morning Joe red-diaper crew, unable to surpress the news of Barry’s anti-capitalist rant, is in quite a tizzy about the ” context” of what he said. Cause they’re all about presenting ALL candidates fairly and accurately, dontcha know!

Oh, and Mitt Romney is still rich.

Naturally Curly on July 18, 2012 at 6:14 AM

the romney supporters have instituted a new here on HA. The use of obamacare is frowned upon…its racist and upsets the independents. affordable care act should be used in its stead.

renalin on July 18, 2012 at 6:33 AM

renalin on July 18, 2012 at 6:33 AM

I will not comply.

Naturally Curly on July 18, 2012 at 6:35 AM

Naturally Curly on July 18, 2012 at 6:14 AM

good morning!

just turned on the tube and making coffee….I was wondering how they were going to ‘report’ it…

cmsinaz on July 18, 2012 at 6:44 AM

let’s talk about the kiss cam instead of the horrible economy
-lsm

cmsinaz on July 18, 2012 at 6:44 AM

mika digging modo’s piece in the NYT

cmsinaz on July 18, 2012 at 6:46 AM

cmsinaz on July 18, 2012 at 6:44 AM

…And , for goshsakes, let’s ignore or make fun of Sheriff Joe.

kingsjester on July 18, 2012 at 6:47 AM

kingsjester on July 18, 2012 at 6:47 AM

indeed…it is a nightly segment on the local news…what can we bash sheriff joe about today?

mornin’ KJ

cmsinaz on July 18, 2012 at 6:54 AM

cmsinaz on July 18, 2012 at 6:54 AM

Mornin’. It just does my heart good to see a good man fighting back.

kingsjester on July 18, 2012 at 6:56 AM

i’m hoping folks will get sick and tired of the lsm rant of showing tax returns…

cmsinaz on July 18, 2012 at 6:56 AM

kingsjester on July 18, 2012 at 6:56 AM

yepper :)

cmsinaz on July 18, 2012 at 6:57 AM

Big news flash, we all aggressively prepare our returns to avoid paying as much tax as we can. I’m sure you do,too. If he did anything illegal, I’m just as sure the IRS would be after him just like they’d be after anyone else. When a tax professor at NYU admits he doesn’t understand the laws, you know it’s time for simplification and a flat tax.

Kissmygrits on July 18, 2012 at 6:58 AM

Our burdensome tax laws need to be reformed and simplified.
Wouldn’t it be great if we lived in a nation that thought wealth and prosperity are a good thing?

Were I to venture a guess, Romney probably made a donation to planned parenthood, or some other lefty organization, strictly for political gain in a left leaning state. Which would certainly jibe with his ideological flips.
Regardless of my speculation, I’d still vote for Romney over Obama The Great Divider.

kregg on July 18, 2012 at 7:04 AM

lol
mika upset that mitt is bashing dear leader’s quote….

like dear leader WOULD NEVER do that, right Mika?

cmsinaz on July 18, 2012 at 7:04 AM

harping on ‘extraordinarly foreign’…i’m sure we’ll hear racist pretty soon from the left…they’ve got nothing else

cmsinaz on July 18, 2012 at 7:05 AM

lol now mike barnicle, why isn’t mitt talking about his strengths?

ummm because, you all insist that he needs to defend whatever dear leader is lying about….

cmsinaz on July 18, 2012 at 7:09 AM

lol mika upset that mitt is bashing dear leader’s quote….

like dear leader WOULD NEVER do that, right Mika?

cmsinaz on July 18, 2012 at 7:04 AM

This story has legs, though Mika and her ilk would do anything to kneecap it.

Naturally Curly on July 18, 2012 at 7:10 AM

Morning cmsinaz. I haven’t watched Moaning Joe in quite a while and after tuning this morning I realize why. Remember when Pat Buchanan used to be on with them? Good times. Now it’s full strength liberal hack. I CAN’T STAND that prissy John Heilmann.

So I see it’s the Mika Boobinski Attack Romney Show. Back to Fox and Friends.

Marcus on July 18, 2012 at 7:12 AM

Cant stand that lisping leftist Gillian what’s her name. Click.

Naturally Curly on July 18, 2012 at 7:14 AM

How long has Bammy’s been beating the “fair share” drum? Now the incessant tax return stuff and all it’s innuendo. He’s been playing the long game in anticipation of diminishing Romney for a while now. I hate him but have to admire the message discipline. We have truth era, and birthers. Are we witnessing a new group: taxers? Returners? Accounters?

Huckabye-Romney on July 18, 2012 at 7:15 AM

Naturally Curly on July 18, 2012 at 7:10 AM

don’t you know it….

Marcus on July 18, 2012 at 7:12 AM

i hear ya, it’s worse when Joe or Dan Senor or Michael Steele are not on….it’s a total lib fest this am

cmsinaz on July 18, 2012 at 7:17 AM

Glanced at this morning’s headlines in Yahoo Finance and CNBC. The leading news is

http://finance.yahoo.com/news/chinese-companies-see-profits-plunge-082313372.html

And further down the page are articles like this

Global Economy: Crash or Gradual Slowdown?
“Bad Things are Going to Happen”
How Close Are We to New Great Depression?
S&P 500 Nears ‘Ultimate’ Death Cross: SocGen

It is very reassuring that we have an incompetent economic ignoramus at the White House with his keystone economic team helping to steer the ship when there are storms brewing everywhere. KissCam, anyone?

bayview on July 18, 2012 at 7:19 AM

Off to drive my husband to the airport. Carry on!

Naturally Curly on July 18, 2012 at 7:20 AM

the lisping lillian chick is a flaming socialist. everything is about the worker not getting their “fair” share and the money being made by only a few.

what chance does poor mitt have? a whole channel devoted to bashing him. back in ’08 i remember mika use to love her some mitt and anne.

renalin on July 18, 2012 at 7:24 AM

renalin on July 18, 2012 at 7:24 AM

he’s got a very good chance…the msdnc crew are idiots….

cmsinaz on July 18, 2012 at 7:38 AM

Glanced at this morning’s headlines in Yahoo Finance and CNBC. The leading news is

http://finance.yahoo.com/news/chinese-companies-see-profits-plunge-082313372.html

And further down the page are articles like this

Global Economy: Crash or Gradual Slowdown?
“Bad Things are Going to Happen”
How Close Are We to New Great Depression?
S&P 500 Nears ‘Ultimate’ Death Cross: SocGen

It is very reassuring that we have an incompetent economic ignoramus at the White House with his keystone economic team helping to steer the ship when there are storms brewing everywhere. KissCam, anyone?

bayview on July 18, 2012 at 7:19 AM

LOL. But, is it incompetence….or intent?

jan3 on July 18, 2012 at 7:40 AM

Flora Duh on July 18, 2012 at 7:40 AM

morning Flora-
good ad…mika actually aired it this am, not very happy to show it mind you

cmsinaz on July 18, 2012 at 7:44 AM

mika actually aired it this am, not very happy to show it mind you

cmsinaz on July 18, 2012 at 7:44 AM

I’ll bet ol’ Chuck isn’t very happy about it either.

Flora Duh on July 18, 2012 at 7:48 AM

Dave Ramsey on F&F: “I paid for your (Obama) freakin’ programs.”

Flora Duh on July 18, 2012 at 7:52 AM

Flora Duh on July 18, 2012 at 7:48 AM

oh yeah :)

cmsinaz on July 18, 2012 at 7:52 AM

Thanks to all who participate on this thread. It is the last blog I check before I go to bed, and the first one in the morning. The links and insightful comments are truly helpful. I especially want to give a ‘shout out’ (ugh) to those who report on the Morning Joe events. You all deserve hazard pay.

esr1951 on July 18, 2012 at 7:55 AM

lsm just giddy that the gop elite is asking for mitt to show his returns…

stand strong mitt, tell them to pound sand buddy

cmsinaz on July 18, 2012 at 7:57 AM

First!

Gettin’ in before the rush.

Bishop on July 18, 2012 at 7:57 AM

esr1951 on July 18, 2012 at 7:55 AM

morning esr

we do it, so you don’t have to :)

cmsinaz on July 18, 2012 at 7:59 AM

Bishop on July 18, 2012 at 7:57 AM

you’re da man B :)

cmsinaz on July 18, 2012 at 7:59 AM

we do it, so you don’t have to :)

cmsinaz on July 18, 2012 at 7:59 AM

And I appreciate it!

esr1951 on July 18, 2012 at 8:02 AM

You know, the lack of anything close to a Conservative on any Morning Joe reminds me I was watching Special Ed Shultz last night for a panel discussion and Michael Medved was on and more that once said “You’re WRONG Ed” and “NOT TRUE Ed” and Shultz actually looked rattled. I guarantee you word has gone out there to just pack the shows with Charles Blow types from here on out.

Marcus on July 18, 2012 at 8:02 AM

Marcus on July 18, 2012 at 8:02 AM

i believe it…

cmsinaz on July 18, 2012 at 8:05 AM

Flora Duh on July 18, 2012 at 7:40 AM

Good ad .. So much fodder, so little airtime.

pambi on July 18, 2012 at 9:16 AM

Man.

Bmore on July 18, 2012 at 9:38 AM

“As the Obama campaign and the media continue to press Mitt Romney to release more of his tax returns, and to suggest–without a shred of evidence–that he is a “felon,” it is worth noting how much critical information Barack Obama has withheld from view–both as a candidate in 2008, and during his term in office. Here is a Breitbart News top ten list of things that Obama has refused to release (a complete list would fill volumes)…”

http://www.breitbart.com/Big-Government/2012/07/18/Top-Ten-Things-Obama-Has-Not-Released?utm_source=feedb

Demand Obama ponyup his records

workingclass artist on July 18, 2012 at 9:43 AM

Woman.

Bmore on July 18, 2012 at 10:00 AM

Tell ‘ya what, Barrack. I’ll release my tax returns using the same time-frame you used to release your birth certificate.
I’m no big birther, but something in this stinks to high heaven.

You don’t move heaven and earth and spend millions of dollars hiding something so simple.

It defies logic. Drudge has Sherriff Joe’s research on top. Perhaps it’s really time to ignore the “they’re crazy” chants—that’s precisely how they used “they’re racists”.

If these people start on the personal destruction, you know someone’s on to something. Just like Joe the Plummer. And please don’t tell me this is some kind of Jedi head trick. These are Chicago thugs not master chess players.

Portia46 on July 18, 2012 at 11:08 AM

So, Shaviro ‘thinks’ there’s and excellent chance Romney didn’t pay income tax in 2008-2009. First, find out if he didn’t, then check to see if his returns are legal. Don’t just ‘think’ that for political reasons. Myself, I think Shaviro has sex with street sleepers, for $1.00 per sex act. I just think that, of course, but maybe someone would spread what I ‘think’.

dahni on July 18, 2012 at 11:29 AM

Child

Bmore on July 18, 2012 at 12:23 PM

Two words are all that need be repeated . . . BLIND TRUST The man has no control over what happens to his money. If the investments fail to live up to his expectations, he can change the trustee, but other than that he has no control over it. This is just the type of refpr, that Dimocrats love to write into law so they can attack their opponent. They are shallow and this year chocking on their own regurgitation.

georgeofthedesert on July 19, 2012 at 11:23 AM

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