Did he [Romney] take unusual steps to avoid paying his fair share? Who knows? He refuses to release enough of his tax returns to give a clear picture of his finances.
– Rep. James Clyburn
Never in modern American history has a presidential candidate tried so hard to hide himself from the people he hopes to serve. […] [W]e can only imagine what new secrets would be revealed if he showed the American people a dozen years of tax returns—like his father did.
– Sen. Harry Reid
This summer, Democrats have continually pounded Mitt Romney for refusing to release more of his tax returns. And last week at the Democratic National Convention, the criticisms continued to snowball. Former Ohio governor Ted Strickland went so far as to say: “And on [Mitt Romney’s] tax returns, he’s hiding. You know, you have to wonder just what is so embarrassing that he’s going to such great lengths to bury the truth.”
The point of the Democratic criticisms is to paint Mitt Romney as a plutocrat—a Gordon Gekko character who doesn’t pay his fair share of taxes.
Nonetheless, I have a theory: Might it be possible that Mitt Romney actually wants Democrats to keep focusing on his tax returns?
Maybe Romney actually wants left-wing PACs to burn millions on TV commercials attacking his tax returns. Maybe Romney actually wants the Democrats to spend most of August, September, and October speculating on his exploitation of the Internal Revenue Code. Maybe Romney actually wants to lure President Obama into staking his credibility on the idea that Romney is a tax dodger.
Imagine all that. Then suppose that in the last week of October, Romney finally releases his tax returns. What if the record shows that Romney—far from underpaying his taxes—actually overpaid them? What if the deductions records reveal Romney to have donated the bulk of his income to children’s cancer foundations, Habitat for Humanity, Girl Scout cookies, the Mormon Church, and surgery for babies with cleft palates?
In that scenario, an entire Democratic season of anti-Bain attack ads would backfire. And Romney’s public image would be transformed. Far from being a greedy capitalist, he would be a paragon of charitable virtue. A humble philanthropist unwillingly forced to reveal his generosity by a bunch of conniving Democrats.
It would be one heck of an October surprise. It could lead to a two-point swing that delivers Florida and Ohio for the GOP in a close election.
Best of all, Romney would have planned it all along.
Look, Mitt Romney is a smart person. He earned two Harvard degrees, built a multibillion-dollar firm, and saved the Salt Lake City Olympics. He knows that his every action will be scrutinized. He pays his advisers millions for sophisticated political advice. And he has been running for President for over eight years. Does anyone really think that Romney would have made the beginner’s mistake of underpaying his taxes?
But what about Romney’s disclosure of his 2010 tax return, the one showing the 13.9% tax rate? Would that return imply that Romney paid a similarly-low tax rate in other years?
Absolutely not. The 2010 tax return was the only one that Romney chose to reveal. It tells us absolutely nothing about his other years’ returns. For all we know, the 2010 return could be a deliberate anomaly. A special piece of bait.
Card players know this instinctively. Your opponent might play a 2 in one round, but his remaining cards could well be queens, kings, and aces
It is almost never a good idea to stake your future on something on which your opponent knows everything and you know nothing. Think about what happened to the Trojans, who dragged an unfamiliar Greek wooden horse into the heart of their city.
Democrats take a big risk by making a political issue of Romney’s tax returns. For all we know, Romney’s refusal to release more tax returns might be a brilliant masterstroke designed to lure unsuspecting donkeys into an elephant trap.
Chris Seck is a 3L. His column runs on Wednesdays.
The views in opinion editorials, columns, and letters do not necessarily reflect the views of The Record.
That’s an interesting theory however the average voter forms their opinion early on and ignore new information. That’s why so many people still believe Obama is a Muslim. A very interesting theory though and brilliant if it’s true.
The reason he won’t release his 2009 returns because that is the year that the US granted immnunity to people repatriating funds from the Swiss Bank fiasco.
Romney has already tried the tax avoidance strategy in previous elections. I think at this point his credibility is the issue. Who would believe him?
Wishful thinking, Chris Sack! Mitt Romney derives the vast majority of his income from investment limited partnerships. In 2008, 99.9% of these partnerships were hemmoraging money, leaving most wealthy people with a negative tax rate, a.k.a. tax benefit in that year. At first Romney, thought this could be twisted by the Dems to hurt him. Now, however, after he said he’s paid 13% for each year in the past decade, he will be shown to have lied. The tax returns will not be appearing in an October surprise.
I’ll bet you $10,000 that none of the things you fantasize about in your “October surprise” will come true. What do you say?
You don’t need offshore accounts for the purpose in tricking Democrats to call out on revealing your taxes. Surely by now, everyone knows what you need offshore accounts for. Just in case you don’t, it’s to hide income from the IRS so you don’t have to pay taxes on it.
And monkeys might fly out of my butt.
Well if Mitt is just holding back he would get a lot of free air time when he release his old tax returns.
Most people do not know that Mitt had a tax return problem when he ran for the governorship of Massachusetts. He had to re-file two years of taxes. So if history repeats its self. He has something in his taxes that he does not what to share with the voting public.
I think you give Myth far too much credit. Karl has warned him to keep mum.
Do you really think that the White House does not have access to Romney’s Tax returns?
We already know Mitt Romney is an immoral corporate raider and thief who stole his money by looting American companies and destroying American jobs. Even if it can’t be proven he is also a felony tax evader he is already a despicable and cynical human being that the American people do not like.
Wishful thinking. You forgot to see that Obama team have focused their attacks on Romney offshore tax shelters. The big question is, was Mitt Romney part of US government 2009 Amnesty?
I think the tax returns will show he claimed his house in CA as his primary residence in 2008. Which would then conflict with his voter registration, where he listed his primary residence as the basement, in his son’s unfinished house. Thereby committing voter fraud.
A flawed theory based on wishful thinking. If Romney released the tax returns and they turned out uneventful, I dont believe it would help voters. In fact, it would likely be seen as too little, too late. Romney still has a problem connecting with swing voters due to the lack of details he gives about his administration plans, his disconnection with the middle class and his dealings while at Bain. Let’s face it. The only reason he’s still a contender in this race is not because of his likability and trustworthiness but how much voters are frustrated with Obama. All he can really hope for at this point is that Gas prices stay on the upswing, the unemployment rate stays atrociously high, voter discontent escalates and the hope that none of his republican constituents manages to not put his foot in his mouth and futher embarass the party between now and election day.
You give him far too much credit for being “smart.” He is known as “cheap”. He paid about 13% in the other returns? You really think he overpaid in the previous decade to be a “good citizen” or “set a trap.”
He is the one that is trapped. He looks like he’s hiding something by not releasing them. If he releases them and he overpaid he looks like a jerk for refusing to do what every other candidate for president has done and dragging it out. If he releases and he is paying next to nothing he looks like an unpatriotic hypocrite.
Lose/lose/lose for team Romney
We have seen enough of Romney’s hand to know what other cards he is holding. His 2010 return shows a carry forward for capital loss from 2009 into 2010, meaning he had no taxable capital gains in 2009 and possibly in 2008. Those returns will never see the light of day.