According to Victor Fleisher, a University of Colorado law professor and tax expert, Romney has not paid the taxes he is required to under law, and may owe hundreds of millions of dollars in taxes. He examined hundreds of documents released by gawker.com that relate to the myriad of complex tax shelters used by Romney. His analysis can be found at:
Essentially his analysis (he is an expert on equity fund manager tax basis) found that Bain through it's myriad of complex shelters and funds, were paid a management fee (2%) and a "carried interest" fee (share of profits). The management fee is taxed as ordinary income while the "carried interest" fee is taxed as capital gains (15%). Bain (Romney) "waived" their management fee and had it converted to "carried interest", thereby saving hundreds of millions in taxes. However, according to Fleischer, that is illegal.
Romney claims that he is unaware, that these were done in a "blind" trust. But according to Fleischer, that does not hold water since Romney set up this strategy well back before 2002 and would have known that he would have continued to benefit from this evasion.
"Remember to always be yourself. Unless you can be batman. Then always be batman." Unknown
So now it comes out that after denying that he had any active participation in Bain for the last 13 years, Romney claimed that he actively participated in Bain in his 2010 tax record in order to claim a deduction for business expenses. So is Romney lying to the IRS, or is he lying to the American public?
Come on Mitt, show us your papers!
"Remember to always be yourself. Unless you can be batman. Then always be batman." Unknown
FredHayek wrote: The IRS has ruled that your tax expert is a fraud. If they could pin something on Romney, don't you think the IRS would?
No, this board has ruled that you are a fraud. How come you are always unable to back up your statements? How do you know that the IRS has not or is not investigated Romney? Tax fraud can take years to investigate.
"Remember to always be yourself. Unless you can be batman. Then always be batman." Unknown
