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View Diary: Romney's tax situation is a telling exemplar (123 comments)

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  •  You give him too much credit-easy to pay zero tax (4+ / 0-)

    I don't see why you would assume he paid $1 million in any year.

    I am not a tax expert but in grad/prof school I just decided to take a number of courses in tax policy with a professor I'll call "Tax God," which in tax policy circles is what he is called.

    This was during the Reagan years.  He was outraged by what was happening and taught about tax shelters.

    I know this sounds counter-intuitive, but it's perfectly possible for Romney to have paid no taxes at all, or to have received checks from the IRS for tax credits.

    To put it another way, it's possible -- if you are very wealthy, ideologically loath taxes, and willing to pay lawyers, accountants and tax shelter promoters -- to pay zero federal income taxes.  You will pay others, but you won't pay the government.  You can "buy" $10,000 worth of tax deductions for $1,000 (numbers may be off, but the principle still exists) -- if that's how fanatical you are.

    When Harry Reid says Romney paid no federal income tax and President Obama's campaign runs an ad alleging the same with Obama saying I approved this message, I have to conclude that they have seen the returns and Romney indeed paid no taxes.  

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