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View Diary: NYT nails Romney on Bain, taxes and Medicare (23 comments)

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  •  why isn't this info sufficient to launch an IRS pr (10+ / 0-)

    why isn't this info sufficient to launch a formal IRS probe?  Aren't there whistle-blower statutes that permit Joe or Mary Citizen to report possible tax fraud to the IRS - and if a subsequent IRS probe confirms the failure to pay taxes Joe or Mary Citizen collects 25% of whatever total the Government collects from the tax cheat.  Someone needs to collect this info and formally refer it to the IRS as a whistle-blower.

    •  Because when it's launched against us (7+ / 0-)

      it's rooting out fraud and abuse which is so unfair to the 1% because they have such a burden supporting us little people.

      And when an investigation is launched against the 1%, it's political -- and we mustn't have politics in an election year...

      “Mitt Romney and Paul Ryan” is an anagram for “My ultimate Ayn Rand Porn.”

      by theKgirls on Fri Aug 24, 2012 at 07:35:14 AM PDT

      [ Parent ]

    •  Wouldn't it be really and truly incredibly sweet (1+ / 0-)
      Recommended by:

      if, after Romney loses in November, the IRS does just that???  I can understand that they can't do it right now - at least not publicly, but now that they've had this spilled out for them by third parties, they don't even need to do any work on it, hardly.  I would absolutely savor watching Romney and his cronies having to pony up millions in taxes to help our government after he gets his ass handed to him in the elections!

      "If you trust you are not critical; if you are critical you do not trust" by our own Dauphin

      by gustynpip on Fri Aug 24, 2012 at 08:06:01 AM PDT

      [ Parent ]

      •  'Edwards' him - heard it here first (1+ / 0-)
        Recommended by:

        Except instead of a mistress and baby of flesh and blood, the devil + Mitt spawn a Cayman islands account.

        •  which won't get (2+ / 0-)
          Recommended by:
          gustynpip, themank

          nearly as much breathless cable "reporting."

          It's taken so long for this issue to get any traction at all, outside of Left Blogistan, because 1) most Americans are pretty much financially illiterate beyond the basics of a daily checkbook, and 2) tax shelters ain't nearly as sexy as a dying wife, a blonde mistress and a hidden baby. Unfortunately.

          Yesterday's weirdness is tomorrow's reason why. -- Hunter S. Thompson

          by Mnemosyne on Fri Aug 24, 2012 at 09:25:29 AM PDT

          [ Parent ]

    •  Who says it won't launch a probe? The dump (8+ / 0-)

      was only made yesterday.

      I find this little tidbit interesting,

      Details in the documents suggest that Bain funds in which Mr. Romney’s fortune is invested also used a variety of legal mechanisms to help some investors avoid significant taxes.
      Not only might it instigate a probe into Bain's practices, it might also start a probe in the finances of other Bain investors. I wonder how much they'll appreciate Romney if that happens.

      For me, Mitt reminds me of Jeff Bridges in Starman. He's like an alien that hasn't read the entire manual. You know, he's going, "Nice to be in a place where the trees are the right size. -- Robin Williams on Letterman 26 Apr 2012

      by hungrycoyote on Fri Aug 24, 2012 at 08:17:10 AM PDT

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    •  pasu - the key issue here may have already (4+ / 0-)
      Recommended by:
      jayden, lysias, Mnemosyne, CoyoteMarti

      been audited. In fact, I think the odds are that the IRS has already ruled on this.

      It's also important to understand that the NYT has found two experts who feel that the conversion of management fees to equity is not valid. It would have been easy for the NYT to find two experts who would think that the treatment was aggressive, but certainly defensible.

      "let's talk about that"

      by VClib on Fri Aug 24, 2012 at 08:17:21 AM PDT

      [ Parent ]

    •  No, whistleblower recovery does not apply (0+ / 0-)

      Yes, the IRS is happy to receive tips about tax fraud. (Most common source: ex- or about-to-be-ex-spouses.) But the tipster does not receive anything for their trouble, except possible satisfaction.

      Yes, there's enough information out there that the IRS could already have begun an audit. However, in order to ward off charges of partisanship, I would expect them to wait until after the November election to say anything or bring formal charges or even notify the Romneys or Bain of the investigation.

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