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The year he gave paid extra property tax to the State of Utah to the tune of $54,000.

He lived in Utah at least through March/April ----- on March 19, 2002, he was a declared candidate in Massachusetts.  The Democrats accused him of being ineligible to be Governor in June 2002 (due to three years of Utah residency to run/manage/lead the Winter Olympics).  On June 25, 2002, Electoral Commission in Massachusetts deems Romney an eligible resident.

In November 2002, Romney is elected.  

As a matter of law, Romney filed Massachusetts State Income Tax Returns for 2003 through 2007.  The 2002 tax rate in Utah was 7% after passing a base income level (about $8,000) and in Massachusetts was 5.3%.  So you file in Massachusetts, right?

Maybe not.

Utah allows you to take 75% of the federal standard deduction.  It has an aggressive deduction for persons with disabilities.  Piker stuff really.

The best part is can deduct 50% of your federal tax burden off of your Utah tax bill. No, really.

Say you paid, 15% on an income of $2,000,000, maybe a small salary from Bain and another small one from the Olympics (he made $1.4 million over three years ostensibly which was donated to charity  ---- what charity is another question).  You paid at most $300K to the IRS and you get to deduct $150K from your Utah taxes or most likely $0.

It gets better; under Massachusetts Income Tax law, the deduction for busines and trade deduction had a maximum deduction of $24,000.  The deduction under Section 179 quadrupled and was indexed for inflation after he became Governor (its now more than $125,000)

Utah looks pretty good in 2002.  So you lost that property tax deduction to run for Governor of Massachusetts, we still love you in the Beehive State,  how about $0 in state income taxes?  Plus you can also file a part time resident return in Massachusetts.

Did he file in Utah or Massachusetts, or New Hampshire or California or elsewhere?  I think the answer is exactly why Romney won't release his taxes, especially not 1999-2002, because thats where the trail gets hot.

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Comment Preferences

  •  Dirty Mittens (8+ / 0-)

    he will never release any tax returns, because all of them are filled to the brim with weasily barely legal bullshit. Obama will pound him either way.

    The President doesn't look worried these days, does he?

    This Rover crossed over.. Willie Nelson, written by Dorothy Fields

    by Karl Rover on Sun Aug 05, 2012 at 07:55:03 PM PDT

    •  Maybe not even barely legal (3+ / 0-)
      Recommended by:
      roadbear, Samer, Mayfly

      Some of this stuff is probably not legal.  Amnesty is not offered for legal acts.  Romney may have solved some of those problems with the IRS, but assuming that amnesty was sought, the American public is not likely to miss the fact that Romney's taxes were not legal when filed.  

  •  good catch - too bad mittens can't "hold onto" (6+ / 0-)

    the tax ball of evasion when folks like you are around to call him out and point out the error of his ways!

    okay, okay - bad baseball analogies here - sorry.

  •  If 2002 is the only issue, why not release back to (5+ / 0-)
    Recommended by:
    salmo, roadbear, madhaus, Samer, Mayfly

    2003?  That is a sort of reasonable amount of years to produce.

    I think the real issue may be in 2009 - the year of amnesty for hidden money from Swiss bank accounts.  That's why he is only going back to 2010.  He can't release 2009, and he can't skip that year and go to 2008 (and earlier) without pointing even bigger red arrows at 2009 - so he's stuck with just showing 2010 and having to thumb his nose at the requests from the little people.

    "I like paying taxes. With them I buy civilization." - United States Supreme Court Associate Justice Oliver Wendell Holmes (Republican) -8.12, -5.18

    by ncarolinagirl on Sun Aug 05, 2012 at 08:41:51 PM PDT

    •  The only reason I want 2002 (1+ / 0-)
      Recommended by:

      is cause it opens the "where did you file your state taxes question"....Theoretically, Romney could have filed at a part time resident in 1999, 2000, and 2001 ----- not a questionable move

      2002 is curious cause the guy wanted to have aanother run for political office but still wanted to take advantage of a primary residence deduction that was basically chump change to him.

      It's like Martha Stewart, worth millions and her brand worth ten times more; and she was trying to save herself $50,000 on some stocks.

      Romney takes pride in his wealth....and bad tax moves makes him feel imperfect.  Paying $0 in taxes were he not running for office would be a bragging point for him.

      •  All Martha Stewart was charged with was perjury, (0+ / 0-)

        and I think if she had been a big Repub donor instead of a big Dem  donor she wouldn't have been charged with that.

        "'s difficult to imagine what else Republicans can do to drive women away in 2012, unless they decide to bring back witch-hanging. And I wouldn't put it past them." James Wolcott

        by Mayfly on Mon Aug 06, 2012 at 05:38:56 AM PDT

        [ Parent ]

    •  I think you've nailed it, ncarolinagirl. (0+ / 0-)

      "'s difficult to imagine what else Republicans can do to drive women away in 2012, unless they decide to bring back witch-hanging. And I wouldn't put it past them." James Wolcott

      by Mayfly on Mon Aug 06, 2012 at 05:40:26 AM PDT

      [ Parent ]

  •  I would like to know about 2009, the amnesty year (0+ / 0-)

    for illegally hidden Swiss bank accounts, and also 2008 might be interesting because the McCain people saw it and passed on Mitt.  But, if only one other--I'd go for 2009.

    McCain campaign might have passed on Mitt for other reasons.

    "'s difficult to imagine what else Republicans can do to drive women away in 2012, unless they decide to bring back witch-hanging. And I wouldn't put it past them." James Wolcott

    by Mayfly on Mon Aug 06, 2012 at 05:37:05 AM PDT

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