A wonderful new, kick-ass ad from the Obama campaign. They're not letting up at all.
"I'm Barack Obama and I approved this message."
On Screen: "Interview with Mitt Romeny. ABC News"
Interviewer: "Is there ever any year where you paid lower than 13.9%?"
Romney: "Oh, I haven't calculated that. I'm happy to go back and look."
On screen and by narrator: "Did Romney pay 10% in Taxes? 5%? 0? WE DON'T KNOW."
Narrator: "But we do know that Romney personally approved over 70 million dollars in fictional losses to the IRS as part of the notorious Son of Boss tax scandal. One of the largest tax avoidance schemes in history."
On screen: "Did Romney enable company's abusive tax scandal? Romney approved ... fictional tax losses exceeeding $70 million generated by its Son of Boss transaction. One of the largest tax avoidance schemes in history. CNN, Cannellos and Kleinbard Op-Ed, 8/8/12"
Narrator: "Isn't time for Romney to come clean?"
On screen: Isn't time for Romney to COME CLEAN?
I love this ad. Kick him while he is down!!! Then kick him again. Don't let up on Bain and taxes.
We are winning! And this is why.
Update I: More on Son of BOSS from wikepedia:
The term was coined by Treasury officials to describe a variety of tax shelters that sought to wipe out taxes on capital gains from the sale of a business or other appreciated asset, for example, by artificially inflating the cost of an asset to make the profit from its sale appear smaller. The shelters involved creating paper losses to offset real gains. All resembled an earlier shelter marketed as "BOSS," short for "bond and option sales strategy." The Son of BOSS transaction was marketed in various forms by advisers at some accounting and law firms beginning in the late 1990s. Several thousand taxpayers likely used the shelter before the Treasury and Congress took steps to block its tax benefits, beginning in 2000.
The "Son of BOSS" schemes involved 1,800 people and cost the government $6 billion in lost revenue, according to Internal Revenue Service (IRS) estimates. Of that total, the government has recovered more than half. The IRS started cracking down on "Son of Boss" in 2000. By 2005, 1,165 people had settled Son of BOSS cases with the IRS, but the complex structures used in the schemes were hard for the IRS to unravel and it was losing some court challenges to its crackdown
Marriott et al. v. US
One of the companies accused of abusing "Son of BOSS" tax shelter schemes has been Marriott Corporation. In Marriott International Resorts, LP, et al. v. United States, the "Son of BOSS" loss was the planned result of a series of transactions entered into by Marriott-affiliated entities with the intention of recognizing a tax loss based upon the premise that the obligation to close a short sale is not considered a liability for partnership-tax-basis purposes. The Internal Revenue Service took issue with this premise and disallowed the claimed loss.
The federal appeals court invalidated the maneuver by Marriott in a 2009 ruling, siding with the U.S. Department of Justice, which called Marriott’s transaction and attempted tax benefits “fictitious,” “artificial,” “spectral,” an “illusion” and a “scheme.” Marriott had argued the plan predated government efforts to close such shelters.
Mitt Romney who joined the company’s board in 1993, headed the audit committee for Marriott when it began to use the "Son of Boss" tax shelter until 1998. As a Marriott director, his responsibilities included oversight over the tax planning conducted by management.
Romney has been avoiding taxes his whole life, just as he avoided military service for a war he supported (so long as the little people did the dying) with his missionary deferment in Paris.
A bully who is a cheating, lying coward, and probably much worse. No core, no soul, no decency.