MEMO: 12 Things We Could Learn From Previous Romney Tax Returns
ICYMI: With Mitt Romney still refusing to release his pre-2010 returns, we wanted to be sure that you saw our previous memo explaining why it is so important that Mitt Romney release them. Click through for the 12 questions that Mitt Romney needs to answer by releasing his previous years’ tax returns.
Boston Globe: Romney’s Returns Open A Window On The Wealthy
On January 25, 2012, the Boston Globe reported:
The returns also offered a window into the finances of the rich, complete with a Swiss bank account, investments in the Cayman Islands, and Social Security taxes for domestic help - all well within the law, Romney’s spokesman said yesterday. Romney declined to field questions from reporters about his returns.
POLITICO: American Bridge Outlines Fla. Attack On Romney
On January 25, 2012, POLITICO reported:
Mitt Romney’s problems in Florida go beyond tax returns and Swiss bank accounts, the Democratic group American Bridge argues in a memo shared with POLITICO. The missive from American Bridge senior adviser Ty Matsdorf (readable here) points the way toward three other issues that could be problematic for Romney in the Sunshine State: his views on immigration, disaster preparedness and space exploration. The memo reads as much like a how-to-attack-Romney manual for other GOP candidates — or a warning of other Democratic hits to come — as a dispassionate readout of the state of play in Florida, as Matsdorf highlights potentially damaging information that hasn’t been front and center in the Republican race.
TPM: Three Key Questions Raised By Romney’s Tax Revelations
On January 25, 2012, Talking Points Memo reported:
Romney’s revelations confirm that his effective tax rates in the past couple years have been as low or lower than those of workers with truly modest means. They also confirm that he’s availed himself of truly complex tax strategies designed to boil his liability down to the lowest level allowed by the country’s heavily rigged, labyrinthine tax code. And we know, too, that these are things Romney didn’t want voters to know — at least not yet. But they raise a series of new questions that will likely require Romney to disclose several years’ worth of additional tax returns if he wants to answer them satisfactorily. Here are three big ones that touch generally on the theme of Romney’s efforts to reduce his tax burden by taking advantage of areas of the law that simply aren’t available to most people...
AP: Romney Paid $3M In Federal Income Tax In 2010
On January 23, 2012, the Associated Press reported:
One investment, listed as a "Federated Government Obligation Fund" and worth between $250,000 and $500,000, was a mutual fund that included both Fannie Mae and Freddie Mac assets among a larger pool that included other government securities. The holding was not listed in Romney's blind trust, which led some Democratic Party activists to suggest that the investment was under his direct control. "He is relentlessly attacking Newt Gingrich over his ties to Freddie Mac despite the fact that he personally invested up to a half a million dollars in both Fannie Mae and Freddie Mac," said Ty Matsdorf, a senior adviser with American Bridge 21st Century, a PAC associated with Democratic Party and liberal causes.
POLITICO: 5 Reasons Romney's Taxes Matter
On January 23, 2012, POLITICO reported:
Many presidential candidates — and presidents, for that matter — have been very rich guys. So why the big fuss over Mitt Romney’s taxes?
Boston Globe: Senator Scott Brown’s Crass Warfare
On January 18, 2012, Boston Globe columnist Brian McGrory wrote:
If I’m correctly reading Brown’s bizarre logic, Warren is guilty of being a class traitor? She shouldn’t be able to make money because she grew up relatively poor? Or once she did make money, she should have become an advocate for the rich?
MEMO: Debate Prep For Republican Presidential Candidates
To: Republican Presidential Candidates And Their Esteemed Representatives From: Ty Matsdorf, Senior Advisor American Bridge 21st Century RE: Debate Prep Date: January 19, 2012 Tonight’s debate may offer you your last best chance to reach voters not only in South Carolina, but across the nation. After more than a dozen debates, a lot of ground has been covered but there is still room to distinguish yourselves from Mitt Romney and attempt to derail his coronation. Since it seems that you have struggled to focus in on a sustained line of attack that erodes Mitt Romney’s standing and qualifications for being president among the Republican primary voters while not costing you support from your conservative base, we have mapped out three central themes that will accomplish both should you choose to highlight them in tonight’s debate. Themes For The Debate:
Romney Puts Personal Profit Above Values And Beliefs: It is no secret that Governor Romney is wealthy, and that is not something to begrudge. But highlighting what that wealth encompasses is a key line of attack that could be used. Below are examples that should be broached tonight:
Romney Profits From Abortion Services: On the campaign trail (even though he was previously pro-choice,) Romney continually touts his pro-life positions. However, that hasn’t stopped him from padding his bank account with investments in Stericycle, a company that disposes of aborted fetuses. Stericycle has been targeted by many conservative groups, the same demographic that Romney has been pandering to on the trail. (Huffington Post, 1/17/12)
Romney Profits From Fannie Mae and Freddie Mac: Despite demonizing Speaker Gingrich for his work for Fannie/Freddie, and the continual disparaging of them on the campaign trail, Romney personally invested up to $500,000 in these organizations and made up to $50,000 last year alone. (Boston Globe, 9/19/11)
Romney Profits From China: On the campaign trail Romney is quick to talk tough on China, but that didn’t stop his investors from investing his money in Chinese holdings. And if Romney hides behind his “blind trust,” remind him of his quote from 1994 calling blind trusts “rouses” (Wall Street Journal, 12/17/11)
Romney Profits From Offshore Tax Shelters: This line of attack writes itself. But just in case, this just further shows that with Mitt Romney his own personal profit trumps all else. (ABC News, 1/18/12)
Romney’s Business Success Was Due To “Corporate Welfare”: Governor Romney has held up his business experience as his main qualification for being President, and has been quick to dismiss the manner in which he acted as simply “free market capitalism.” What he doesn’t mention is that some of his success has been due to huge government subsidies and tax breaks, something decried by the conservative Cato Institute as “corporate welfare.”
Steel Dynamics: Undoubtedly, Governor Romney will tout Steel Dynamics, the “steel mill in Indiana,” as one of his successes. You must tell the other side of the story: this was only a success because of more than $37 million in government subsidies. And what is even more damaging, these subsidies were paid for by raising taxes on the local residents. (LA Times, 1/12/12)
Romney Is Out Of Touch: This has been percolating for months but nowhere was it more crystalized then his flippant comments about the amount of money he made from giving speeches. Again, while no one begrudges success, Governor Romney’s complete inability to relate to the struggles of working families is absolutely astounding.
Romney/Speeches: On Tuesday, Romney offhandedly said he didn’t make very much money from giving speeches. In reality, he has made more than $360,000 dollars last year alone giving speeches. (Politico, 1/18/12)
The Press & Guide: MI U.S. Sentate GOP Hopefuls Blast UN, Federal Reserve, Immigrants
On January 16, 2012, The Press & Guide reported:
Five of the candidates who hope to be the Republican Party’s nominee for the U.S. Senate sought the endorsement of a coalition of Michigan Tea Party groups Saturday by attacking the Federal Reserve, the United Nations, taxes and children of illegal immigrants.
Washington Post: Allen Opposes Stimulus, But Backs Company That Received Stimulus
On January 16, 2012, the Washington Post reported:
George Allen, the likely Republican nominee for U.S. Senate, recently headlined a town hall at Micron Technology, a semiconductor company with a facility in Manassas. It’s the same company that received $5 million in stimulus money. And the same company whose CEO, Steve Appleton, met with President Obama to show his support for the American Recovery and Reinvestment Act of 2009. But, as you may recall, Allen doesn’t support the recovery act.