Monday, August 13, 2012

Romney's Income Tax Return


Got up early--preparing for my Barium swallow test and couldn't sleep. no food since last night and the steroids are making me hungry--Wendy's at 10 on the way home.

Okay, lets get this out of the way so that we can talk about the state of the economy, the deficit, the rising debt, and the effects of raising the tax rate from 35-39%

Before 1913--no Presidential candidate had to diclose his income taxes, nor a financial disclosure statement.  The IncomeTax didn't become part of the Constitution until the 16th amendment adopted in 1913.
The first president to disclose his income tax forms was FDR--he, rather his family did, disclosed 25 years worth AFTER FDR had died (that helps a lot!).
Truman did not, Ike did not, JFK did not, LBJ did not, Humphrey did not, Nixon did not.  LBJ, Nixon and McGovern issued detail-less financial disclosure forms.  Then came Watergate--and Congress passed (1978) the Ethics in Government Act, which called for Financial disclosure, but not Income Tax forms (considered a violation of privacy).  However, George Romney, Mitt's father, had in 1968 released 12 years of tax forms with no legal requirement that he do so
The rest that I could find:  Bob Dole--30 years.
Jimmy Carter  1 year
Michael Dukakis  5 years
Gerald Ford, summary, but no details of the previous 10 years.
Ronald Reagan 1 year.
John Kerry 20 years--but no details on his wife Teresa Heinz's wealth--she is the heiress to the Heinz Ketchup fortune, making Kerry one of the wealthiest Senators.
John McCain  2 years--but no details on his wife, Cindy, who, like Theresa Kerry, is the real weathy one in the family.
Obama 12 years (although Media Matters--a left-wing blog--says only 7).
I have no info on the Bushes, father or son.
ONCE AGAIN, THERE IS NO FEDERAL REQUIREMENT TO DISCLOSE ANY TAX FORMS--although Senator Levin of Michigan has a bill before the Senate that would require 10 years worth of not only Presidential candidates (can hardly wait to see Roseanne Barr's--yes, she is running for President) but also members of Congress
Members of Congress are requiredto show only Financial Disclosure forms.  Of the 535 members of Congress only17 have disclosed their tax forms--but not Harry Reid nor Nancy Pelosi.  As far as I know, in the Executive Branch, only the President and vice-President have disclosed theirs (I don't know how many for Joe Biden).  No Cabinet member,or Czar or senior member of staff has.
Romney has issued one, will  release last year's when his accountant is finished with it-he got an extension--and he published his Fiancial Disclosure as required by law

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