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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe ultimate weird Tax Deception.
Mitt Romney chose to not deduct 1.3 million of deductible contributions so that his 2011 tax rate would be 14% instead of 12%. He intentionally paid too much, which he said only a few months ago would be an act so stupid an act as to disqualify him from the presidency.
But he had said that his taxes were never below 14%, so politically he had to cook the books to come up with 14%.
Anyone can do their taxes funny to defraud the Treasury. That's simple. But doing your taxes funny to deceive the electorate? That's priceless.
Now, if Mitt wants to send extra money to the Treasury as a PR move it's no big deal because at least he had to pony up some extra money, right? Probably the first thing the man has ever done for his country.
But here is what makes this such a weird, creepy deception...
After the election he can amend his 2011 return to claim that unclaimed 1.3 million as charitable deductions!
spanone
(135,873 posts)porphyrian
(18,530 posts)hughee99
(16,113 posts)It's more of a PR scam. He overpaid the IRS, he'll go back after the election and get that money back, but the IRS is going to get it's money. It's not being scammed.
PDJane
(10,103 posts)And if you trust the statement from Price Waterhouse, I've got an elixir of youth for you, right here.
hughee99
(16,113 posts)I'm sure much of the info from Price Waterhouse is technically accurate (given some undisclosed qualifiers), though very misleading. Hell, Romney could have taken advantage of the tax amnesty in '09 to such an extent that those payments alone would have averaged out 19 other years of potentially paying nothing at all.
cthulu2016
(10,960 posts)I tried to write the OP to focus on how faking your taxes to deceive the electorate is so highly unusual that it transcends normal tax shenanigans, but the word scam is a little too narrow so I changed it.
hughee99
(16,113 posts)ThomThom
(1,486 posts)If he owes after his extension for last year is there a penalty?