Posted 5 years ago on Aug. 8, 2012, 6:42 p.m. EST by brightonsage
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We can't see Mitt's returns directly, so here is an article that is an example of his tax strategy as head of the audit committee of the Marriott board. . Did Romney enable company's abusive tax shelter? By Peter C. Canellos and Edward D. Kleinbard, Special to CNN
One relevant line of inquiry, largely ignored so far, is to examine what exists in the public record regarding his attitude toward tax compliance and tax avoidance. While this examination is hampered because his dealings through his private equity company, Bain Capital, are kept shrouded, there are other indicators.
A key troubling public manifestation of Romney's apparent insensitivity to tax obligations is his role in Marriott International's abusive tax shelter activity.From 1993 to 1998, Romney was the head of the audit committee of the Marriott board.
During that period, Marriott engaged in a series of complex and high-profile maneuvers, including "Son of Boss," a notoriously abusive prepackaged tax shelter that investment banks and accounting firms marketed to corporations such as Marriott. In this respect, Marriott was in the vanguard of a then-emerging corporate tax shelter bubble that substantially undermined the entire corporate tax system.
Son of Boss and its related shelters represented perhaps the largest tax avoidance scheme in history, costing the U.S. many billions in lost corporate tax revenues. In response, the government initiated legal challenges that resulted in complete disallowance of the losses claimed by Marriott and other corporations.
In his key role as chairman of the Marriott board's audit committee, Romney approved the firm's reporting of fictional tax losses exceeding $70 million generated by its Son of Boss transaction. His endorsement of this stratagem provides insight into Romney's professional ethics and attitude toward tax compliance obligations.
So, maybe we don't need to see the returns, because they may just show us more of this and it is already in the public record?
Some may remember in 1994 when Romney demanded Ted Kennedy disclose his tax returns, while not disclosing his own. Eight years later when other candidates disclosed theirs, he said he would disclose three year's returns WHEN Kennedy, who was not in the race for Governor, disclosed his. Is this man sane?
Which matters more: 1)blatant cheating on taxes, 2)raising your taxes, or 3)strapping the dog's crate to the roof. (Mitt's mutt matters?)