Whether or not Mitt Romney will release his tax returns has become a big question in the media, especially as allegations are being thrown around like a baseball concerning those very taxes. So what’s the big deal? Why does Obama care so much about Romney releasing even more tax returns (because he’s already released two years worth), what do we expect to find in these tax returns, and why doesn’t Romney just release them? Well, as with everything having to do with this campaign, it’s all political.
First off, where did this all come from? Why does Obama even care? Well, it has become some sort of a tradition for presidential candidates to release as much as 10 years worth of tax returns, detailing how much money they made, how much they paid in taxes, and what kind of investments were made and exemptions received. Why this became tradition, I don’t really know. It really does nothing except expose potential tax fraud and show you just how rich these candidates are. But either way, it has become tradition and Obama is using it to his advantage.
Well, one of Obama’s campaign strategies is to portray Romney as a rich, insensitive, disconnected, heartless capitalist who cares more about his money than the American people. Every bit of information Obama can get about Romney’s taxes will just serve as more ammunition. But why is that? What is in those tax returns that is so valuable to Obama.
Well, here’s what we’ll find in those tax returns. First you’ll find that Governor Romney only pays about 14% of his income in taxes. This, according to Obama, is evidence of the unfair tax code. But what he won’t tell you is why. He pays 14% because, since he is retired, he’s making his money from returns on investments. This is called “capital gains” and as of right now, the capital gains tax rate is effectively 15%. “But you said he probably paid more like 14%.” Well, that’s because he took advantage of deductions. Obama will use that to try and show that Romney is greedy and out of touch. But let me ask you a question. Would you ever not take a tax deduction that you could legally obtain? Do you know anyone who would ever pay more in taxes out of the goodness of their heart? No. People don’t do that, but Obama would have you believe that Romney is not patriotic because of that fact. Another reason you will find that he pays less in taxes is because he gives a large portion of his income to charity. We would not be surprised to find that 10% of his income went to the Church of Jesus Christ of Latter-day Saints. And obviously that proves that he is a member of a cult that is making secret plans to take over the government (sarcasm intended).
The last thing you’ll find is that Romney invested in foreign companies and businesses. The Obama campaign will show that his tax returns are proof that Romney doesn’t believe in America. But, really, Romney is doing what anyone else would do. Try to be as prosperous as possible. Because do you know what he did with the money he made from investing abroad? He spent it in America. He gave to charities. He purchased a home, a car (or two or three), gave people jobs, bought specialty items from small businesses. He contributed to the economy more than he could have if he had not invested abroad.
So that’s why Obama wants Romney to come out with these tax returns, because he has a plan of attack for each and every point. And to make things better for him, in the mean time, Obama can paint Romney as having something to hide for not releasing his tax returns. This is why Obama won’t let it go, because either way you slice it, Romney loses.
But so, why doesn’t Romney just own up to his tax returns and release them? Why can’t he just get it over with. I mean the Obama campaign manager even sent Romney a deal that if he released just 5 years worth, he promised out of the goodness of his heart to not attack Romney on them. Now what are the chances that deal would be kept? Sure, the Obama campaign may not attack him, but they don’t need to, they have the media to do all of their dirty work for them.
So what? Either way, Romney is being attacked, why not just release them and be transparent? Because, he is choosing the lesser of two evils. By not releasing, not only does he avoid the calculated attacks that I’ve already mentioned, but he avoids looking weak by giving in to the demands of the Obama campaign. Yes, he lacks complete transparency, but he has decided, and I agree with this decision, that it is better for people to make themselves look ridiculous making unfounded accusations than have him distract from the message on the economy to defend his taxes.
Obama wants nothing more than to distract from the current economic struggles, and Romney won’t let him.
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