Author Topic: Mitt Romney Audited by IRS  (Read 1056 times)

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Offline CaseAgainstFaith

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Mitt Romney Audited by IRS
« on: July 30, 2012, 05:25:20 pm »
The mystery of what could be in Mitt Romney's still unreleased-tax returns deepened once more this weekend, when the Republican presidential hopeful let slip that he has been audited "from time to time" by the IRS.

Speaking to ABC's David Muir during a sit-down in Israel Sunday, Romney said that he couldn't say whether he has ever paid less than a 13.9% tax rate, but that he has "paid all the taxes required by law."

Via the ABC News transcript:

Muir: You are here on what some have termed your world audition and democrats, not surprisingly, continue to hammer you back home on taxes, you remain firm two years and two years only. So from what you have released and from what we have seen we know that there was one year when you paid about 13.9% tax rate. Can we clear this up by asking a simple yes or no question? Was there ever any year when you paid lower than 13.9%?

Romney: I haven't calculated that. I'm happy to go back and look but my view is I've paid all the taxes required by law. From time to time I've been audited as happens I think to other citizens as well and the accounting firm which prepares y taxes has done a very thorough and complete job pay taxes as legally due. I don't pay more than are legally due and frankly if I had paid more than are legally due I don't think I'd be qualified to become president. I'd think people would want me to follow the law and pay only what the tax code requires.

Muir: You said you would go back and look, would you look for us?

Romney: I haven't looked at the tax rate paid year by year. I know that I pay a very substantial amount of taxes and every year since the beginning of my career so far as I can recall.
http://www.businessinsider.com/romney-tax-returns-audit-irs-video-2012-7

I wonder what prompted him to get audited by the IRS?
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Offline Fpqxz

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Re: Mitt Romney Audited by IRS
« Reply #1 on: July 30, 2012, 06:54:54 pm »
I wonder what prompted him to get audited by the IRS?

The bare fact that the IRS audited him doesn't automatically mean that he did anything illegal.

Yes, the man is running for President and will therefore be subjected to greater scrutiny by the press, as he should be.  But that doesn't mean he is guilty until proven innocent.
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Offline TheL

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Re: Mitt Romney Audited by IRS
« Reply #2 on: July 30, 2012, 07:04:01 pm »
I wonder what prompted him to get audited by the IRS?

The bare fact that the IRS audited him doesn't automatically mean that he did anything illegal.

Yes, the man is running for President and will therefore be subjected to greater scrutiny by the press, as he should be.  But that doesn't mean he is guilty until proven innocent.

This.  An audit doesn't mean that you broke tax laws, just that the IRS feels that an investigation is warranted, to make sure you're on the up-and-up.
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Offline Bezron

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Re: Mitt Romney Audited by IRS
« Reply #3 on: July 31, 2012, 06:52:57 am »
The mystery of what could be in Mitt Romney's still unreleased-tax returns deepened once more this weekend, when the Republican presidential hopeful let slip that he has been audited "from time to time" by the IRS.

Speaking to ABC's David Muir during a sit-down in Israel Sunday, Romney said that he couldn't say whether he has ever paid less than a 13.9% tax rate, but that he has "paid all the taxes required by law."

Via the ABC News transcript:

Muir: You are here on what some have termed your world audition and democrats, not surprisingly, continue to hammer you back home on taxes, you remain firm two years and two years only. So from what you have released and from what we have seen we know that there was one year when you paid about 13.9% tax rate. Can we clear this up by asking a simple yes or no question? Was there ever any year when you paid lower than 13.9%?

Romney: I haven't calculated that. I'm happy to go back and look but my view is I've paid all the taxes required by law. From time to time I've been audited as happens I think to other citizens as well and the accounting firm which prepares y taxes has done a very thorough and complete job pay taxes as legally due. I don't pay more than are legally due and frankly if I had paid more than are legally due I don't think I'd be qualified to become president. I'd think people would want me to follow the law and pay only what the tax code requires.

Muir: You said you would go back and look, would you look for us?

Romney: I haven't looked at the tax rate paid year by year. I know that I pay a very substantial amount of taxes and every year since the beginning of my career so far as I can recall.
http://www.businessinsider.com/romney-tax-returns-audit-irs-video-2012-7

I wonder what prompted him to get audited by the IRS?

As has been noted already, the audit itself means very little.  When you get to the pay levels that Romney had (as in, enough to need a personal accountant), audits are common.  At that point, the IRS just assumes the person is hiding something and does it to prove a point.

However, there will be 3 reactions to this: 1. a large "meh" by those that realize the above.  2. Those that consider this a smoking gun that Romney is a horrible person.  3. Those that view this as the gub'mint targeting Romney because he's wealthy or Mormon (or both).