Mitt Romney On Taxes: Overpaying Disqualifies President

JERUSALEM -- Mitt Romney says that if he paid more taxes than were required, he wouldn't be qualified to be president.

The U.S. presidential candidate tells ABC News that American voters expect candidates to pay "only what the tax code requires." He says he hasn't calculated what percentage of his income was paid in taxes but says that he's been audited.

Romney's vast personal wealth has been an issue in the campaign.

Democrats have criticized him for paying only 13.9 percent of his income in taxes during the one year his taxes have been made public.

Romney says he will release an additional year of returns before Election Day. That has left some questioning whether Romney pays a smaller share than other Americans.

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• Ron Paul

  "Politically, I think that would help him," Paul said in a interview with <a href="http://www.politico.com/news/stories/0712/78599.html#ixzz20w7ycTBE" target="_hplink">Politico</a>. "In the scheme of things politically, you know, it looks like releasing tax returns is what the people want."

• Richard Lugar

  "I have no idea on why he has restricted the number to this point," <a href="http://www.cbsnews.com/8301-18563_162-57474352/pressure-mounts-on-mitt-romney-to-release-more-tax-returns/?tag=socsh" target="_hplink">Lugar said</a>.

• George Will

  "I don't know why... he didn't get all of this out and tidy up some of his offshore accounts and all the rest," Will said on ABC's "<a href="http://www.huffingtonpost.com/2012/07/15/george-will-mitt-romney-bain_n_1674513.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+HP%2FPolitics+(Politics+on+The+Huffington+Post)" target="_hplink">This Week</a>." "He's done nothing illegal, nothing unseemly, nothing improper, but lots that's impolitic."

• Bill Kristol

  "He should release the tax returns tomorrow. It's crazy," Kristol said on "<a href="http://www.huffingtonpost.com/2012/07/15/mitt-romney-tax-returns_n_1674325.html" target="_hplink">Fox News Sunday</a>." "You gotta release six, eight, 10 years of back tax returns. Take the hit for a day or two."

• Robert Bentley

  "I just believe in total transparency," Bentley told <a href="http://abcnews.go.com/blogs/politics/2012/07/gop-governor-calls-on-mitt-romney-to-release-additional-tax-returns-and-show-he-has-nothing-to-hide/" target="_hplink">ABC News</a>. "In fact, I was asked today that question -- do you think that Governor Romney should release his tax returns? And I said I do. I said, I release my tax returns. I may be the only public official in Alabama that does, but I release mine every year and I just believe that people should release their tax returns. And if you get them out and just get past that, it just makes it so much easier."

• Haley Barbour

  When asked on "<a href="http://www.nationaljournal.com/2012-presidential-campaign/barbour-romney-should-release-more-tax-returns-20120710" target="_hplink">The Situation Room</a>" if Romney should release more returns, Barbour said, "I would. But should it be an issue in the campaign? I don't think it amounts to diddly."

• Michael Steele

  "If there's nothing there, there's no 'there' there, don't create a there,'" Steele said on MSNBC.

• David Frum

  "Tax returns the next problem. Releasing returns under pressure: more weakness, more pain," Frum <a href="https://twitter.com/davidfrum/status/224509505973661696" target="_hplink">tweeted</a>.

Comments

[daringsugar]

02:13 PM on 09/21/2012

Mitt, getting desparate, are ya? Nothing says more, than I love this country, by sending my money off shore and jobs! Trying to get the American people prepared for what may be in these tax returns, are ya? Good Luck with the presidency, you gonna need it and then some! Obama 2012

[Bob Killoren]

12:57 PM on 08/17/2012

Romney's approach is just another way the rich benefit in this system. He and other 1%ers can afford tax lawyers and accountants to find every loophole and dodge possible. Many are "legal" just because they are still in tax court and there's been no final decision. I want a fair president not one that is just legal.

[ZeraLee]

05:35 PM on 08/01/2012

Minimizing your support of the government, especially by hiding money in off-shore tax havens, does not qualify someone to run that government.

[jbyork3]

11:17 PM on 07/30/2012

Why wouldn't you want to keep as much of your money as you can? I'd prefer to keep mine, and give more to local causes I support -- where the cash goes from my hand to theirs -- than to let Sam take it and send it through the system in a way that siphons off a little here and there to pay federal salaries, leaving a fraction left with which to do any good. Even if you just use your tax savings to take your family to a locally-owned restaurant more often, you've done more immediate, direct good for your community than you would by letting the federal government get their hands on it. Most criticisms of "trickle-down economics" come from people who seem to be big fans of "trickle-down government."

If someone wants to bypass some of their allowable deductions and exemptions -- or even voluntarily pay more -- let them lead by example; but I believe those folks are rare. For example, I don't hear many rich people -- liberal or conservative -- coming down too hard or Romney for his tax management strategies. Furthermore, change one aspect of Romney's resume -- his party affiliation -- and I believe he would be staunchly defended here and demonized on Breitbart.

[hess1kn]

10:15 PM on 07/30/2012

I’m not necessarily saying that everything Romney did was legitimate, but offshore =/= illegal. If you have a chance to save on taxes through rebates or refunds, you do it. Most “offshore activity” is no different.

They don’t hide the money from the US government; the gov gives tax breaks to people who take money offshore, as it encourages other governments to do the same and therefore, brings more business in to the US.

You might not agree, but going offshore is so common because when you can legally save money, you do.

For more info: http://healyconsultants.com/blog/is-offshore-banking-really-this-big/

[potsiegb]

08:03 PM on 07/30/2012

Nothing says, "I love America", like having offshore bank accounts to avoid paying taxes..

[useraccess]

04:09 PM on 07/30/2012

Yeah, because if you can't take advantage of any shady tax code practice, then you'll never have what it takes to lie to the American public.

[fnyack]

03:07 PM on 07/30/2012

I won't bet $10,000.00, but I will bet a couple $$ that most of Mitt's tax returns will show not only did he not pay any taxes, but he may have gotten $Millions$ in refunds. Hey, his horse alone qualifies for a whopping $77,000.00. Can you iImagine this guy as president, America will be bankrupt, after he is sworn in he will start the next war, Iran, or our #1 enemy (per Mitt) Russia! I think you will see a real estate boom, in building bomb shelters.

[LUVINLIFE2003]

12:10 PM on 07/30/2012

people say why is he running with out specifics--Yep--hope and change was superbly specific LOL

[AA2011]

02:13 PM on 07/30/2012

Compared to Mitt Romney, Hope and Change was quite specific, Thank You. In 2009, candidate Obama said he was going to give 97% of Americans a tax cut with part of the stimulus, he did. He said he was going to get us out of Iraq by 2009, he did. He also said he was going to open up more drilling to alleviate the oil price at that time, he did. Need I go on? With Romney, its all bluff.

[LUVINLIFE2003]

02:37 PM on 07/30/2012

and heres the fallacies in what you say--the iraq time table was already pre arranged during the bush administration---he opened it up for drilling but implemented such regulations and rules that the vast majority couldn't drill if they wanted to--very few are in actual operation--feel free to look it up---and lets see--we have had 42 months at over 8 % unemployment and every one knows those numbers are rigged and its much higher--Not to mention he is killing the coal industry--he has spent billions on failed green energy--YEP--HE HAS A LOT TO SHOW lol--shall i go on also

[G-Man625]

03:03 AM on 07/31/2012

Your post lacks wit and illustrates your ignorance. The message of "hope and change" was the Obama-Biden campaign theme. In 2008, candidate Obama had specific plans, programs, and ideas (i.e., universal health care, stimulus spending programs, letting the Bush-era tax cuts expire, not raising taxes on incomes below $250K/year, ending the near decade-long wars in Iraq and Afghanistan, using of counterinsurgency and special ops forces to address terrorism and pursue Al Qaeda and Osama Bin Laden, replacing "don't ask, don't tell" with a more inclusive policy for gay servicemembers, and improving US foreign relations through cooperation, mutual respect, and the use of "soft" power).

That ends today's lesson. Let me know if you have any questions.

[Devin1818]

11:38 AM on 07/30/2012

By this logic he should release all his returns to prove how "qualified" he is.

[Krystal Braswell]

10:42 AM on 07/30/2012

Why is this man running for president again? He gives no specifics on what he will do if elected. Overpaying in taxes has nothing to do being qualified to be POTUS.

[Mark Anhalt]

10:36 AM on 07/30/2012

Mitt you disqualify yourself from being President each time you open your mouth. A royal dictator is not what this country needs right now. Willard is a job killer, not a job creator! He has no real plan for America, other than to help his friends loot the system like he has already done.

Poor little rich Willard is on the defense, trying to protect he secret tax returns any way he can. I think 90 percent of the voters now realize Willard isn't qualified to be President because of his personality disorder alone! Mitt not only cheated on paying his fair share of taxes to the IRS, he also may have actually been committing a crime by not reporting his Swiss accounts to our government, which is required by law! and took amnesty in 2009.

Willard is "perhaps the most unlikable candidate in the world!" Willard Inc. is a financial and moral disaster. He is a sick twisted man, with a secretive religion and a secret tax return, who says odd twisted remarks about the middle class and is all around insulting to Americans who do pay taxes and are happy to contribute their fair share to keep American working. Mitt has disqualified himself from being President, but he can't even see that!

[gwf3rd]

10:22 AM on 07/30/2012

When the majority of people ask what the hell are you saying? You are not qualified to be president.

[patriciacaldwell]

09:59 AM on 07/30/2012

Want-wit Mitt saved this ridiculous comment for his summer vacation abroad? Is he hoping no one is paying attention? Or is this a way to get people to pay attention? He's getting stranger with each passing day.

[jeffhigh77]

09:51 AM on 07/30/2012

He probably won't release them for fear he may be arrested for tax evasion...after reading about the idiotic quote he made, which pissed off the leadership of Palestine, first London, now Palestine, this man has to be held accountable for whatever he is hiding, the American people deserve to know the truth about this "dirty" politician, I already have an idea, I will be voting for President Obama, he is the only clear choice in this election. Unless you want your sons and daughters to go to war with Iran, which he says is on the table, you better wake up...and tell Mitt to take a hike!