–Romney’s fake tax return

Mitchell’s laws:
●The more budgets are cut and taxes increased, the weaker an economy becomes.
●Austerity is the government’s method for widening the gap between rich and poor,
which leads to civil disorder.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
●To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.

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Mitt Romney released a fake tax return. I’ll tell you why it’s fake, but first a bit of background. According to FOX News (my bible):

Romney released his final tax return for 2011 on Friday. That document shows the Romneys paid $1.9 million in taxes on nearly $14 million in income, mostly from investments, giving them an effective tax rate of 14.1 percent.

There must be a powerful reason why he refuses to disclose the past 10 years of tax returns, though he did disclose them to Sen. John McCain, in an attempt to be the Vice-Presidential nominee.

After seeing the returns, McCain rejected Romney and chose Sarah Palin. There may be no relationship between those two events, but to be rejected in favor of Sarah Palin! Yikes!

At any rate, see that 14% number? Here’s why it was important. According to the Wall Street Journal:

Their $4 million donation proved to be so large that it threatened to drive their effective tax rate to near 10%. That would have exacerbated a critique from Democrats that says America’s wealthiest don’t pay their “fair” share.

So the Romneys decided to simply give up a large chunk of their $4 million deduction, taking only $2.25 million instead. In effect, it was another gift, but this time to the federal government.

Here’s why that tax return is a fake. Immediately after the election, no matter who wins, there is absolutely nothing to prevent Romney from flip-flopping once again and filing an amended return, to claim his full charitable deductions, and any other deductions he “accidentally” omitted.

He has three years in which to file an amended return (which may relate to why his earlier returns were not disclosed).

Consider that 2011 tax return a mere bit of political showmanship. Remember, there is no penalty for filing a false return showing you owe too much.

Rodger Malcolm Mitchell
Monetary Sovereignty

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Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D — for everyone
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Long-term nursing care for everyone
5. Free education (including post-grad) for everyone
6. Salary for attending school (Click here)
7. Eliminate corporate taxes
8. Increase the standard income tax deduction annually
9. Increase federal spending on the myriad initiatives that benefit America’s 99%

No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia. Two key equations in economics:
Federal Deficits – Net Imports = Net Private Savings
Gross Domestic Product = Federal Spending + Private Investment and Consumption – Net Imports

#MONETARY SOVEREIGNTY

5 thoughts on “–Romney’s fake tax return

  1. Rodger,

    I find this topic very interesting!! You’re the type of person I could have taken a class from had I known this (economics) would be so much fun!

    Why do you penalize a person for not taking what they’re entitled to? Because it makes them look better? I don’t know a person alive today who doesn’t want to get the most from the IRS when it comes to taxes. Why is he different? Because he’s got money? He’s an easy target? Certainly not because of his character. I guess it’s the fact he is running for President! After all, what do we really know about the person in office now prior to 1999? Not much. As more and more information comes out, it’s really scary. I just learned of a book Barack Obama and Larry Sinclair: Cocaine, Sex, Lies and Murder that came out in 2009. I would be more concerned about this than tax returns!

    I have a lot to learn but from my first experiences with your blogs and writings you stated, “Because a Monetarily Sovereign nation has the unlimited ability to create its sovereign currency, that nation needs neither to tax nor to borrow. Why would it? Further, that nation does not use tax money or borrowed money to pay for spending. Federal income has no relationship to federal spending and so, […]

    So, why all the fuss? Has he violated any tax laws? No. Has he filed within the rules of the tax laws? Yes. Did he write the tax code? No. So…can he help it if his tax man is better than most? There may be some truth that the rich get richer, but that applies everywhere.

    Regarding comments made by John McCain about the Romney tax returns here’s a portion of a story from CBS News:

    August 14, 2012 9:01 AM

    Republican Sen. John McCain, whose 2008 presidential campaign reviewed 23 years’ worth of Mitt Romney’s tax returns during the vice presidential vetting process, said unequivocally Monday that nothing in Romney’s returns suggested he didn’t pay taxes some years.

    “Nothing in these tax returns showed that he did not pay taxes,” McCain said in an interview on the Nevada program “Face to Face” with reporter Jon Ralston.

    McCain said he did not review all of Romney’s tax returns himself, but he said that Senate Majority Leader Harry Reid was wrong to suggest that Romney avoided paying taxes in years past.

    http://www.cbsnews.com/8301-503544_162-57492649-503544/mccain-reid-is-wrong-about-romneys-tax-returns/

    Why McCain chose Palin over Romney is anyone’s guess, but it most likely cost him the election!

    The bottom line Rodger is education! People have to get educated on this topic of being a Monetarily Sovereign nation!! I ask people at work if they know about it and they think I’m crazy. They don’t believe it! I’ve given them your name to Google but they appear to be uninterested. For those who do know they simply say you can’t change ignorance. It’s a steep hill to climb and a long way up!

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    1. The point of the post was that Romney submitted a tax return designed to fool the public into thinking he will pay 14% of his income in taxes.

      The tax return was legal, because there is no law against filing a return that shows paying too much tax.

      However, after the election, Romney will file an amended return, taking all the deductions to which he was entitled, which will lower his taxes to about 9% or 10% of his income.

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  2. Lest anyone doubt my prediction, here are Romney’s own words:

    “I don’t pay more (taxes) 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.”

    You can read them at: http://abcnews.go.com/blogs/politics/2012/09/romney-was-in-a-unique-position-on-tax-rate-campaign-says/

    Like

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