While President Obama recently admitted he may gone "overboard" in some campaign ads against Mitt Romney, his reelection campaign unleashed a new doozy.
Keeping the pressure on Romney's financial wheeling and dealings, Team Obama put out the first television spot on Monday addressing the secretly recorded video of Romney at a private fundraiser. The ad slammed the Republican candidate for his politically disastrous "47 percent" comments on Americans who don't pay income taxes and argued he needs to "come clean" on his own.
Voiceover: "Mitt Romney attacked 47 percent of Americans who pay no income tax — including veterans, elderly, the disabled."
Mitt Romney: "My job is not to worry about those people."
Voiceover: "Doesn't the President have to worry about everyone? Mitt Romney paid just 14.1 percent in taxes last year. He keeps millions in Bermuda and the Cayman Islands. He won't release his tax returns before 2010. Maybe instead of attacking others on taxes. Romney should come clean on his."
The air started airing on Monday in the battleground state of Ohio. It coincided with the Romney-Ryan bus tour, currently rolling through the Buckeye State.
Romney faux came clean with his taxes by releasing his 2011 returns on Friday — just a fraction of tax information compared to the precedent set by his own father, George Romney.
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Am I missing something? Romney's gross income for 2011 was 18.2 million NOT 13.7 million.
IMHO, tax exempt income should be included in calculating an effective tax rate. This would mean his effective tax rate is actually 10.4%.
This also does not take into account that close to a million of his charitable contribution was in stock for which he undoubtedly had income( a capital gain) which was not included in the income figure.
As to the pwc letter, since it only talks rates, it is identically flawed, but beyond that, since it does not include dollar amounts ,Romney could have engineered losses in any year in order to show limited income. So in any year a 20% rate, the tax paid could have been $20 on $100 income and not 0 like Harry Reid suggested but close enough, yet the talking heads somehow believe that Romney has proven something with that totally useless letter.
Undoubedly the Romneys did have tax loses to overset taxable income gains in the periods of Market downturns in 1999-2000, and again in 2007-2008, Alan.
But some of that higher rate was also due to the higher capital gains and dividend rates on the tax codes before 2003, especially in the Clinton Administration years 1993-2001, an eight year period.
The tax rate is applied to taxable income only. If one is loaded up with US Treasury Bonds or Municipal Bonds as non taxable income, the tax rate of capital gains and or dividends does not apply to those.
It never fails to amaze how on just how stupid liberals are on this blog with their rapid, foolish arguments.
Willard did not pay any Federal taxes in 2008 & 2009. Its clear and simple. Hopefully the individual who claimed to hack the website where Willard had his taxes done will release this info.
Willard should just tell President Obama that he will release his taxes returns when Barrack releases his school transcripts. The tax issue would go away, because BO will never let his school days be known.
The Federal Reserve hyped up stock market summer rally just hit reality today. After the most recent announcement by Ben Bernanke, Chief of the Federal Reserve on the much hoped or QE3 beginning (where the Fed floods the financial markets by printing money and buying bonds from the banks and big trading companies) the Market finally stopped to look at the volumes of trades (low), the lack of interest in the retail investor (Main Street instead of just Wall Street), and the forecasts for future earnings beginning to come in from two now of our largest most global economy sensitive corporations, Fed Ex and Caterpillar (both forecast poor earnings ahead), and sold off today, with the broad S*P down 1% and the market leading NASDAQ down 1/4%, its biggest losing day in over two months.
The funny games of the Central Banks in Europe and the US are failing, as in Spain the airways are now filled with images of national protests underway for the austerity measures being force-fed that nation for the shoring up of their banks, especially due to rising interest rates on the government debt. A sure warning that it isn't just Greece gone astray in that part of the world, but the whole Southern tier of the European Union.
And interesting enough, with all that is going on with the European markets, the Euro has now gained strength against the US dollar, which has dropped precipitiously, by 10% in just the past month, giving further weight to the fears of inflation caused by the Feds expansion of the money supply desperate moves to try to solve the unemployment and poor economic vitality that this nation's lack of sound fiscal policies has created. Apparently it won't be just gasoline and home heating fuel and food prices on the rise, but imported goods now too. Look for a rise in prices from apparall retailers, and electronics retailer going into the critical holiday shopping season, even for the Wall Marts and Dollar Stores of this country!
Lowest labor participation rate and the lowest new small business startups since the failed Jimmy Carter 1970s, folks. And its not at all due to a locked up financial crisis that triggered the recession of 2007-2009, that has official been cured by the recapitalization of the banks by TARP, done under the Bush Administration, and successive flooding of the financial system by the Fed with its cheap money and printed money thru QE1,QE2, and now QE3 quantitative easing program.
A major danger to Obama's reelection chances now is that the fears of the unmet challange of the fiscal cliff ahead of us, of sequestration that harms our Defense Budget especially, and with all the stimulus of defense spending that will be lost to this declining economy, the new rounds of layoffs, and the tax increases coming Jan 1st as the Congress and the President can not come to terms with the need to extend all of the tax cuts at this critical time of a slumping recovery work there way into the conciousness of the market bulls and bears. Watch for the rise in shorting activity on stocks to begin now, and the lack of buyers in the market setting the DOW, S&P, and NASDAQ down in the 6 weeks before the election.
Got to stop watching the Obama love fest on MSNBC, and tune in CNBC and CNN from time to time and Wall Street Journal instead of surfing through your favoite leftwingnut internet blogs and publications, like Mother Jones, Huffington Post, and the Daily Kos if you want to get the real picture.
It was a great debate but the president allow Romney to walk over him a bit, which I was hoping he would have defended himself somewhat but on the other hand he may be waiting for the final debate where he can chew Romney up for his final words.
Romney is a typical politician promises, promises, I this and I that..bull.
If he ever did get into power as the President of the USA Congress would stop him in his tracks and in most cases destroy all his promises, I, I and I.
Good luck President Obama.