…the Bleacherman has entered the stadium…
Much is being said and made of Mitt Romney’s refusal to release his tax returns for a period of more than the last two years. Obviously, such act of omission has led to a wide range of speculations about just what is being hidden from public view. I think, in the end, this will turn out to me more hype that fact but none-the-less, Romney’s refusal does rightly give credibility to the speculations that he is hiding some very interesting things from public view and scruitney.
I will go on record to say that if the light of public scrutiny is ever shinned on Mitt’s tax returns, the first thing that will jump out is that there will be nothing illegal or sinister for salivating minds to feast upon. What it will show is that capitalism has many dark sides and many toxic byproducts and one of those carcinogens is a tax code that truly favors the rich. There are tax loopholes available to the wealthy among us that would boggle the average taxpayers mind. Think about it; Mitt owns a show horse that he claims as a business tax deduction. I think I read that he claimed a $77,000 deduction for his horse and using the current tax code translates to Mitt not paying $26,000 in actually taxes.
Now in the big picture $26,000 is not a lot of money but tell me, just what can $26,000 actually buy for a country in need. After some general research, I can tell you that this $26,000 could pay for 13,000 meals for the elderly and poor. Think about the school supplies that could be bought by this tax deduction. The list goes on. All this in exchange of a horse who is off to compete in the Olympics.
Note to reader: I am not suggesting that Mitt took an illegal deduction. It probably is legal but look at the fucking logic. Why is a show horse a legitimate business tax deduction? How many people in middle class America have their own show horse? It is just a benefit written just for the rich. It is the law but is it fair?
And how one defines “fair” as it applies to tax policy is the issue.
Romney is hiding his tax returns. What is more important and one that has not caught the eye of cable news is that he, Mitt, is ALSO hiding specifics on how he is going to make his previously announced tax plan fiscally neutral. Extension of the Bush Tax Cuts will cost the country $800 billion over the next ten years. An across the board 20% tax deduction will cost another $3.2 trillion. That is a whopping $4.2 trillion in lost/reduced revenue and let me tell you, if you cut government spending by $4.2 trillion you will see an immediate, devastating and irreversible economic implosion. The resulting economic consequence will make the depression of the 1920’s look like a minor hiccup.
Romney has said he was going to tell us how he was going to offset his tax cuts by ending certain programs and tax loopholes. WHEN? The day after the election?
Mitt has two questions to answer and he needs to answer them now.:What are you hiding in your tax returns and what loopholes are you going to close to offset a massive 20% tax deduction? What government programs are you going to close? Enough with the overview; you promised specifics and damn it, now is the time for specifics.
What are you running from? What are you hiding? And why?
…the Bleacherman has left the stadium…