Tuesday, August 7, 2012

Pants Afire for Harry Reid...

by: Les Carpenter
Rational Nation USA
Liberty -vs- Tyranny


Wella, Wella, Wella folks. PolitiFact has given the ever questionable Senator Harry Reid four Pinocchio's for his story Romney paid no taxes for ten years. He has earned himself a much deserved "Pants on Fire" from PolitiFact. I guess that means Rep. Nancy Pelosi has her skirt on fire as well then.

... Salon.com -- which is generally considered a liberal media outlet, thus no friend to Romney -- asked two tax experts whether they thought it was likely that Romney paid no taxes for 10 years. They concluded, "probably not."

The article quoted David Miller, a tax attorney with the firm Cadwalader, Wickersham & Taft in New York, saying it’s "highly unlikely" that he paid nothing.

"It would be easier for someone like Steve Jobs to pay zero, as most of his wealth was in company stock, which isn’t taxed until sold and may never be sold," Miller told Salon. The Salon article continued, "But Romney’s arrangement with Bain is different. He would have earned management fees, and when Bain sold the underlying companies that it invested in, Romney would have been subject to tax on his share. 'It’s possible he paid very little in taxes, but I find it hard to believe that he paid none,' Miller said."

Salon also quoted Joshua Kamerman, a lawyer and CPA in New York, who said while it’s theoretically possible, it’s also "preposterous."

"Charitable donations can shield up to only 50 percent of tax liability, while other means can lower the rate," the article said. "But to pay nothing, Romney would have to sustain business operating losses, Kamerman said. The IRS lets people carry over losses for up to 20 years until they make a profit from which to deduct them. But Kamerman said this is almost certainly not the case for Romney."

We asked Lawrence J. White, an economist at the Stern School of Business at New York University, for his view, and he concurred with Miller and Kamerman. "I agree that it's extremely unlikely that Mr. Romney paid no income taxes for 10 years," White said.

Our ruling

Reid has said Romney paid no taxes for 10 years. It was no slip of the tongue. He repeated the claim on at least two more occasions, at one point saying that "the word is out" when in fact it was only Reid who put that "word" out.

Reid has produced no evidence to back up his claim other than attribution to a shadowy anonymous source. Romney has denied the claim, and tax experts back him up, saying that the nature of Romney's investments in Bain make it highly unlikely he would have been able to avoid paying taxes altogether -- especially for 10 years.

Reid has made an extreme claim with nothing solid to back it up. Pants on Fire! {Read It All!!}

If we are lucky this will put the tax (non)issue to rest. The country has Much More Important issues to concern itself with and the candidates should be pressed on issues that really matter. Namely how the government will insure our freedoms and individual liberties as well as how it will create an environment in which the private sector business community will feel confident government will support their initiatives and efforts to create jobs for Americans here at home.

Second to the urgent issues just above the candidates need to be pressed, and pressed hard on just what in the blazes they have as a plan to; A) trim the DOD budget, B) get entitlement spending under control, C) begin balancing the budget, and C) to work down our 16 trillion dollar national debt.

The biggest issue may very well be neither the Republican candidate Romney, or the President, has a viable plan to to resolve the above issues that should concern all Americans... Just maybe that is precisely why people might want to start considering the candidacy of Gary Johnson for President of the United States.

Via: Memorandum

17 comments:

  1. Lies and fear and smear are all the democrats have left...

    ReplyDelete
    Replies
    1. .

      "Lies and fear and smear are all the democrats have left..."

      Not true. The RepublicanT Party has given USA OMitt; the ultimate gift that keeps on giving. And we are loving it!

      So don’t blame we liberals/progressives for enjoying the smell of your desperation – or the scent of sweet victory in November.

      Ema Nymton
      ~@:o?
      .

      Delete
    2. Well, they have H. Reid, N. Pelosi. We can't say much about B. Obama because, well we don't lnow much other than his record. Basically that stinks!

      Delete
  2. I think some people should stop lying about what Reid said. Reid, a relatively comfortable Democratic senator, with 4 years before his next election, and aging, took a shot at Romney, and Romney either has to bluff or put up. Reid never said he was certain Romney didn't pay taxes, only what he says he heard in confidence. It's a little slanderous, but it's up to Romney to prove that now. Our standards of speech in America today, thanks to the Right Wing with their hatred of fairness and high brow news media, are low. And Reid is no dummy. Romney, I'm not sure about.

    He should release the returns. We need to know what kind of man he is. A cheap $#@^%@$, or just a businessman who had a decade of significant losses. The former seems likely if he doesn't release them - and probably just as likely if he does. An un-America idiot.

    JMJ

    ReplyDelete
    Replies
    1. Blah, Blah, Blah

      And we need to know what hind of man many are. The liberal a**holes are the cheap shot specialists jmj.

      See ya.

      Delete
    2. NO, Les, we should want to know what kind of man would head the executive branch of our federal government.

      See ya'? Really? Try looking.

      JMJ

      Delete
    3. As I said, we need to know the character of many men, including those running the Obama campaign. Starting at the top.

      I have looked jmj, in many directions. I see much I don't like in all directions. But of late the biggest STINK is coming from the left.

      Delete
  3. Wow, Les, I guess that it's not "out there" anymore. LOL

    ReplyDelete
  4. here is politifact's conclusion:
    'Reid has made an extreme claim with nothing solid to back it up. Pants on Fire!'

    but here is politifact's definition:
    'PANTS ON FIRE – The statement is not accurate and makes a ridiculous claim.'

    i found nothing proven to be 'not accurate' quoted in politifact's supposed analysis of reid's statements. i'm losing respect for politifact.

    at the same time, my opinion of reid has grown. he hasn't accused romney of anything illegal. if romney can prove he's paid taxes, why doesn't he? only 2 possible reasons exist for not releasing tax returns: either he paid no taxes, or he has something else he wants to hide.

    ReplyDelete
  5. .

    Please, please, please; keep this up!!

    While you are at it, let us see Me Obama's kindergarten records. Yes. That'll show'em. This will turn it around for OMitt Rmoney.

    So ...

    governor of Massachusetts, +$100 million private IRA, overseas international bank accounts, and no federal income tax access ...

    What do you think _your_ lying very close associates at Murdoch Media/Fox Networks would have you make of that, had it been Mr Obama's name on the signing line???

    Yes the voters of USA can trust OMitt. He is after all a real CONservative.


    _______________________

    Electoral College:

    Obama = 319 Needed to win = 270 Romney = 191

    http://core.talkingpointsmemo.com/election/scoreboard

    Pick Paul Ryan for VP.

    Ema Nymton
    ~@:o?
    .

    ReplyDelete
    Replies
    1. "While you are at it, let us see Me Obama's kindergarten records."

      Displaying once again your childishness Ema.

      The rest display your envy and thus for those who have been successful.

      Silver is right with his comment below. But of course we wouldn't expect you to understand. I'm sure the land of rainbows and unicorns await you Ema.

      Delete
    2. she makes an excellent point. [i assume 'me' is a typo -- she meant 'mr'.] the demands from the RW to see obama's grades are the true 'childishness'. we know he graduated magna cum laude from harvard law. the rest is meaningless.

      but you think silver is right. about the little boys or the workers? talk about childish.

      as for the burden of proof, reid has nothing to prove. he said he wasn't certain it was true. if romney wants to assure us it's not true, let him prove it.

      and if you don't grasp that, you may be rational, but you're not very objective.

      Delete
    3. I no longer respond to foolish comments. But I'll make this exception... It is you who is lacking in objective reasoning. But don't feel like the lone raqnger. Most progressives do.

      Delete
    4. ok, i'm open-minded. show me how my comment is foolish. prove reid's statement untrue.

      as i said earlier, i looked at politifact's analysis of reid's allegedly 'pants on fire' statement about romney. their own definition of 'pants on fire' includes that the 'statement is not accurate'. i found nothing proven inaccurate among the reid quotes given there.

      if you're objective and i'm not, it ought to be easy for you to prove me wrong.

      Delete
    5. Connect the dots in a logical way. Like I said I no longer respond to foolish progressiveve drivel.

      Delete
  6. I heard Reid likes little boys, and workers at one of multimillionaire Pelosi's companies provides them to him.

    The burden of proof falls upon the person making the charge. Back when we had a serious press, Reid would have been laughed off as the cranky old bastard that his is.

    ReplyDelete
  7. He won't respond to questions he cannot answer, or explain his points that make no sense.

    ReplyDelete

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