Mitt Romney’s tax returns

Governor Romney made it a big issue that he paid taxes on his very large income. The problem was that he was on the defensive as it wasn’t that much. I didn’t have a problem with his tax liability as he did what everyone does. He used every tax deduction he could to pay the minimum in taxes. Just like you and me.

But when you run for president, legality has little to do with perception. So rather than take the maximum deduction, he didn’t take them all so as to boost the percentage paid. Why?

As soon as that was reported I turned to my CPA wife and said “How long do you think it will be before he files an amended return after the election?” She said “It depends on if he wins or loses. If he loses, he’ll probably recapture the deductions by filing an amended return in February. If he wins it’ll be buried for a few years before filing, and classified as a government secret so the public never finds out.”

When it happens, as the amended filing will be leaked, the news pundits will express shock and outrage that the public has been hoodwinked yet again. Yawn.

As you know, he lost because of his selection of vice president and that he had to shade the truth during the primary debates. Read my letter to the editor here.

Let’s wait and see. It’s just a matter of when, not if.