Wednesday, August 8, 2012

Mitt Romney: Tax Cheat

Arrived back from France to find this CNN report on Mr. Romney's anything-to-make-a-profit approach to business.
In his key role as chairman of the Marriott board's audit committee, Romney approved the firm's reporting of fictional tax losses exceeding $70 million generated by its Son of Boss transaction. His endorsement of this stratagem provides insight into Romney's professional ethics and attitude toward tax compliance obligations.

Like other prepackaged corporate tax shelters of that era, Marriott's Son of Boss transaction was an entirely artificial transaction, bearing no relationship to its business. Its sole purpose was to create a gigantic tax loss out of thin air without any economic risk, cost or loss -- other than the fee Marriott paid the promoter.

The Son of Boss transaction was vulnerable to attack on at least two grounds.

First, the transaction's promoters and consumers relied on a strained technical statutory analysis. Second, the Son of Boss deal violated the fundamental tax principle that the tax law ignores transactions unless they have a motivating business purpose and a substantial nontax economic effect.

5 comments:

Fred Gregory said...

Dave,

You left out carcinogenic, murderer, felon..sheesh

The WAPO has been giving 4 Pinnochios to a lot of Obama ad lately

Dave Ribar said...

Fred:

Romney was on the board of directors for Marriot and chairman of its audit committee during the time that it used the "Son of BOSS" avoidance scheme. The scheme was ruled invalid by the IRS and that decision was upheld in federal court. In describing the scheme, the feds also used the words "fictitous," "artificial," "spectral," and "illusion."

Put simply, Romney approved a transaction that cheated his country of millions of dollars.

And Son of BOSS wasn't the only skivvy deal that Romney okayed while he served on Marriott's board and audit committee.

Bally Balldez said...

Romney is a master tax cheat. If you want some dirt more serious than this felony just google Romney Damon Corp. Romney should be in the pen for that one too.... and people thought Nixon was a crook. Romney has hit an all time low even for a Republican.

Bally Balldez said...

One more thing Google Romney the Liar and Medical Holocaust.

Add images to your blog. You will get more page views.

http://fakeposters.com.s3.amazonaws.com/results/2012/08/08/1mcl87730f.jpg

Cephas Keith Reyes (The Professor) said...

Romney Taxes
The Democratic Party is making a serious mistake by not insisting that Romney should play by the same rules as all presidential candidates. His arrogance in refusing to release his tax returns speaks to his belief that he is different from other candidates and entitled to preferential treatment. This says a lot about his contempt for precedence and for the electorate. Romney’s refusal to release his tax returns indicates that he has indulged in some tax shenanigans. He is therefore choosing to be held in suspicion than to be revealed as a tax cheat. This does not speak well for his morality or character. His tax shenanigans might be so extensive as to disqualify him from holding any public office, much less the Presidency. The Democratic Party has a responsibility to the electorate to insist that Romney adheres to the requirements for anyone who aspires to be president.
Cephas Keith Reyes, PhD