Ed Schultz is having a major discussion with Katrina Vanden Hueval and former RNC Chairman Michael Steele over whether Mitt Romney should release his tax returns. Romney has released his return for only a single year (2010) and is stubbornly resisting calls (even from Republicans!) to go ahead and release his tax returns. Of course, Team Obama is running television ads which are destroying Romney with hints that (just maybe) there have been recent years where Mitt paid no taxes at all on millions of dollars of income. These ads also contain not-so-veiled questions along the lines of: “So what is Mitt hiding?” These ads are reportedly having a devastating impact on Romney as Obama & Biden have managed to keep press attention focused on Romney and his business dealings rather than the poor economy and poor jobs reports. So once again it appears that Romney is allowing himself to be boxed into a corner by Team Obama and playing defense rather than offense. It all boils down to a tantalizing question: Why doesn’t Romney release his tax returns and make this issue go away?

A cynic (like me) would look at this strange situation – where Mitt Romney is allowing himself to be subjected to the death of a thousand cuts – and conclude that Romney has performed a bit of political calculus that amounts to: “If I release my tax returns – as my opponents are demanding – then it’s over. I’m finished. There’s no way I would be elected.” If that is indeed what Mitt Romney is thinking, then it all makes sense. He has no choice but to stonewall and hope the issue of his money, his wealth, and his taxes fades away as the election nears. The problem with that strategy is that Team Obama has focus grouped the hell out of Bain Capital, outsourcing jobs to China, Mitt’s wealth and whether he has paid his “fair share” of taxes. The results of these focus groups indicate that these issues are registering with voters – which, in turn, explains the deadly Obama television ads.

All these problems that aren’t going away have Mitt tied up in a Catch 22 type situation – he’s damned if he does and damned if he doesn’t. I suppose this is what Ann Coulter meant when she made her famous prediction that if the Republicans nominate Mitt Romney he cannot beat Barack Obama and the Republicans will lose. Maybe what the GOP needs is to reincarnate Ronald Reagan and have “The Gipper” run for President. A series of Presidential debates between RR and Obama would be interesting. “Well, there you go again, Barack …”

I honestly dont understand why he doesnt release them, even if they show that he paid no taxes at all for several years. His voter base wont care, your average republican conservative loves the idea of being rich, and probably fully supports him paying no taxes whatsoever. Afterall, he earned it right? How could this be damaging to him?

Lets go down the rightwing checklist:

[x] He's a millionaire
[x] Millionaire's are awesome
[x] I too could become a millionaire
[x] Taxes suck
[x] **** everyone

My only guess is maybe he doesnt even have completed tax returns. Like, he didnt just find loopholes to avoid paying taxes like everyone else, he just flat out didnt pay them lol. Now that would look bad, even to his constituents.

I'm betting than for a couple of years he paid no taxes due to being uber rich and having amazing tax accountants/financial planners

Serious question, how much does Romney contribute to charity? We have Bill Gates and Warren Buffet who became mega billionaires donating basically most of the money they made to charity. If Mitt Romney was to donate a substantial amount of his wealth to charity at some point in his life and/or when he dies would your view on his paying taxes change? Didn't Obama at one point put out a trial balloon about eliminating tax deductions for charitable contributions? BTW as things stand now IIRC the future Romney estate will pay like 35% of the estates's value to the feds.

Mitt gave 3M or 15 percent of his income to charity in 2010.

how much of that was to his church/cult?

zero, now go look it up to see if I'm wrong

I assume most of it. Nice touch though on the cult. You should throw in "magic underwear" for the lulz.

well it is one, that also qualifies as a church/charity. they don't have magical underwear - they just have weird cultish rules/requirements much like Scientology's auditing etc.

I view giving 3 million to the Mormon church differently than giving 3 million to like habit for humanity or animal shelters /save the dolphins etc etc

I guess taking shots at the Mormon church is cool here. Would you feel comfortable calling Muslim's cultists? Jews?

From the Mormon Defense league:

Yeah but the Mormon church used his money for good things like stopping gay marriage being legalised in a few states.

Are donations to religions tax deductible? That is ridiculous if so. Can atheists deduct the cost of the sunday NFL package on their taxes?

Romney is getting his ass pounded the same way Kerry got his ass pounded.

Apparently at least one person on the Dem team was taking notes in 2004.

Yes they are, and no you can't. Unless you are a sports bettor you might be able to claim it as a business expense (consult your tax attorney first though).

Seems that the UK tax treatment is the same as the US.

the problem with RMoney is he just can't help himself. He decided to run for the office in 06/07, and all he had to do was stop playing rich guy and become a citizen who can relate to constituents. But from his, I can't have illegals, I'm running for office, to his bet you $10K to what now must be an insatiable need to not pay any taxes, he just can't help himself. he is the scorpion on the frog, no matter the condition his nature can't be changed.

He spent all that personal cash last time, yet couldn't even play the game to MAKE SURE he paid a perception of fair taxes this time? Does he think the American people really want such an ignorant fool to be in charge.

wtf is going on? this makes no sense at all.