“Romney Dog Whistle”: Obama’s Philosophy Is “Foreign To The American Experience”
Mitt Romney doubled down on his characterization of President Obama as a “foreigner” during an interviewwith CNBC’s Larry Kudlow Monday afternoon, insisting that the president believes that the government is responsible for the success of entrepreneurs and small businesses.
Romney’s comments continue to misrepresent Obama’s remarks at a July 17th event, during which Obama suggested that society as a whole contributes to the economic accomplishments of the individual. Republicans have seized on the remarks to advance the myth that the president espouses an “un American” governing philosophy:
KUDLOW: Why do you think President Obama, what did he mean, if you’ve got a business, you didn’t build it, someone else made that happen? He claims it’s being taken out of context. What do you think it means? Do you think this is Obama anti-business, anti-entrepreneur? Or do you think maybe he has been treated unfairly? […]
ROMNEY: This is an ideology which says hey, we’re all the same here, we ought to take from all and give to one another and that achievement, individual initiative and risk-taking and success are not to be rewarded as they have in the past. It’s a very strange and in some respects foreign to the American experience type of philosophy. We have always been a nation that has celebrated success of various kinds. The kid that gets the honor roll, the individual worker that gets a promotion, the person that gets a better job. And in fact, the person that builds a business. And by the way, if you have a business and you started it, you did build it. And you deserve credit for that. It was not built for you by government…. So his whole philosophy is an upside-down philosophy that does not comport with the American experience.
In reality, Obama’s contention that — “when we succeed, we succeed because of our individual initiative, but also because we do things together” — is something Romney himself has agreed with. For instance, during his speech at the Opening Ceremonies of the 2002 Winter Olympics, Romney said, “You Olympians, however, know you didn’t get here solely on your own power. For most of you, loving parents, sisters or brothers, encouraged your hopes, coaches guided, communities built venues in order to organize competitions.”
He echoed the same sentiment last week, saying, “I know that you recognize a lot of people help you in a business. Perhaps the bank, the investors. There is no question your mom and dad, your school teachers. The people who provide roads, the fire, the police. A lot of people help.”
By: Igor Volsky, Think Progress, July 23, 2012
“From Silly Season To Plain Crazy”: Mitt Romney’s Encouragement Of Anti-Obama Nuttiness
On an official Mitt Romney campaign conference call this week, former New Hampshire governor John Sununu tested the latest effort to paint the commander in chief as disloyal to his country.
“I wish this president would learn how to be an American,” the Romney surrogate said.
Sununu, challenged, later apologized for the words — but not the sentiment. And that’s not good enough.
It’s not good enough because Sununu, like other prominent Republicans, is winking at those conservatives who continue to make the claim, often race-based, that President Obama is something un-American, something “other” than the rest of us. On Thursday, two days after Sununu’s attack, Romney himself said that Obama lacks “an understanding of what it is that makes America such a unique nation.”
Sununu and Romney are legitimizing people such as Cliff Kincaid. Also on Thursday, Kincaid convened his annual conference at the National Press Club for conspiracy-minded conservatives, this one about Obama and “Radical Islam.”
On the program, Obama’s photo was alongside Vladimir Lenin’s and those of radical Muslim clerics. Kincaid got right to the point: Obama was actually sired by the late author Frank Marshall Davis, identified by Kincaid as a communist pornographer.
There is, Kincaid said, a “distinct possibility that Davis was Obama’s real father.” The host further informed the assembly that Davis was “Obama’s sex teacher” and that “Obama was under the tutelage of a pedophile.” Kincaid asked “what Frank Marshall Davis may have done to a young Barack Obama” and “what other terrible secrets are out there.” For more on this, Kincaid brought in a filmmaker to discuss his work on Obama and Davis, “Dreams from My Real Father.”
The next speaker, blogger Trevor Loudon, provided the additional information that Davis was a “possible Soviet spy” and that there are “a whole host of other communists and Marxists around Obama,” including Defense Secretary Leon Panetta, with “a communist-front record as long as your arm.” Loudon figures that Obama is making it possible for Russia and China to attack the United States and that “Latin American states would be invited in for looting rights.”
“You’ve got to ask,” Loudon said, “how involved were the Soviets in promoting the career of Barack Obama, and are they getting a payoff today?” (The Soviet Union dissolved in 1991, the year Obama graduated from law school.)
This isn’t to dignify the nuttiness. But it’s worth noting this latest symptom of Obama Derangement Syndrome, because some of these same people birthed the birther movement nearly five years ago and because this is the sort of craziness that Romney and prominent Republicans are furthering.
Romney has often shared the stage with Donald Trump, the most visible birther. And Romney’s surrogate Sununu followed his original allegation with the charge that Obama “has no idea how the American system functions” in part because he spent “years in Indonesia.”
At lower levels, Republicans are even more brazen. Rep. Allen West (Fla.) alleges that, in the House, “there’s about 78 to 81 members of the Democrat Party who are members of the Communist Party.” Rep. Michele Bachmann (Minn.) and four other House Republicans accused Huma Abedin, a top aide to Hillary Clinton, of being part of a Muslim Brotherhood conspiracy. Not to be outdone, Joe Arpaio, the sheriff of Maricopa County, Ariz., just came out with the fresh allegation that Obama’s long-form birth certificate is a forgery.
Such disloyalty allegations aren’t likely to stick to the man who vanquished Osama bin Laden and escalated drone strikes on terrorists. More likely, the charges will discredit the complaints from Romney that Obama is being unfair to him with his far tamer line of attack on Romney’s finances. Of greater concern, the disloyalty allegations from Republican officials will legitimize the sort of people who converged on the press club.
“Ladies and gentlemen,” Kincaid declared, “what we have today in the White House is somebody who could not survive any reasonable background check but is president, with access to America’s secrets.”
Loudon alleged that Alice Palmer, an early Chicago mentor of Obama, was a “high-level Soviet operative.” He added that if Obama loses in November, “he would just lay waste to everything he can. . . . You could see some serious violence in the streets of America.”
There was little time to fret about this, because the next speaker, Larry Grathwohl, began his presentation, on “reds exploiting blacks,” about how Obama is a “revolutionary mole” and part of a communist-Muslim plot with ties to Lee Harvey Oswald, Sirhan Sirhan and the Weather Underground.
Surely Sununu and Romney don’t believe this. So why do they encourage it?
By: Dana Milbank, Opinion Writer, The Washington Post, July 20, 2012
“Absentee Owner”: New Bain Questions To Dog Romney And They Are Not About Seamus
Though much of the nation’s attention has shifted to the tragic overnight violence in Aurora, Colorado, the political world will apparently move forward. Republican presidential hopeful Mitt Romney had already scheduled a campaign event in New Hampshire, and his staff alerted reporters this morning that their plans have not changed.
With that in mind, there are new questions about the candidate’s controversial private-sector background that deserve answers. The Boston Globe has this new report, for example, noting Romney’s ongoing ties to Bain Capital after his departure in February 1999.
Interviews with a half-dozen of Romney’s former partners and associates, as well as public records, show that he was not merely an absentee owner during this period. He signed dozens of company documents, including filings with regulators on a vast array of Bain’s investment entities. And he drove the complex negotiations over his own large severance package, a deal that was critical to the firm’s future without him, according to his former associates.
Indeed, by remaining CEO and sole shareholder, Romney held on to his leverage in the talks that resulted in his generous 10-year retirement package, according to former associates.
“The elephant in the room was not whether Mitt was involved in investment decisions but Mitt’s retention of control of the firm and therefore his ability to extract a huge economic benefit by delaying his giving up of that control,” said one former associate.
So, on the one hand, we see Mitt Romney telling voters, “I was in Utah full time. I had no responsibility for management at Bain Capital.” On the other hand, we see evidence that Romney was not in Utah full time and had quite a few responsibilities for management of Bain Capital.
In the meantime, David Corn has a new report on Bain, during Romney’s tenure, investing millions in a pair of companies that specialized in outsourcing high-tech manufacturing.
As for the still-hidden tax returns, the number of Republicans urging Romney to disclose more materials continues to grow.
By: Steve Benen, The Maddow Blog, July 20, 2012
“Politically Worrisome”: What Are The Worst Things We Could Find In Romney’s Tax Returns?
Mitt Romney’s campaign is taking heat for declining to disclose more than the two most recent years’ worth of his tax information. Even conservative commentators such as The Washington Post’s George Will and the Weekly Standard’s Bill Kristol are saying it’s past time to come clean. Of course, members of Romney’s team, unlike their friends on the outside, presumably know what the documents would reveal, so we should probably assume that they have fairly good reason not to release them. Could the criticism Romney would suffer over the contents of the returns be worse than the criticism he’s getting for not disclosing them? Here are some guesses about legal — but potentially embarrassing — things in Romney’s tax returns:
Profits from the financial crash
The vast majority of American families lost wealth in the housing bust of 2007-09 and the financial crisis that came in the middle of it, and millions lost jobs or earnings. But it was possible for a canny or lucky investor to profit from the chaos — especially for a wealthy individual with access to unusual financial products. Maybe Romney made a lot of money through bets on skyrocketing foreclosures or well-timed investments in bailed-out banks. There’s nothing wrong with smart financial planning, but making money on the crash could be awkward for a politician. There’s a tension between promising to make things better and profiting off human misfortune.
A low tax bill because of the crash
There’s also the possibility that Romney’s investments lost some value during the crash years and that he combined this with aggressive exploitation of loopholes to pay a strikingly low tax bill. One rumor was that he managed to pay nothing in taxes, something his campaign has denied. But would paying $2.75 really look all that different from paying $0? A super-low tax bill would turn Romney into the poster child for President Obama’s very popular “Buffett rule” proposal, which aims for a minimum tax level on high-income individuals.
Swiss bank amnesty
We know from the tax documents Romney has released that he once had a Swiss bank account, a fact that the Obama campaign has played up in ads. But his 2010 tax return did not include a Report on Foreign Bank and Financial Accounts form (“FBAR” to accountants) detailing his offshore investments. In 2009, the Swiss government began to relent on its traditional banking secrecy rules, and banks turned over information about tens of thousands of American tax scofflaws to the U.S. government. To help deal with the crush, the IRS staged a limited-time amnesty in 2009 for American citizens with previously non-disclosed foreign accounts to pay their back taxes without penalty. It’s possible that earlier tax documents or the 2010 FBAR would show that Romney took advantage of the amnesty. While legal, this would amount to a problematic confession of past wrongdoing.
None of the above
The possibilities are endless. Romney’s vast wealth has already provided plenty of campaign fodder — from his car elevator to his proposed $10,000 bet with Texas Gov. Rick Perry during a debate — so almost any additional details about his finances would add fuel to the fire. But the most likely candidates for compromising revelations could relate to the 2008-09 period. Romney isn’t disclosing his 2006 or 2007 taxes, but by his own two-year standard he would have had to if he had won the 2008 Republican nomination. That makes the time between his presidential runs — a period that coincides with major upheavals in financial markets and bank secrecy practices — far and away the most likely window for something more politically worrisome than a reputation for reticence.
By: Matthew Yglesias, The Washington Post, July 20, 2012
“Quasi-Suicidal”: Did Mitt Romney Pay Any Federal Taxes At All In 2009?
On the issue of Mitt Romney’s tax returns, my colleague George Will put it simply: “The cost of not releasing the returns are clear. Therefore, he must have calculated that there are higher costs in releasing them.”
The question is what could be in them that would be so damaging to the Romney campaign. Right now, the most popular theory is that Romney simply didn’t pay any federal taxes at all in 2009. As Joshua Green wrote, ” It’s possible that he suffered a large enough capital loss that, carried forward and coupled with his various offshore tax havens, he wound up paying no U.S. federal taxes at all in 2009.”
But the tax experts I’ve spoken to are skeptical. “Romney had a $4.8 million capital loss carryover coming into 2010,” says Edward Kleinbard, a professor of tax law at the University of Southern California. “So that means no capital gain income in 2009. If you look on the first page [of his 2010 tax return], though, he had lots of ordinary income (interest mostly), and dividends, which are taxed at the same rate as capital gains but which cannot be sheltered from tax by capital losses. So presumably he had some positive income tax in 2009.”
Roberton Williams, a senior fellow at the Tax Policy Center, agrees. “It’s unlikely that his taxable income was zero or even close enough to zero that his credits would zero out his tax liability completely,” he says.
But Daniel Shaviro, a tax professor at New York University, isn’t so sure. “I think there’s an excellent chance that [Romney] didn’t pay any taxes in 2008 or 2009,” he says. But to get from a small federal tax liability to no federal tax liability, Romney would have needed to engage in incredibly aggressive tax planning. Shaviro mentions picking loser investments to get some benefits from “loss harvesting,” unusual tax shelters, and a bevy of other stuff that, frankly, I don’t totally understand.
The overriding question, though, is why would Romney do any of this. As Shaviro says, “If you were running for president and in his position, wouldn’t you think of telling your transaction people not to take you down too low in 2008 and 2009?”
When I asked whether these kinds of structures were simply too difficult to cleanly unwind over a couple of years, Shaviro was skeptical. “The Caymans structures might take some time to unwind, and there might be tax planning issues about not screwing up the unwind too badly, but come on, the guy has been in public life since 2002 and was aiming for the White House from the start. Plus, suppose he had tax shelters in 2009 that created losses. It’s not complex not to do these deals – all you have to do is…not do them.”
For what it’s worth — and, since I haven’t seen Romney’s 2009 tax return, it’s not worth much — my guess is he paid some federal taxes in 2009. The sort of tax sheltering he would have needed to get to zero would be quasi-suicidal for a presidential aspirant. But his effective federal tax rate may only have been 3 or 4 or 5 percent, which would be nearly as bad as zero. Add in a couple of shelters that Romney fears would look particularly bad, and it’s probably enough to persuade him that enduring a bit of bad press for tax decisions people think he might have made is preferable to a media feeding frenzy over tax decisions he definitely made.
The question none of this answers is why Romney didn’t clean up his taxes in 2008 and 2009. But it’s always worth remembering that the people running for office are human beings who procrastinate and make bad decisions and get distracted by other things. And given that Romney moves in a world where aggressive tax planning is the norm rather than the exception, he might simply have failed to recognize what a priority simplifying his taxes really was. My hunch is that the person spending the most time wondering why Romney didn’t get his taxes in order in 2008 is…Mitt Romney.
By: Ezra Klein, Wonkblog, The Washington Post, July 17, 2012
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