I cannot improve on Tbogg’s analysis of the Harry Reid “outrage” on Mitt’s taxes. Do read. I don’t know if Reid really heard what he said he heard; I do know that this has got to be getting under Mitt’s thin and privileged skin.
Meanwhile, House Dems are joining forces to demand that Mittens explain how the amount of money in his IRA came to exceed the GDP of Micronesia.
Romney’s most recent financial disclosure form revealed that his tax-deferred individual retirement account holds upwards of $100 million — an amount that awkwardly showcases his enormous wealth but also raises legal and ethical questions.
IRAs are intended to allow workers to put away modest sums of money each year in order to help finance a middle class retirement. The savings are tax deferred, but there’s a legal limit — now $6,000 — on how much each IRA holder can contribute annually.
Now top Democrats on the Budget, Ways and Means, and Education and Workforce Committees want to know how people of Romney’s wealth can end up with 100,000 times that much money in a single IRA, and how much the tax and investment strategies they employ cost the Treasury in revenue every year.
In a letter Thursday to senior officials at the Treasury and Labor departments, Reps. George Miller (D-CA), Sander Levin (D-MI), and Chris Van Hollen (D-MD) want to know: Is this legal? How easy is this strategy to get away with? How much does it cost the government every year? And what can be done to end the practice?
“[W]e are alarmed to learn that wealthy taxpayers may be taking advantage of a tax subsidy that is designed to provide for retirement to instead accumulate massive amounts of tax-sheltered assets,” the lawmakers write. “Given your commitment to the rule of law and equitable treatment of taxpayers, we hope that you will evaluate this issue carefully to ensure that a select few are not being provided with a loophole that allows for wrongful tax evasion.”
And the Obama Campaign has published and interactive map to show people how much taxes would go up in each state of Mittens is elected.
I can’t remember a time when the Dems were this coordinated. Praise be.
Romney is promising jobs, jobs, jobs. He’s saying he will create 12 million jobs in his first term, which would beat Bill Clinton’s record in his first term. Well, that sounds grand. But Mittens a little vague about where these jobs will come from. He seems to think his mere presence in the White House is all that’s needed.
Romney economic adviser Glenn Hubbard put out a white paper yesterday explaining the goal, but as the Huffington Post’s Jon Ward notes, “The paper was less actuarial work with raw data and specific numbers, however, and more of an economic philosophy argument based largely on the premise that simply by undoing much of what President Obama has done since taking office, the economy would recover at a faster pace than it has been from the recession that began in late 2008.”
Still, the paper states that “history shows that a recovery rooted in policies contained in the Romney plan will create about 12 million jobs in the first term of a Romney presidency.” Notably, the paper does not provide much historical evidence to support this claim, and where it does look at history, it focuses on unemployment rates, not job creation numbers.
In other words, if we clap our hands and vote for Mitt, the jobs fairy will leave jobs under our pillows. This is so stupid it doesn’t even rise to the level of pandering.