Mitt Finally Makes Up His Mind

After dithering for months, Mitt Romney finally made up his mind and released parts of his tax returns for 2010 and 2011. He really had no choice with Gingrich's hammering.

According to the Washington Post:

Mitt Romney offered a partial snapshot of his vast personal fortune late Monday, disclosing income of $21.7 million in 2010 and $20.9 million last year — virtually all of it profits, dividends or interest from investments. ... According to his 2010 return, Romney paid about $3 million to the IRS, for an effective tax rate of 13.9 percent.

Romney took advantage of the "carried interest" exemption that allowed him to treat his Bain Capital salary as income:

The returns confirm, however, that Romney continues to benefit from his association with Bain Capital, the private-equity firm he founded in 1984 and left in 1999. His earnings through Bain have drawn controversy because they are treated as capital gains rather than wages and thus benefit from being taxed at the lower rate of 15 percent.

This is the same gimmick that hedge fund managers use to avoid paying their fair share of taxes. Yeah, it's legal, and Romney's not wrong for paying the minimum tax. But it shows how eminently unfair our tax system is. Number one on Mitt's list of campaign promises should be to get rid of crap like this in the tax code. All income should be taxed at the same rate, whether you earn it working in a coal mine or clipping coupons while you eat bon-bons.

Part of the reduction in Romney's tax liability were losses carried over from previous years. This can be a legitimate tax break, but one of the most reliable tax avoidance scams is to create phony losses in one year to reduce tax liability in later years. Are Romney's losses real or manufactured?

Returns from 2010 and 2011 are all well and good, but Romney has been running for president for the last six years, which means he's known that one day someone would be looking over his tax returns. I'm more interested in seeing his returns from 1998 and his days at Bain, through 2001 and 2004, when the Bush tax cuts kicked in, and 2007-2009 when the rest of the country got hit by the hammer of the recession. Did Romney made out like a bandit with the Bush tax cuts, and was he unscathed by the recession?

Romney's father released 12 years of returns when he ran for president. Will Mitt honor his father's example? Or does he have something to hide?