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Naming the new McCarthyites
August 5, 2012 - Harry Eagar
In an editorial, Bloomberg News has a nifty name for the new McCarthyites in Congress, although I was content with continuing to call them McCarthyites. But "Joe McCarthy Re-enactors Caucus in the House of Representatives" has a certain stylishness to it.
I recommend the whole editorial, although I do not agree with many parts of it.
It wanders around and criticizes many people, but it is ostensibly about Mitt Romney's refusal to reveal his tax returns. I don't know what his tax status is, but here is my guess:
Romney had a lot of appreciated stock he could give to an exempt entity -- like the Mormon Church. That could have reduced his cash tax liabilities to $0 or close to it. Thus, Romney could be telling the truth when he says he paid 100% of his tax obligations, and Senator Harry Reid could be right in saying Romney paid no taxes.
That would explain why Romney feels he cannot release his returns.
The leftists will jump him for paying no net taxes, and the evangelicals will jump him for giving tens of millions to the Mormons.
(I note that Romney claims to have given considerably more than the required tithe to his church. This is not unusual among Mormons, but would be a two-fer if he was in the happy position of having to offset a lot of income and wanting to curry favor with his sect by overgiving.)
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