Mitt Romney released a tax return on Friday. Pundits are scouring the paperwork and looking for inconsistencies.
It didn't take long to find a huge issue because Romney is taxing.
Romney stated in the spring and summer that he didn't pay less than 13 or 14%. As a defense to his low rate, he also stated he wouldn't pay more taxes than necessary. In July he stated "Frankly, if I had paid more than are legally due I don't think I'd be qualified to become president. I'd think people would want me to follow the law and pay only what the tax code requires."
Therein lies the immediate problem with his latest tax return. Romney did not claim a full deduction - causing him to pay more taxes. Yet - it was intentional so that he could state he didn't pay less than 14%.
Sigh.
The guy was up the creek regardless because he was trying to have things both ways - not paying more than legally required and not paying less than 14%. Maybe he should have just come clean.
