The Horse Sense Blog compares the nonsense in today's news with good ol' fashioned horse sense


“…I shall speak forth my sentiments freely and without reserve.… It is only in this way that we can hope to arrive at truth, and fulfill the great responsibility which we hold to God and our country. Should I keep back my opinions at such a time, through fear of giving offense, I should consider myself as guilty of treason towards my country, and of an act of disloyalty toward the Majesty of Heaven, which I revere above all earthly kings.” - Patrick Henry, March 23, 1775


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Friday, August 10, 2012

The Latest Unsubstantiated Attack On Romney

Here’s the Nonsense:  Once again the media has produced questions that should force Mitt Romney to release his tax returns.  We cannot go on in this election without knowing what it is that he is hiding. 

Here’s the Horse Sense:  Once again the media are joining Obama’s campaign of attack against Romney based on questionable assertions.  As usual, they are using insiders pretending to be outsiders to try to put pressure on Romney’s campaign and keep attention off of Obama’s failed record.
Another attack on Mitt Romney has surfaced to lead people to believe unproven allegations.  It is a fact that the Obama campaign and Super PACs supporting him are using every trick, lie, and inuendo they can to keep attention off the terrible record of performance and legally questionable activities this administration has been involved in during the past 3.5 years.  And not to be left out of the effort, the mainstream media is jumping on the bandwagon at every opportunity to help.  The latest is an effort to drag Romney down with these claims in their effort to get their guy, President Obama, reelected.

What is nothing more than another typical hit piece against Mitt Romney.  Peter Canellos and Edward Kleinbard have introduced the idea that Mitt Romney’s personal tax returns are hiding something because of a tax shelter utilized by Marriott during the 1990s when Romney was chairman of the audit committee for the firm.  Marriott utilized a tax shelter known as Son of Boss and as chairman of the audit committee Romney was required to sign off on Marriott’s actions. 
The IRS, the authors state, considered the shelter abusive and successfully challenged the use of it by some companies.  Canellos and Kleinbard try to link the idea that since Marriott chose to utilize this type of tax shelter that that implies that Romney probably has things in his personal taxes that should be questioned, therefore it is important for him to release his tax returns.

Now I’m no tax expert and I’ve never utilized a tax shelter.  But I do know enough about business to know that companies, especially large ones, often utilize a variety tax sheltering programs to try to retain income.  However, these firms have accounting firms that sign off on these things and are also responsible in the transactions.  In addition, companies realize that choosing to utilize these things are subject to IRS scrutiny and challenge.  If they do get challenged and lose in court, then there are additional costs they will incur beyond taxes owed.  So the companies know that there is a risk in utilizing something they may have trouble defending. 
Most large companies utilize very major accounting firms, which are not known for taking too much risk.  How many accountants do you know who are wild, crazy, risk takers?  I’ve known a few accountants in my life and generally they’re pretty subdued and cautious individuals.  And even if Marriott chose to utilize something that may get challenged, it does not mean that Mitt agreed with it.  As chairman of the audit committee he had responsibility and accountability.  That does not mean that Marriott handed complete and final control over to him.  They could choose to use something that he personally wasn’t fond of and would never use in his own company or personal life.  Generally the questions the audit committee and its chairman would raise about it would be whether those choosing this shelter believed it to be legal and defendable if challenged.  If the employees and accountants suggesting its use present a good case to the committee, then most likely it would be approved, knowing that it would still be subject to challenge by the IRS.  But to try to tie the choice of Marriott utilizing this type of shelter to Mitt’s personal taxes is nothing but another attempt to take the attention off of Obama’s record and keep the Romney campaign on the defensive.

And if you think this Canellos and Kleibard are being objective, it should be noted that according to Yahoo News “Canellos and Kleinbard have participated in press conference calls hosted by the Democratic National Committee to attack Romney, and each has donated significant sums to Democrats in election campaigns, Federal Election Commission records show.”  So much for objective journalism.
And by the way, President Obama is a big believer in government.  He acts as though it can do no wrong and is the savior of mankind (a really foolish assumption for a guy who is supposed to be the smartest man to ever hold the office of president).  With all his confidence in the government, why doesn’t he believe that the IRS has done their job and caught Mitt Romney in all these supposed illegal tax deals that they are accusing him of?   

But even more importantly, and as I stated in another recent post, this president has sealed and kept from public view more personal records than any president in American history.  In fact, you could probably add up all personal records sealed by every president in history and it would be less than Obama has sealed regarding his own past.  In fact, it’s been reported that he’s spent approximately $4 million in court keeping his personal records sealed from the public.  Everything from his kindergarten records through records of his entire schooling, his passport records, his medical records, his law practice records in Chicago, and many others, it is reported, have been kept from public access.  The question isn’t whether Mitt Romney has done something wrong, since he’s been far more open about his life and background than President Obama.  The question is what does President Obama have to hide and why aren’t the media demanding answers.

Any voter who doesn’t understand that has not done their homework.  And this election, more than any in history, it is critical that we do our homework and see to it that our nation gets the changes it needs to save it from collapse.  Four more years of the path we’re on and we will not survive.  In my new book, No Tomorrows: How To Halt America's Imminent Collapse And Return To The American Dream - And Why It Must Start With The 2012 Elections, I identify the 3 core underlying problems facing America and then present how to fix those problems.  This problem of negative campaigns is just a symptom of the much deeper core problems.  If we fix the core problems, these problems will take care of themselves.