Romney’s Father Released 12 Years Of Tax Returns; Revealed That He ‘Seldom’ Used Tax Loopholes

The New York Times has a swell editorial this morning reminding the public that George Romney, father of Mitt Romney, led the way in transparency in 1968 by offering not one but twelve years of tax returns.

I looked back at the news coverage in 1968, and it’s quite interesting. When he was first asked for his tax returns, George Romney balked. He explained that just “one year could be a fluke, perhaps done for show.” But he eventually relented. According to this write up by Drew Pearson, the returns showed that George Romney donated 19 percent of his income to church, 4 percent directly to charity, and most surprisingly, the returns showed that the Michigan governor “seldom took advantage of tax loopholes to escape his tax obligations.” View a screenshot below:

For Mitt Romney, who has stubbornly refused to release his tax returns (although he hinted that he may have to in the debate last night), there are many political dangers with releasing his own tax returns. His windfall profits from Bain Capital, his questionable charitable giving, and of course, his preferential tax treatment and likely use of loopholes.

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7 responses to “Romney’s Father Released 12 Years Of Tax Returns; Revealed That He ‘Seldom’ Used Tax Loopholes

  1. Pingback: the Progress Report – Mitt has some questions to answer « Point/CounterPoint

  2. Pingback: WeMustChange » Blog Archive » George Romney, Mitt’s Father, Paid A 37 Percent Effective Tax Rate

  3. N

    We watch from the distance, without acknowledging what you’ve posted.
    Don’t stop. Your words mean something to somebody.
    Post away!

  4. Pingback: Here’s what Mitt Romney may be hiding by refusing to release his pre-2010 tax returns and (so … | Temple University Beasley School of Law

  5. Pingback: Here’s what Mitt Romney may be hiding by refusing to release his pre-2010 tax … | Michigan News Press | Michigan Breaking News Headlines | Michigan News Directory

  6. Pingback: He should follow his father's lead - US Message Board - Political Discussion Forum

  7. PMorgan

    I want to see Mitt’s birth certificate because from the facts mentioned in the story and the facts listed below it is clear that Mitt is not at all like his father, George.

    George Romney organized Citizens for Michigan, a nonpartisan group built on his belief that assorted interest groups including big business, held too much influence in government, and that only the cooperation of informed citizens acting for the benefit of all could counter them.

    At AMC, George Romney instituted company-wide savings and efficiency measures, and he and other executives reduced their salaries by up to 35 percent. The stock rose from $7 to $90 per share, making him a millionaire from stock options. However, whenever he felt his salary and bonus was excessively high for a year, he gave the excess back to the company.

    George Romney headed a citizen-based committee for improved educational programs in Detroit’s public schools. This Citizens Advisory Committee on School Needs made nearly 200 recommendations for economy and efficiency, better teacher pay, and new infrastructure funding. He helped a $90 million education-related bond issue and tax increase win an upset victory in an statewide referendum.

    http://en.wikipedia.org/wiki/George_W._Romney

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