Mike Lee message

Official portrait of United States Senator Mik...

Official portrait of United States Senator Mike Lee. (Photo credit: Wikipedia)

Mike just can’t tell the truth. He vows to fight on. Too bad he is in office until 2016.

“The Washington Establishment can’t bring itself to believe that this is why Congress has a poor approval rating – because Washington doesn’t listen to the American people.  It ignores them.  And when the American people can no longer be ignored, the administration shuts down national parks, blocks veterans from going to their own memorials, uses the IRS to target certain groups, and holds hostage critical funding for cancer research, low-income women and children, veterans’ health benefits, border security, and our National Guard.”

 

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Tax avoidance

Seal of the United States Internal Revenue Ser...

Seal of the United States Internal Revenue Service. The design is the same as the Treasury seal with an IRS inscription. (Photo credit: Wikipedia)

Tax avoidance is legal; tax evasion is not. The US tax code is so complicated that probably no one understands all of it. It is laced with special interest loopholes that may be interpreted in more than one way. When Congress writes the law, it usually instructs the IRS to interpret and apply the law in accordance with the laws already on the books and as rationally as it can. That provides work for private tax lawyers and specialist tax accountants.

While Mitt was at Bain, it was his job to reduce the taxes paid by the companies that Bain bought and sold. It is the responsiblity of a CEO to maximize profits for shareholders by minimizing taxes paid. Mitt probably decided to use some of the tax avoidance schemes he learned about and apply them to his own income. Many of those tax avoidance schemes are available only to the rich. One rule for them, another rule for the 99%.

It is probable that Mitt’s tax avoidance would resemble tax evasion to many voters if his tax returns were released. I think that is the real reason for Mitt’s secrecy.

Mitt’s many millions

English: Civil Rights March on Washington, D.C...

English: Civil Rights March on Washington, D.C. closeup view of vocalists Joan Baez and Bob Dylan., 08/28/1963 Español: Bob Dylan con Joan Baez en la Marcha por los Derechos Civiles en Washington, D.C. (1963) Italiano: Joan Baez e Bob Dylan durante la marcia per i diritti civili a Washington, 28 agosto 1963 Polski: Bob Dylan i Joan Baez w 1963 Deutsch: Joan Baez und Bob Dylan beim Marsch auf Washington am 28. August 1963 (Photo credit: Wikipedia)

How many millions must a millionaire have
Before you say enough?
How many homes must his family have
Before he loses count?
How many tax returns must he finesse
Before the IRS calls?
The answer my friends is written on the wind
The answer is written on the wind.
Mitt’s millions are estimated between 250 and 1,000.

My thanks to Bob Dylan for the inspiration and hours of pleasurable listening.