Romney responds to foreign taxes question at Ohio event: "I'm not familiar with that"

[ProSense]

Romney gets the foreign taxes question at Ohio event

By MAGGIE HABERMAN

We're a bit late to this, but expect to see this bit of video of Mitt Romney in some form of an attack ad soon:

At a town hall-style meeting Monday in Cleveland, the GOP presidential candidate got this pointed question about his investments: In this age of tough foreign competition, could Romney explain the "over $1.5 million in foreign tax credits" he received since 2000?

"I'm not familiar with that," Romney told the man who asked. The crowd booed. "I didn't think I paid any foreign income taxes, but I'll be happy to take a look at it."

In fact, Romney and his wife, Ann, paid more than $1.2 million in foreign taxes on so-called passive investments from 2000 through 2010, and paid about $800,000 in taxes on general income to unspecified countries. That's according to the couple's own tax returns.

Their foreign tax bills entitled them to more than $1.5 million in tax credits in the United States since 2000, thanks to Internal Revenue Service rules that prevent businesses and investors from being doubly taxed on money they earn abroad.

The person who asked the question was well-prepped, including with page number of the taxes.

http://www.politico.com/blogs/burns-haberman/2012/05/romney-gets-the-foreign-taxes-question-at-ohio-event-122719.html

Obama Camp Releases Infographic On Romney’s Offshore Bank Accounts
http://www.democraticunderground.com/1002631706

[Enrique]

1. $1.5 million?

you expect Romney to pay attention to chump change?

[Yavin4]

2. As Ralph Kramden Would Say, "Small Bag of Shells". n/t

[brooklynite]

10. Actually, it was "mere bag of shells"...

[Yavin4]

11. You're Right. Reminds Me of a Story.

Saw a guy in a diner recently dressed just like Ed Norton. White T-shirt, vest, hat, the whole thing. Went up to him and said: "Hey nice Ed Norton costume". He said: "What costume?"

[ProSense]

3. To the charts

Mitt's foreign tax break is 150 times more. What can you do with about a quarter of Mitt's foreign tax break:

[rurallib]

8. great illustration, thanks

[magical thyme]

4. he probably lost more than that

in the sofa cushions in one of his houses.

[bigtree]

5. he's ripe for scandal on this one

. . . you can tell by the shady way he deals with the questions. I smell red meat sizzling.

[surrealAmerican]

6. k & r

The man doesn't even understand his own finances, how can we expect him to understand ours?

[aint_no_life_nowhere]

7. What foreign countries was he supporting by paying taxes to their governments?

Might be interesting to know.

[brooklynite]

9. Let me author some authoritative information...

My wife is a Partner at a multinational company. Her firm pays foreign tax in 12 countries. In order for her to claim the Foreign Tax Credit, we need to file 24 pages of additional tax forms (regular and AMT).

Unless Mitt blindly trusts his accountants and signs on the dotted line without looking over his return (which would be pretty sloppy "business expertise&quot , he's seen his multiple Form 1116's, and know if (and probably how much) foreign tax was paid.

[Scurrilous]

12. K & R

[goclark]

13. What about those taxes ~ are we stilll waiting n/t

[treestar]

14. This is going to hurt Rmoney

Even Faux can't spin it.