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Fox News’ Bill Hemmer, Jake Gibson, Gregg Jarrett, Andrew O’Reilly and The Associated Press Published 3 Minute Read
Mitt Romney is not the Republican presidential nominee.
But in some of his biggest moves, Mitt Romney has followed the candidate that he ran to capture the GOP nomination: his own.
Romney’s first big move was the announcement of his own, very specific tax reform plan to lower the top rate on income taxes from today’s 39.6% to 28%, cutting for couples and families the tax that hits most of their income.
In his big move before the Iowa caucus in January, Romney announced plans for what would be the first substantial tax cuts in the nation’s history.
Romney’s second big move was the revelation that he had not been fully truthful about his tax returns.
Mitt Romney was asked repeatedly by reporters about his tax returns and when he finally got the answers he wanted, the first was a big one: He didn’t owe any more taxes than he’d been claiming ever since he filed his taxes in 1987.
The second was even bigger: The answer he was looking for was that he had paid a significantly lower estimated tax rate than he’d told the IRS he had paid. In other words, despite saying that he’d paid tens of thousands of dollars in taxes over many years, Romney had actually saved tens of millions.
And the third was a big one: The amount that he had paid on his taxes was small compared to his estimated tax liability.
The IRS doesn’t know the details of Romney’s tax returns. But based on the first two and his answers to the Fox News hosts, it appears that Romney has tried to use the tax code to make it look like he paid less than he actually did so that he could claim a greater tax benefit.
It’s also an issue because Romney’s tax plan would only make sense if he paid less tax than he estimated he’d owe at the end of the year, not the year before or the