new ad out against mitt romney
this what is this a m about seventeen different levels had be just fyi
hammond reports some of it
on bronco bomb and i approve this message
was their cover and then when you pay lower and the thirteen point nine
percent prospect having calculator that america
go back and look
to draw any pay ten percent in taxes five percent zero
we don't know but we do know that we are not personally approved over seventy
million dollars in fiction losses to the i_r_s_ as part of the victorious some of
our stacks and one of the largest tax avoidance schemes in history is no time
for me to come clean
okay so
first of all they're not even hiding that no super pack and that is of iraq
obama ad
they're saying hey man shows you tax if not we are so i guess you may zero
percent
this is doubling down quadrupling down on the harry charges to some degree
there's something so bomb administration does something we don't know about how
devastating those taxes are that you cannot ever release them so they say
whatever hell they like about amendment ronnie can ever prove them wrong i don't
think that they didn't know anything more i don't think you need you need to
know anything
it's too obvious every campaign in history would have released axes at this
point forget the fact that they'll do
this kind of story by now would have been combated with someone saying
which is really sick get it over with deal with the four days it's gonna be
bad
what's obvious is that is
really quarrel
that they've got to take this step
then release that's exactly right because look at all the polls where
they've lost independent sixty three percent
say abit mit romney execute saddlebag sixty seven percent of independence
say r_t_c_ should release his tax and lot dependents
can you stop always said
i guess if your listen you lose ninety percent of the right positional that
devastating in there
now missile boss they know is really interesting
so that's a scam that mary a grand and at the time off of stitches stand that
that that lawyers and accountants ran that very active gia
exactly and the guy who authorize that on their board ahead of the audit
committee
main ron for my country did not accept something right n all the other day
drive toward came in on this issue we do this mit romney side albany saying yes
we should now virus then concluded
that uh... this was a scam that it had no legitimate business reasons that the
right off was not been actual lost it was cold fictional
it was so bad that the guys who read this again not the ones that mariette
who settled the world
take for me
but that's the created a scam
got convicted criminal convictions ok rodney look at these people don't know
what that is that's when the federal government size prosecutors
to look at financial malfeasance prosecutor that if the people are guilty
they go to press
yet and that's when i saw a crack at remember can excel user id
so ron phillips said that goes for
seventy million dollars a fictional losses
wetstein so he signs off on it
he said that responsible
and as they've said they were chosen a man article about how one of the biggest
attacks uh... you know fraud schemes in in history mitt romney's fortune
is built
on the foundation of tax awards
so now you got this marriage story to get a sense of where is
how he thinks about the stuff well i need to do it it would catch who cares
legal dot legal fictional not fictional laws that the caller dot not just a
little co-signed outbreak
so that's all but a small part of it when you look at how big capital ran
their company
the huge part of how they made money was by avoiding taxes that how they do that
and just quickly explain so let's say you've got covered as a million dollars
right
and they have the size of a good leverage buyout and i'm gonna buying i'm
gonna put in a hundred thousand
i'm gonna get nine hundred thousand old dollars for the loans and i'm gonna buy
that coming back
like you might buy a house right
so it's a it's called a leveraged buyout
that normally before the end of the buyer were purposely johnson the
company's got a million dollar company is making a hundred thousand dollars in
profits would say it right
was gotta pay taxes on so he decides on a hundred thousand dollars and it's
thirty five percent rate you paid thirty five thousand dollars in tax straight
but he was a trick to tax avoidance under private equity when big capital by
charles company
they have nine hundred thousand dollars and they have to pay interest on
so all the sun their profit is no longer a hundred thousand
since they have to pay in ninety thousand dollars and interest the payoff
the leverage buyout all this other properties time easily ten thousand
and their taxes only thirty five hundred dollars so sort of thirty five thousand
dollars in taxes is thirty five hundred dollars in taxes and make that extra
thirty one thousand dollars extra etcetera
they put in their pocket right so the whole system will be capital was faced
on
tax avoidance
and that on top of that metro i mean this personal taxes
hides the money in switzerland bermuda cayman islands
and kuwait majority of the money that mit romney is made in his life
has been
done through not paying taxes
and by the way when he doesn't we all have to the cause of picking our pocket
again
so we all put in more money so that mit romney
can't put more money in the cayman islands
and that's the bolts devastating part of this
because
in essence that explains to you that will be made that money
like to hear from austin texas
i'm interested in how with this line of attack will continue because we sing to
seen sort of an evolution other over the last two months of how they're attacking
his business credentials because
that's how he presents himself but he doesn't have foreign policy chops like
he doesn't have the experience he doesn't have the military background
he's businessman and in this case as in so many others the downsizing
outsourcing his excuses allows this fall on my adviser said the i didn't really
know what's going on how many times can he do that before he loses the ability
to make the case that he's a serious business man if he was not great
responsible for all of these big maneuvers in him so much money
to to really on help forget from iraq it behaves great strength
should be
in just look at that particular about your life
successful businessman
shitty economy
with idea of his delight the orchid
except that the thing that should be his strength has been turned into his
weakest and i cannot
c away around even that part of it i mean aside from clearly the the tax
argument undercuts his ability uh... to fix the economy all by itself but some
of that that his way of getting around as i know good hope all is that you're
supposed to be the carpets is that yes i have no business genius
slash i don't have to tell you what's going on