Romney's foreign tax credit

One of the big mysteries of the presidential campaign is why Romney won’t release his tax returns.  He did release his 2010 return, in which he claimed a foreign tax credit of $129,697, which he used to offset his U.S. tax liability.

James B. Stewart explains how Romney may have used the foreign tax credit to reduce his 2009 tax bill (which he did not release) to a very low level.  I hope this link works tomorrow, but you can read about it in today’s New York Times at <http://www.nytimes.com/2012/08/25/business/in-romneys-tax-return-clues-in-foreign-taxes.html?ref=todayspaper>.  

I’ll be the first to admit that I don’t understand the foreign tax credit.  All I know is that I don’t have one, and that Linda and I paid a higher rate than Romney paid.  I also know that under the Romney-Ryan plan, our taxes will increase, while Romney’s and the Koch Brothers rates will go down.

I’ll even release our tax returns for the last ten years if I can find them up in the shed and if the mice haven’t chewed them to bits.