Jan. 16, 2012 – PPM -Taxing My Patience

This week's PET PEEVE MONDAY (PPM) concerns tax returns. Everyone (read- media) is up in arms because Mitt Romney has not released his tax returns.

When I grew up, I was told you never asked about three things:

1 - Who you voted for
2 - A woman's age
3 - What someone made

After Bill Clinton, a 4^th, "Don't Ask, Don't Tell" was added, but that has since been rescinded. Congrats to Obama on keeping that all important campaign pledge.

Now it has become common place to discuss a candidate's taxes. We all know what sports and entertainment people are paid. WHY is this important? Is it ENVY?

I don't care if a third baseman makes $25M or $400K. Get the runner in from third with less than 2 out and don't scratch yourself on National TV.

The big difference between gross salary and the information on a tax return is the tax rate and the net income. Nobody pays the same tax rate because of the obscene complexity of the tax code. There are tax deductions for just about everything. There are loss carry forwards for years on end. There is active and passive income, capital gains, and depreciation. God, I love depreciation.

I have a degree in accounting and a MBA in Finance, but I wouldn't dare file my taxes without the guidance and signature of a CPA. I was audited several years ago. I countered with a 286 page response in a binder with 13 exhibits. The IRS saw my response and said, "We're good."

It is irrelevant what ANY politician made or paid in taxes (unless it was ILLEGAL - see Clinton, Whitewater). Bottom line (pun intended) - I don't need to know.

Will we feel better knowing Mitt Romney made $25M? Can he play third base?

I'd rather have a President that made $25M as a Venture Capitalist than one who made $25K as a Community Organizer.

I want a LEADER, not a READER. Just saying.