7 Aug

Mitt Romney should leverage his tax records to re-educate Americans on the prosperity capitalism can engender [Reader Post]

                                       

For months we’ve heard calls from Democrats for Mitt Romney to release his tax records. Last week Harry Reid even claimed he had it from “a number of people” had told him that Mitt Romney had not paid his taxes for a decade and demanded he release them.

I’d like to suggest Mitt Romney actually go ahead and release his tax records. Much like pulling a Band-Aid off a wound, where the fear of the pain is actually worse than the pain itself, I suspect the speculative hay that Democrats will be making over the next three months will be a far more attention grabbing than the actual returns themselves would be.

This is not to suggest that Romney should feel compelled to provide whatever information Democrats seek. On the contrary. I’m suggesting that Romney use his tax returns to do something he has yet to forcefully do: Make a crystal clear argument that capitalism is at the core of American success and it offers virtually every American the opportunity to achieve prosperity. Essentially his argument should be something like: “I’m proud to have earned hundreds of millions of dollars throughout my career. I’ve paid tens of millions of dollars in taxes, I’ve donated tens of millions more to charities and I’ve helped create tens of thousands of jobs and I’ve helped generate billions of dollars in honest income for tens of thousands of American families.

Such language, when coupled with a telling of his time at Bain demonstrating the impact he and Bain had on companies from Staples, to Gartner Group to Domino’s Pizza clearly tell the story of success that capitalism has written in our past and can write for our future.

Staples provides a perfect example. Bain Capital was one of the key early funders of the company in 1986. Not only did Staples itself create over 50,000 jobs within its stores, but it likely created hundreds of thousands more by giving small business people the opportunity to save money on office products, which they could then invest in other areas of their businesses such as marketing, capital and even employees. At the end of the day Bain Capital and Mitt Romney may have made tens of millions of dollars from their Staples investment, but the positive impact on the economy was worth billions.

But of course not all Bain endeavors worked out, and in some cases both money and jobs were lost. But that’s the whole point of capitalism. Mitt Romney’s job at Bain Capital was never to create jobs, nor to destroy them. It was to employ the capital in his care in such a way that it would legally earn the most money possible for his investors. Bain’s capital was simply one – albeit an important one – of the inputs necessary to build, grow or rescue a business. Others include everything from risk taking to janitorial services to manufacturing to R&D and hundreds more. Capitalism works because it harnesses the efforts of millions of producers, each seeking to achieve their own goals to meet the needs of millions or billions of consumers seeking an ever evolving supply of goods and services.

There may be no better demonstration of the power of the mechanism of capitalism than Leonard Read’s seminal 1958 essay “I, Pencil”. Read demonstrates with unparalleled clarity the myriad forces that come into play in order to manufacture one simple pencil. From the lumberjacks in California and Oregon to the graphite miners in Sri Lanka to the workers shipping the pumice from Italy, everyone plays a role in the manufacturing of the pencil, not by adhering to some grand top-down strategy for manufacturing a pencil, but rather by doing what they have chosen to do in response to the needs of the market.

The lessons Read wrote about in I, Pencil are as true today as they were in 1958. Compare the market driven success of the mobile device universe with the iPhone, Google’s Android, Amazon’s Kindle and their hundreds of thousands of apps with the abject failure of government driven endeavors such as solar power, ethanol, education and General Motors.

Mitt Romney should leverage his tax returns and the wealth they reflect to champion the cause of capitalism and clearly demonstrate the role it plays in American prosperity. Indeed he could not have asked for a better foil than Barack Obama in an effort to contrast that success with the abject failure of the progressive top-down statist approach. It’s not often that history gives a politician the opportunity to dovetail their personal story with current events to demonstrate with crystal clarity the superior nature of capitalism vs. statism. By releasing his tax returns and explaining the story behind them Romney will not only take a weapon out of the hands of his opponents, but more importantly, he can remind many Americans that it was capitalism that allowed us to prosper in the first place.

About Vince

The product of a military family, growing up in Naples, Italy and Guantanamo Bay, Cuba, and being stationed in Germany for two years while in the Army, Vince spent half of his first quarter century seeing the US from outside of its own borders. That perspective, along with a French wife and two decades as a struggling entrepreneur have only fueled an appreciation for freedom and the fundamental greatness of the gifts our forefathers left us.
This entry was posted in Barack Obama, Media, Mitt Romney, MSM Bias, Obamanomics, Politics and tagged , , , , , , , . Bookmark the permalink. Tuesday, August 7th, 2012 at 10:12 am
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6 Responses to Mitt Romney should leverage his tax records to re-educate Americans on the prosperity capitalism can engender [Reader Post]

  1. Nan G says: 1

    Who else remembers when Obama promised to FIRE anyone who used attack politics for his benefit?
    http://pjmedia.com/tatler/headline/2007-obama-promised-to-fire-staff-who-did-oppo-research-on-his-opponents/
    Not only did Reid do this on behalf of Obama, but Obama’s Priorities USA super PAC is running a lie as attack ad against Romney (who apparently can time travel.)
    Not fired, not repremanded, not even a harsh word from Obama.
    http://www.youtube.com/watch?v=Nj70XqOxptU&feature=player_embedded#t=0s
    Joe Soptic’s wife passed away SEVEN YEARS AFTER ROMNEY LEFT BAIN!!!
    Joe’s wife also died only 22 days after being diagnosed with cancer!
    http://spectator.org/blog/2012/08/07/bill-burton-and-obama-are-sick

    There is sick, sick, sickness afoot.
    But it isn’t from Romney or anything he’s done.
    It is eminating from Obama and his cronies.

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  2. Dumbplumber says: 2

    Whoa there Buckwheat. I do not agree. Romney should not release his tax records. No sir. Romney has been accused of “Not Paying Taxes for Ten Years”. He has NOT been accused (yet) of cheating on taxes, that is the job of the IRS, who by the way is probably scouring these returns (at the direction of David Axelrod) as we speak.

    I say he submits photocopies of his cancelled checks to the IRS. That would put truth to the lie of not paying taxes and allow Romney the right to call for full disclosure of Obama’s Social Security records, draft card status, college records and the Mother of all frauds, Obama’s fabricated birth certificate. End of story.

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  3. Dumbplumber says: 3

    Sorry about the twofur, but what was the highest grade attained by the Democraps and RINOs that are calling for Romney’s tax returns? I don’t know what schools you schmucks went to but the IRS is under the control of……….wait for it…….the Treasury Dept. And who is the Secretary of the Treasury Dept.?…….. yep bingo spunky, Timmy–Turbo Tax– Geithner. You think if Hussein Obama wanted a copy of Mitten’s tax returns, he couldn’t have them before his first Marlboro tomorrow morning? Geesh, you guys give me hemoroids.

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  4. Jason says: 4

    We’ll never see Romney’s tax returns. He knows they would enrage the average American. They would provide indisputable evidence of what people now only suspect.

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  5. Nan G says: 5

    Obama approved a new ad today (after his peeps finally admitted they DID know all about the real story of that poor guy whose wife died of cancer.
    http://www.politico.com/politico44/2012/08/obama-camp-acknowledges-knowing-mans-story-131577.html
    This ad isn’t about that.
    It is about a little-know old, but perfectly legal loophole (closed in 2009) called ”son of BOSS.”
    (The nickname is derived from an acronym for an earlier version of the legal tax shelter — Bond Options Sales Strategy.)
    In Obama’s new ad it is alleged that Romney pays NO TAXES.
    (I mean, how can we know???)
    Some in-depth on Romney and ”son of BOSS.”….
    http://www.bloomberg.com/news/print/2012-02-22/romney-as-auditing-chairman-saw-marriott-son-of-boss-tax-shelter-defy-irs.html
    Obama’s despicable ad:
    http://www.nationaljournal.com/2012-presidential-campaign/new-obama-ad-romney-oversaw-fictitious-tax-losses-for-marriott-20120809

    Romney spokeswoman Amanda Henneberger called the new ad a “dishonorable and dishonest attack.” She said Obama doesn’t have an economic record to run on, so “he has decided to run a dirty campaign that is an affront to everything he claims to stand for.”

    ReplyReply
  6. Liberal1 (objectivity) says: 6

    He would probably do so if he dared.

    ReplyReply

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