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Wednesday, September 12, 2012

Is Romney and The Republican Party Pulling Another “ October Surprise “?

‘October Surprise’ In September? Romney Attacks Obama On Foreign Policy

By Jack Watkins September 12, 2012  Addicting Info

The Romney Campaign is trying to capitalize on Mideast events and Israeli-U.S. tensions over Iran nuclear program to gain election advantage.

In the aftermath of the mob attack on the U.S. Consulate in Benghazi in Eastern Libya, and the tragic killing of U.S. Ambassador Chris Stevens and three other U.S. diplomatic officials late Tuesday evening; the Romney Campaign issued an ill-conceived attack on President Obama before all the facts had been sorted out, inflaming an already tense diplomatic situation.

While details of the mob attack on the U.S. Consulate were still murky and, indeed, even before confirmation of the deaths and identification of those killed, the Romney Campaign released a statement condemning Obama. Claiming “outrage” that the Obama Administration first response to attacks in Benghazi, Libya and Cairo, Egypt was to “sympathize” with the mob, adding, “It’s disgraceful that the Obama Administration’s first response was not to condemn attacks on our diplomatic missions, but to sympathize with those who waged the attacks.”

Never to miss an opportunity to attack the president, even half-term Alaska Governor and defeated 2008 vice presidential candidate, Sarah Palin issued a criticism on her Facebook Page, stating; “Apparently President Obama can’t see Egypt and Libya from his house.” The Obama Campaign was quick to respond through spokesman Ben LaBolt, who said of Romney, “We are shocked that, at a time when the United States of America is confronting the tragic death of one of our diplomatic officers in Libya, Governor Romney would choose to launch a political attack.”

In fact, the attacks on the two American diplomatic missions, which had been sparked by an amateur You Tube Video maligning the Prophet Mohamed, prompted a statement by Secretary of State Hillary Clinton, “We are heartbroken by this terrible loss. Our thoughts and prayers are with his family and those who have suffered in this attack,” she said of the dead officer. Clinton went on to deplore the violence, “Some have sought to justify this vicious behavior as a response to inflammatory material posted on the Internet,” she said. “The United States deplores any intentional effort to denigrate the religious beliefs of others. Our commitment to religious tolerance goes back to the very beginning of our nation. But let me be clear: There is never any justification for violent acts of this kind.”

The attack by Republican Presidential Candidate Mitt Romney is yet another example of tasteless opportunism in the face of an inflammatory international situation and an attempt to capitalize politically on the tragic deaths of Americans serving their country. Smarting from low poll numbers relative to his lack of foreign policy experience, Romney has been making clumsy efforts to improve his credentials in this area. This is especially true after public criticism over his failure to even mention support for America’s military or the Afghanistan War, the longest in U.S. history, in his RNC acceptance speech .

While it is still only mid-September, the events of Tuesday could signal an “October Surprise” in the area of American foreign policy. Such presidential campaign tactics have historically had an impact on elections during the last few weeks leading up to the November voting. While world events have always been volatile on their own merit there has been rampant speculation, and more than a little ‘smoking gun’ evidence, to suggest that American politicians have frequently used the machinations of foreign events and personalities to boost their sagging campaigns and poll numbers.

The most notable example of this was during the lead-up to the 1980 Presidential Election, when American Embassy hostages were being held in Tehran, Iran after the Islamic Revolution of 1979 and were ‘miraculously released’ after 444-days of captivity; only after Ronald Reagan was sworn in on January 20, 1981. There is a wide body of evidence to more than suggest that the Reagan Campaign team made unspecified promises or assurances through intermediaries such as PLO Chairman Yasser Arafat, for the Iranians to hold the hostages until Reagan’s election and Inauguration in order to doom Jimmy Carter’s reelection. A lengthy, detailed article by Robert Parry, published August 18th on consortiumnews.com, chronicles those events and raises the spectre of an Obama “October Surprise” relative to the Iranian nuclear program and recent increased tensions between Israel and the U.S. over a military course of action.

I highly recommend you read the entire article to compare and decided for yourself the similarities between 1980 and 2012, amazingly with many of the same player states…the U.S., Israel and Iran among them. I cite the first two paragraphs of this insightful article as instructive in that regard:

There is doubt in some quarters that Israel’s Likud government of Prime Minister Benjamin Netanyahu would time an attack on Iran in the weeks before a U.S. election with the goal of dooming the incumbent Democratic president, Barack Obama, or forcing his hand to commit American military might in support of Israel.

But there was a precedent 32 years ago when another Likud government had grown alienated from the Democratic president and found itself in a position where it could help drive him from office by covertly assisting his Republican rivals in another crisis involving Iran.

Some telling indicators in the possible scenario of Romney Campaign ‘machinations’ in American foreign policy debate and decisions, can be traced back as far as his long friendship with Benjamin “Bibi” Netanyahu, the ultra-conservative Israeli Prime Minister, going back to their work as investment brokers in Boston in the 1970’s. Romney’s recent trip to Israel arranged by top foreign policy advisor and prominent Iraq War Neocon, Dan Senor and accompanied by mega-wealthy Romney Campaign donor Sheldon Adelson, may have set events in motion toward war between Israel and Iran before the 2012 Presidential Election, rather than allowing sanctions and diplomacy by the Obama Administration to effect a possible solution short of war.              Creative Commons License

Romney Gets $11.7 Million Windfall If Elected…

    and that windfall is based on Romney's plan to slash high income earners tax rates.

     From Addicting Info's Liberal Lamp Post

It really comes as no surprise that Mitt Romney has engaged in devilish tax evasion tactics to grow his massive fortune; however, few people understand the very pertinent conflict of financial interest the Republican presidential candidate is toting around in his overstuffed IRA.

Romney disclosed the value of his IRA, funded during his time at Bain Capital, at as much as $101 million (with a bottom value of $20 million). How he got that much money in an investment vehicle that tops out at $30,000 in contributions per year is an interesting question, and one that we will deal with in a moment.

First, let’s calculate the windfall Romney will receive if he succeeds in winning the presidency and passing the aggressive income tax cuts he is campaigning on. Since IRA withdraws are taxed at current income tax rates, here’s the breakdown of the taxes Romney will pay in our two scenarios:

  • If Obama wins in November, the presumption is the Bush tax cuts will expire and the base income tax rate for top-income earners will return to 39.6%. (It is currently 35% for the highest income earners.)

    • Thus, with Obama in the White House, Romney would potentially pay $40 million in taxes on his IRA balance upon withdrawal – or more as the balance continues to grow over the next five years.
  • If Romney wins the election, he has promised to enact steep income tax cuts, under which plan the top tier of income earners would start with a base rate of 28%before deductions.
    • Thus, under his own tax plan, Romney would pay about $28.3 million in taxes – a savings of $11.7 million (just in IRA taxes, not counting other income sources).

So, saving almost $12 million in personal income is one thing Romney has to gain from prevailing against Obama. Now, let’s back up to how Romney ended up with over $100 million in his IRA in the first place – by using an “every-trick-in-the-book” strategy to defer taxes on tens of millions of dollars in income he earned at Bain.

IRAs aren’t meant as a tax shelter. The legal limit for yearly IRA contributions in most cases is $6,000, and the average American has well under $100,000 saved in an IRA. At Bain, Romney used an SEP-IRA, which is employer-funded and maxes out at $30,000 per year in contributions. Most reports and experts suggest that Romney grew his IRA exponentially by trickery; rolling profits earned from business ventures into the tax-deferred account, such as Bain’s rapid 289% return after investing in the credit rating agency Experian, buying it for $87 million in 1996 and flipping it for $252 million only seven weeks later.

Romney’s ruthless Machiavellian-ism isn’t going unnoticed. Last month, three Democratic lawmakers took action by writing to the Treasury and Labor Departments about Romney’s inventive tax shelter. In the letter, Reps. George Miller (D-CA), Sander Levin (D-MI), and Chris Van Hollen (D-MD), asserted that the wealthy should not be allowed to exploit tax deferments designed to provide for retirement by using them to shelter “massive assets.” The congressmen are asking officials to evaluate IRA contribution loopholes that allow for the “wrongful tax evasion” that is suspected in Romney’s case.

If all this really gets you angry about income inequality and the slow, painful death rattle of the American dream, I hope that you’ll turn yourself out at the polls come November.           Creative Commons License

    Also, Romney contributor Sheldon Adelson could gain as much as $2 Billion in tax savings under a Romney administration.