{"id":14727,"date":"2012-07-19T06:59:59","date_gmt":"2012-07-19T10:59:59","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=14727"},"modified":"2012-07-19T06:59:59","modified_gmt":"2012-07-19T10:59:59","slug":"ignoring-the-law-for-the-sake-of-politics","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=14727","title":{"rendered":"Ignoring The Law For The Sake Of Politics"},"content":{"rendered":"

Hot Air<\/a>\u00a0reported yesterday that Congressional Democrats are in the process of putting together a law requiring all presidential candidates be required to release ten years of tax returns.<\/p>\n

The article reports:<\/p>\n

In the House, Rep. Sander Levin<\/span><\/span><\/a> (D-Mich.) is proposing legislation that would require presidential candidates to release 10 years worth of tax returns and disclose any overseas investments.<\/strong><\/p>\n

And in the Senate, Sen. Dick Durbin<\/span><\/span><\/a> (D-Ill.) and Sen. Carl Levin<\/span><\/span><\/a> (D-Mich) are proposing beefing up financial disclosure forms for all candidates for federal office to require disclosure of overseas investments, including Swiss bank accounts.<\/strong><\/p>\n

The House bill would also require new disclosure of off-shore investments but specifically targeted the tax return issue. Rep. Sander Levin said Romney should \u201cset the example\u201d for future candidates and release his returns. But then he said the law must be changed so release of tax information is not at the discretion of candidates.<\/strong><\/p>\n

\u201cI don\u2019t think there\u2019s any question now in terms of the responsibility of the candidate,\u201d he said. \u201cI think the law ought to now reflect that responsibility.\u201d<\/strong><\/p>\n

This is garbage. According to Askville by Amazon<\/a>:<\/p>\n

Tax Returns and Backup Documentation: Whether personal or business, the general rule is seven years. This may seem like a long time to hold onto these papers, but think of it as an annual cleaning out as new returns are filed. One in \u2026 one out and the old adage of \u201cbetter safe than sorry\u201d will apply. The IRS has 3 years to audit you from the date you file your taxes; however, there are exceptions — these include:<\/span><\/span><\/strong><\/p>\n

False Return – Tax may be assessed at any time, without limitation.
\nWillful attempt to avoid tax – Tax may be assessed at any time, without limitation.
\nNo return – Tax may be assessed at any time, without limitation.
\nExtension by Agreement – Assessment period defined by agreement between IRS and taxpayer.
\nTax resulting from changes in certain income or estate tax credits – No timeframe defined.
\nTax resulting form distributions or terminations from a life insurance company – 3 years
\nTermination of private foundation status – Tax may be assessed at any time, without limitation.
\nSubstantial omission of items (generally defined as over\/under reporting of income by 25% – 6 years.
\nThese Limitations of Assessment and Collection are defined in federal law. Please see 26 USC 6501. <\/span><\/span><\/strong><\/p>\n

Please note–unless there is suspicion of a crime or a serious problem, the IRS only requires people to even keep three years of tax returns. The maximum requirement of the IRS is 6 years. This law is aimed at one person and one person only. That fact alone is a threat to the American legal and political systems. It is law that targets Mitt Romney during a political campaign. This is disgusting.<\/p>\n

Remember, these are the same people who\u00a0haven’t been able\u00a0to find the time to pass a federal budget during the past three years. I truly think they have their priorities a little backwards.<\/p>\n

<\/strong>\u00a0<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Hot Air\u00a0reported yesterday that Congressional Democrats are in the process of putting together a law requiring all presidential candidates be required to release ten years of tax returns. The article reports: In the House, Rep. Sander Levin (D-Mich.) is proposing … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[352,3512,3514,3513,3515],"class_list":["post-14727","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-mitt-romney","tag-rep-sander-levin","tag-sen-carl-levin","tag-sen-dick-durbin","tag-tax-returns-and-backup-documentation"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/14727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14727"}],"version-history":[{"count":1,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/14727\/revisions"}],"predecessor-version":[{"id":14728,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/14727\/revisions\/14728"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}