Ronald Reagan: Welfare Queen of Montana (or: Tax Tips for Mitt Romney)
&Ndash; one year, despite being a wealthy man. And yet, he went on to run – twice – for the highest office in the land, without the revelation making any sort of dent at all. Learn from the master, Mitt.It happened like this. One Friday in late April of 1971, a student-operated radio station at Sacramento State College reported that Reagan's 1970 California tax return claimed the governor owed precisely zero dollars and zero cents.
Brazen stuff. For one thing, Gov. Reagan pulled his tax dodge during an election year, when he was running for a second term. For another, his big crusade after reelection was fighting the Democratic legislature’s attempts to institute tax withholding on salaries to make up for a budget shortfall. He wanted people should know exactly what they were paying; "taxes should hurt," was his slogan.
The following week, the story was the talk of the State Capitol. At Reagan's weekly press conference, after he announced the state was running so short of cash that by fall it would be forced, for the first time since the Great Depression, to rely on outside borrowing to pay the bills – because, of course, Democrats were "playing fast and loose with the fiscal integrity of this state for purely partisan advantage" – a newsman asked him if it was true that he himself had contributed nothing to state coffers the previous year. Obviously taken aback, he responded slowly: " You know something? I don't actually know whether I did or not. I'd have to check up .... I have a fellow making it our for me — a lawyer makes it out." He added, "I know in the federal the last couple of years I got a rebate back."
Five minutes after the press conference his office released a one-sentence statement: "Because of business reverses of Gov. Reagan's investments, he owed no state income tax for 1970."
Well. The UPI wire service did the accounting. It turned out that, in addition to his $41,100 salary as governor, for which a Californian would ordinarily owe $2,700 without deductions, Reagan had sold 236 acres of his Yearling Row Ranch in the Malibu Mountains in 1968 to 20th Century Fox studios for a reported $1.93 million. (To figure these sums in current dollars, multiply by a factor of about 5.5). He refused to say how this all added up to an absence of taxable income. He also refused to make his tax records public, or say what the "business reversals" were – refused with a vengeance. Arriving at the Capitol the next day, asked whether he would clarify his federal tax status, he answered, "Why should I have to clarify the status? Frankly, I think the Capitol press corps demeaned itself a little by engaging in invasion of privacy." (Turn the question around, playing the victim card against the wicked jackals of the press: Newt Gingrich would absorb the lesson well.
United Securities Bank Fresno Ca - News
Not many people remember this now, but when Reagan was governor of California in the early 1970s, it came out that he'd paid no state income taxes – none – one year, despite being a wealthy man. And yet, he went on to run – twice – for the highest
California Attorney General Kamala Harris's office last week called it “inadequate for California.” Hong Kong's Tiger Court Fight Tests Regulator's Offshore Reach Hong Kong's securities watchdog is fighting to defend the way it tackles offshore targets
Kluge made an offer: Would Eller like to buy the Phoenix, Tucson and Bakersfield and Fresno, Calif., operations of his company for $5 million? There was just one thing, Kluge added. Eller would have to have the money in 90 days. The offer was crazy,
NOTSOFASTED • Fresno, California • 9 hrs ago welcome to America, we have the best politicians money can buy!!!! VERUM • 7 hrs ago If you don't like this 5 million dollar 'bribe" demand a repeal of the Citizens United Ruling!
He started his legal career at one of the largest law firms in the United States in New York and has represented investment and commercial banks, energy companies and high-tech firms. Shaohui advises clients in complex financing and merger and