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The Political Debate About Taxes
The Political Debate About Taxes

AIR DATE: August 6, 2012

Senator Harry Reid has gone all in on the tax issue. In an interview with the Huffington Post this week, he accused Republican presidential candidate Mitt Romney of not paying income taxes for a decade. So is the Senate Majority Leader trying to keep up the pressure on Mitt Romney or is this a genuine issue? What impact would it have on the campaign if Mitt Romney had paid little or no taxes for a number of years? Nevada's senior senator has also got himself into a shouting match over Yucca Mountain. So what's happening in Washington?
Karoun Demirjian, DC correspondent, LV Sun
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    I could really care less which politicians pay taxes and how much; I'd guess that whatever was paid was "correct". The real issue here is that the tax code is without question biased and overly complicated in every imaginable way, and then some. Indeed, typical estimates of tax code compliance costs far exceed $1 for every $1 in taxes collected. This is a huge dead-weight burden on the economy. The tax code for both individuals and businesses needs to be simplified by several orders of magnitude. Just doing that would unleash tremendous economic growth, regardless of the tax rates.
    Tom HurstAug 3, 2012 09:37:01 AM
    8-3-2012. After viewing your program this evening, I suggest you do your research on Romney's Governor's race & you will find Romney did about the same thing to all those candidates as what Reid did to Romney. Romney needs to show more income tax returns and not just tell us to "trust him" . But I guess "politics as usual" is only good for the Republicans and Everyone else has to play "by the rules. As a former Republican, I'm ashamed what has been happening to a moderate party that I was once proud to be part of.
    Sharolyn CraftAug 3, 2012 20:02:02 PM
    CNN reported on AC360 last night that sources independent of Reid's source have confirmed Romney did not pay taxes.
    Mike LandisAug 3, 2012 09:14:54 AM
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