What we learn from tax returns

Presidential election years are always exciting because we get to see other peoples’ tax returns.

Those of you who are older may recall how Bill Clinton taught us not to be ashamed of writing off underwear donations. It opened up a whole new world for me. Before that, I’d been drawing the line at dress pants.

In 2012 Mitt Romney taught us that you can dramatically cut taxes by giving away close to 20 percent of your income to charity, which put even the Pope to shame. But that just made me feel cheap. I couldn’t even bring myself to write off the dress pants after that.

But now, here comes Jeb Bush with a whole new approach, releasing 33 years of tax returns. That’s the biggest disclosure of confidential documents since Edward Snowden.
And on average he paid a federal tax rate of 36 percent. One year it was 40 percent. Which I found shocking for a rich guy.

This is a race for the Presidency. How can Valdimir Putin take seriously a guy who lets the IRS get that much of his money?

But it does tell us a couple of things. First, that Jeb Bush has been planning to run for President for at least 33 years. And second, at that high tax rate, he still has plenty money left.

Personal wealth of at least $19 million. Even though he also said &#8212 what did he also say, CBS reporter Dan Raviv?
“He adds that tax codes stifle opportunity,” Raviv previously reported.

I dunno. With $19 million in his nest egg, that might leave a lot of people wishing their opportunities were similarly stifled.