Indecision 2012 - I Know What You Did Last Quarter

  • Aired:  01/24/12
  •  | Views: 276,489

Mitt Romney justifies making more in one day than the median American family makes in a year, while paying the same tax rate as the guy who scans his shoes at the airport. (6:57)

[CHEERS AND APPLAUSE]

WELCOME TO "THE DAILY SHOW".

MY NAME IS JON STEWART.

[CHEERS AND APPLAUSE]

FINE SHOW TONIGHT.

MY GUEST TONIGHT FROM THE GREAT

STATE OF MASSACHUSETTS SENATE

CANDIDATE ELIZABETH WARREN IS

GOING TO BE ON THE SHOW TONIGHT.

AND SHE AND I WILL ARM WRESTLE.

[CHEERS AND APPLAUSE]

I BEAT HER, I GET TO JOIN A

LEAGUE.

[ LAUGHTER ]

AS YOU KNOW, TONIGHT IS THE

PRESIDENT'S STATE OF THE UNION

ADDRESS.

WE'LL HAVE MORE COVERAGE OF

AMERICA'S YEARLY EMPTY GESTURE

TOMORROW.

[ LAUGHTER ]

FOR TONIGHT EXCITING NEWS.

MITT ROMNEY'S 560 PAGE 2010 TAX

RETURN HAS BEEN MADE PUBLIC.

IT'S AN EXCITING TOPIC THAT IN

NO WAY NEEDS ZAZZING UP.

LET'S GET RIGHT TO IT IN

TONIGHT'S SEGMENT --

[ LAUGHTER ]

[CHEERS AND APPLAUSE]

AS YOU KNOW, WHEN IT COMES TO

HIP AND WHEN -- IF AND WHEN MITT

ROMNEY WOULD RELEASE HIS TAX

RETURNS HE HAS BEEN NOTHING IF

NOT CONSISTENT.

>> YOU WON'T RELEASE YOUR TAX

RETURNS?

>> I DON'T INTEND TO RELEASE TAX

RETURNS.

[ LAUGHTER ]

>> Jon: MITT?

>> TIME WILL TELL.

IT'S NOT SOMETHING I'M PLANNING

TODAY BUT NEVER SAY NEVER.

[ LAUGHTER ]

>> Jon: MITT ROMNEY?

>> WHAT HAS HAPPENED IN HISTORY

IS PEOPLE RELEASE THEM IN APRIL

OF COMING YEAR.

THAT'S WHAT I'LL DO.

>> Jon: MITTHALAMEU THE THIRD

YOUR TAX RETURNS, SIR!

>> I'LL DO THAT ON TUESDAY OF

THIS WEEK.

>> Jon: THANK YOU.

[CHEERS AND APPLAUSE]

I'M NEVER GOING TO DO IT.

I'LL DO IT IN APRIL.

HERE THEY ARE.

UNTIL LAST NIGHT ROMNEY RELEASED

THE QUICKEN.

>> THE REMEMBER CANDIDATE PAID

ABOUT $6 MILLION IN TAXES OVER

THE PAST TWO YEARS.

>> Jon: $6 MILLION OVER TWO

YEARS THAT'S LIKE ONE BIONIC

MAN.

THAT'S LIKE WHO!

>> HE MADE A COMBINED INCOME IN

THOSE TWO YEARS OF NEARLY $43

MILLION.

>> Jon: SO $6 MILLION IS

ONLY -- CARRY THE --

>> HIS OVERALL EFFECTIVE RATE

WAS 13.9%.

>> Jon: NO, THAT'S WHAT I GOT.

AT FIRST I HADN'T CARRIED THE

MATH.

[ LAUGHTER ]

13.9%.

THAT'S A TAX RIGHT FOR SOMEONE

WHO MAKES $15,000 A YEAR NOT

SOMEONE WHO MAKES --

>> THE COMBINED INCOME COMES OUT

TO $56,986 A DAY.

[AUDIENCE REACTS]

>> Jon: THAT'SES ALMOST $--

THAT'S ALMOST $57,000 A DAY.

HERE IS THE MOST AMAZING PART:

THE GUY DOESN'T EVEN HAVE A JOB.

THAT IS INTEREST.

THAT IS THE KIND OF MONEY THAT

MIGHT LEAD A MAN TO MAKE

STUPIDLY EXTRAVAGANT OUT OF

TOUCH IMPULSE BETS.

>> $10,000 BUCKS?

$10,000 BET?

>> Jon: SO HIM.

HE THROWS THAT -- I'LL BET YOU

WHATEVER I MAKE IN THE TIME IT

TAKES ME TO FINISH THIS

SENTENCE.

$10,000.

$12,000, TAKE THE BET BEFORE I

KEEP TALKING.

HOW IN THE WORLD DO YOU MITT

ROMNEY JUSTIFY MAKING MORE IN

ONE DAY THAN THE MEDIAN AMERICAN

FAMILY MAKES IN A YEAR WHILE

PAYING AN EFFECTIVE TAX RATE OF

THE GUY WHO SCANS YOUR SHOES AT

THE AIRPORT.

>> I PAY ALL THE TAXES LEGALLY

REQUIRED AND NOT A DOLLAR MORE.

I DON'T WANT SOMEONE AS THE

CANDIDATE FOR PRESIDENT WITH WHO

PAYS MORE TAXES THAN HE OWES.

>> Jon: NO, BUT YOU MIGHT WANT

ONE WHO THINKS THAT IS WRONG.

[CHEERS AND APPLAUSE]

HERE IS THE LITTLE GAME ROMNEY

GETS TO PLAY.

HERE IS THE GAME.

HERE IS THE GAME.

THIS IS THE GAME THAT MITT

ROMNEY PLAYS.

HIS TAX BURDEN IS ABSURDLY LOW.

BUT HE IS JUST FOLLOWING THE

PROVISIONS IN THE TAX CODE.

THERE'S NOTHING HE CAN DO ABOUT

IT.

HE'S JUST A LAW ABIDING CITIZEN.

HERE IS WHAT YOU DON'T KNOW

ABOUT THE RULES.

IN 2007 THERE WAS A BIPARTISAN

BILL TO MAKE PRIVATE EQUITY

VETTORS LIKE ROMNEY PAY THE

ORDINARY INCOME TAX RATE OF 35%

ON THE CARRIED INTEREST EARNINGS

INSTEAD OF 15% THEY'VE BEEN

PAYING SINCE 1957.

FUNNY STORY.

>> DO YOU SUSPECT THAT THE TAX

TREATMENT FOR CARRIED INTEREST

WILL BE CHANGED?

>> IF I TELL YOU THE NUMBER OF

LOBBYISTS HIRED IN THE LAST TWO

MONTHS TO WORK THIS ISSUE, WOULD

YOU KNOW THAT IT WOULD BE VERY

RISKY FOR ME TO PREDICT WHAT

WOULD HAPPEN ON THIS.

>> Jon: MAY I MAKE A

PREDICTION BECAUSE I'M IN THE

FUTURE?

[ LAUGHTER ]

YEAH, THEY KILLED IT.

[ LAUGHTER ]

BY THE WAY, WHO WERE THOSE

LOBBISTS WHO HAD SO MUCH

INFLUENCE THAT CHARLIE GRASSLEY,

THE RANKING GUY, EXONED THE BILL

TO ADJUST THE TAX RATE?

WHO ARE THE LOBBYISTS TO

POWERFUL THAT THIS GUY

(bleep)S HIS BRICKS LIKE HE'S

TALKING ABOUT VOLDEMORT WHEN HE

BRINGS THEM UP.

IT WAS A LOBBYING GROUP PAID FOR

BY COMPANIES INCLUDING BAIN

CAPITAL.

ROMNEY IS NOT BAIN AND BAIN IS

NOT ROMNEY.

>> HAVE YOU COME OUT ON THE

PROPOSALS COMING OUT THE

DEMOCRATIC CONGRESS TO RAISE

TAXES ON HEDGE FUNDS PRIVATE

EQUITY FUNDS, VENTURE CAPITAL

FUNDS AND SO FORTH?

>> I DON'T THINK IT'S A GOOD

IDEA TO RAISE TAXES.

>> Jon: YEAH, CAUSE THEY ARE

YOUR TAXES!

NOT TO SAY MITT ROMNEY

DOESN'T --

[ APPLAUSE ]

NOT TO SAY MITT ROMNEY DOESN'T

BELIEVE THE TAX SYSTEM NEED NOT

BE REFORMED.

THERE ARE CERTAIN TAXES HE FEELS

SHOULD BE RAISED.

>> 47% OF THE AMERICANS PAYING

NO INCOME TAX.

THAT'S A HECK OF A BIG NUMBER.

>> Jon: YEAH THE TAX CODE IS

SO UNFAIR TO YOU.

TO CLARIFY THE MILLIONS OF

DOLLARS THAT MITT ROMNEY SAVES

BECAUSE OF THE AGGRESSIVELY

LOBBIED 15% TAX RATE IS LEGAL

AND FAIR.

HE'S ENTITLED TO THAT FROM THE

GOVERNMENT NO STRINGS ATTACHED.

WHERE DID ROMNEY STAND ON OTHER

SUCH GOVERNMENT LARGESSE?

>> I LIKE THE IDEA THAT PEOPLE

RECEIVING WELFARE ASSISTANCE

HAVE THE RESPONSIBILITY OF

WORKING.

I THINK HE WANTS US TO BE A

SOCIETY WHERE THE PEOPLE FEEL

THEY ARE

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