Mitt Romney's Tax Debacle

COMMENTARY | There is a lot of discussion over Mitt Romney and his releasing his tax returns. This seems quite strange to me. It seems strange because Mitt Romney knows he doesn't "work" -- he hasn't "worked" in many years. So Mitt Romney knows his income comes from investments and some speaking fees. America knows that Mitt Romney is wealthy -- certainly a member of that oft-referenced "1%." So to America it is no surprise.

So why is Romney taking his time releasing his tax records?

The fact that it's January 2012 and we have been having a 2012 Presidential primary campaign which has basically been going on since November 2008 may be the strangest thing of all. But the fact that Romney is now taking his time, belaboring this point that he is wealthy and other people aren't really doesn't do him any favors.

Numerous news sources have released articles suggesting Mitt Romney needs to "get out ahead of this story," which is sort of missing the point. Mitt Romney needed to "get out ahead" of this story months ago. If Mitt Romney really thought he had the wherewithal to win the Republican presidential nomination then he should have released his tax returns to public scrutiny months ago. This would have made this whole painful exercise which will be played out over the next 90-120 days (and really all the way up until the election in November) far less cumbersome.

But Romney doesn't have the confidence he needs. He's not sure that he will be able to win the Presidential nomination. He has dipped his toe into the water but doesn't want to do take the dive into the full-fledged morass of being the nominee until he is the nominee. It's almost as though he's playing a video game of his life, ready to just hit the reset button if the results don't suit his liking.

That's really no way for a leader to act, is it?

I don't begrudge Mitt Romney only paying 15 percent capital gains tax on his investments. Anyone who thought about it with any honesty wouldn't begrudge him either. Investment income is money made from money risked. There is no guarantee in investment income; Mitt Romney or anyone paying their 15 percent could have lost all of their money on their investment income. Plus investment income is money which has already been earned and taxed once. So the fact that Uncle Sam is getting his paws on your money a second time is a little bit galling.

But the fact that people are able to take the money they have earned, and through luck or fortune put that money back into the markets and maybe make 10 or 50 or 2000 times that much or more through investments is part of what makes America a great nation.

Which gets us back to Mitt Romney. Mr. Romney, if you really think you can be the nominee and run for President, do it. Pull the bandage off, go the Full Monty, release your tax returns all ready and let's talk about the issues and why you think you would be a better president than everyone else.

You have to take the leadership role when you're qualified for it. No one is going to hand it to you.