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Mitt doesn't want to reveal his tax returns, as they show deductions for his 5 wives:)
I think that the main thing that Mitt is trying to hide is probably NOT anything illegal...
Rich people get tons of deductions and benefits on their taxes that normal people do not get. If he releases his tax returns... people will see TONS of exemptions and deductions and other things that Joe Sixpack doesn't get.
Another thing people don't understand: in a really bad economy the rich people get to deduct their losses from capital gains (stocks) so that it reduces their income to zero. If they have more loss than income in one year they get to carry-forward that loss to the next tax year. They can keep doing this for years.
So when things do get better they STILL won't pay taxes. Hurray for them. No taxes when it is bad and no taxes when things get better. Win-Win for them. Lose-Lose for the United States.
(This is in addition to the fact that if they DO make money on capital gains they don't pay the normal tax rate on that income.)