It’s all perfectly legal, but now we have another reason why Mitt Romney fought like crazy to avoid disclosing his tax returns.

Read the article from Reuters for all the gory details. All of this is tied to the “carried interest” exemption that is basically a gift to private equity managers on Wall Street.

Romney will get hammered for this and his overall tax rate in the campaign, and it’s a legitimate issue as Romney is arguing that taxes for the wealthy should be even lower.

Oh, and this is the same guy who just said he’s “not concerned about the very poor.” And yes, his tax plan calls for increasing taxes on the working poor.

I was planning a post on how the GOP deserved Newt Gingrich, as his nomination would be the culmination of a generation of Republican politicians who practiced the worst form of divisive politics. An Obama landslide over Newt would be the perfect ending to that story.

But Romney might be even better. He’s the poster child for the ridiculous conservative argument that all our problems will be solved by lowering taxes on rich people. Romney, in his attempt to hide his liberal past, has embraced right-wing dogma on practically every issue, including taxes. Now, the public will see exactly what today’s conservatives stand for, and they’ll have a walking and talking embodiment of the type of people who benefit from these policies.

I don’t suspect they’ll like what they see. This election will likely be very difficult for Obama if Romney is the nominee, but the more I see of him, the more he looks like a Mike Dukakis in terms of political skills. Romney has real vulnerabilities in states like Ohio where he supported the anti-union law that got repealed by over 60% in a referendum. If Romney loses Ohio it’s likely he can’t win.

This is one of the funnier Mitt Romney flip-flop videos.

You can’t really blame Ann Coulter and others on the right for their reactions to Newt’s victory in South Carolina. But the right deserves this. They’ve been built on hatred and contempt for the left and for Barack Obama, so this is what they get.

Mitt Romney has had a bad week, and his “maybe” answer regarding his willingness to release tax returns for prior years like his father did many years ago will likely go down as one of those iconic campaign moments that help define a candidate.

It was obvious to me for the past month that this would be a real issue. The tax code has been manipulated for years by lobbyists, and wealthy financiers like Romney get huge breaks, including the indefensible carried interest.

Romney is particularly vulnerable on this issue as he’s proposing to lower tax rates on the wealthy even more. Now he has compounded the problem with his muddled answers.

The ad above was created quickly after his disastrous debate performance. Right now the polls suggest he’ll lose the South Carolina primary to Newt Gingrich.

It’s been a mixed bag for Newt Gingrich today. Rick Perry dropped out of the race and endorsed him, but now his second wife, Marianne Gingrich, has come forward to give details about their marriage.

You can watch the video above, and the full interview will air tonight on Nightline.

Basically, Newt Gingrich was having an affair during his second marriage with Callista, who later became his third wife. According to Marianne, Newt wanted an “open marriage” so that he could continue the affair.

I’m not a big fan of the private sexual life of a politician being an issue in campaigns. There are plenty of men who have had affairs who managed to be good presidents. The hysteria over Bill Clinton’s personal shortcomings was idiotic, as it led to impeachment hearings.

But we know that these things matters to some voters, particularly conservative and religious voters. Newt’s marital problems are well-known, but this salacious detail regarding his desire for an open marriage will certainly garner attention. Had Bill Clinton run again, his personal life and the Monica Lewinsky affair certainly would have been issues as well.

Also, there are few people as contemptuous as Newt Gingrich. He’s always willing to pass judgement on others, often in the harshest terms, so if anyone deserves this scrutiny it’s him. He doesn’t have a warm personality or a record of good will to fall back on.

It’s going to be fascinating to see how this plays out. Gingrich has a real shot at derailing Mitt Romney, but he needs to get past this story. If he can’t, then perhaps Rick Santorum can emerge as the last obstacle to a Mitt Romney nomination.

Rick Perry acknowledged that Newt isn’t perfect and he stressed the importance of forgiveness and redemption. Let’s see how the evangelical voters of South Carolina feel about it.

Rick Perry’s embarrassing foray into national politics will end today according to multiple press reports. In one of the worst fields of presidential candidates in modern political history, Rick Perry stood out as one of the chief yahoos in the confederacy of dunces.

This shouldn’t have been a surprise, as Perry’s main claim to fame leading up to 2012 was his suggestion that the State of Texas might secede from the union.

His debate “performances” have become legendary. He made George W. Bush sound like Lawrence Olivier. He consistently made outrageous statements, like this past week when he suggested that the leaders of NATO ally Turkey were “Islamic terrorists.”

Perry hoped that right wing hysteria might sweep him to the nomination, but Republican voters recoiled at his utter incompetence. You can’t rally voters if you can’t manage a coherent sentence. This week, Erick Erickson of RedState.com urged Perry to drop out. Understandably, conservatives do not want Mitt Romney as their nominee. Newt Gingrich is also a disaster for the GOP, but at least he has some credibility among conservatives and can handle himself in a debate.

Rick Perry finally realized that he had no chance in South Carolina and conservatives needed to stop splitting the anti-Romney vote. Perhaps he’s not quite as dumb as he sounds.

The “oops” candidate now leaves the national stage as one of the biggest laughing stocks in American politics.

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I have a feeling this story is going to get a lot of coverage again if and when Mitt Romney locks up the GOP nomination. Watch the video as Rachel Maddow revisits the story of Mitt Romney and the unfortunate incident when he placed his dog on the roof of his station wagon for a 12-hour road trip. At one point the dog became so scared or irritated that he defecated on the roof of the car. The story is pretty gross.

There are web sites sprouting up around the web (see Spreading Romney) and Newt Gingrich is also bringing this up in a web ad.

Small things like this can have a big impact on a campaign. With the Internet, you can see dog lovers making this a big issue. It doesn’t help that Romney already comes across as a stiff robot.

The Mitt Romney flip-flop ads just write themselves as Romney is the most brazen flip-flopper in modern political history. He’s a total opportunist.

While John McCain has now endorsed Romney, it’s fun to see one of the ads he ran against him back in 2008.

With his surprise showing in Iowa, Rick Santorum has become the new hope of the conservative movement, or at least some in the conservative movement. Santorum has been getting pummeled at conservative sites like RedState.com for his past support for pork barrel spending and other big spending programs during the Bush years when the GOP abandoned nearly everything they claimed to stand for regarding the size of government. Santorum has not joined the anti-earmark bandwagon pushed by the Tea Party, and Erick Erickson keeps hammering him for that.

At least one prominent conservative, however, is offering support to Santorum – George Will. Will offers up a column defending Santorum’s record, so let’s see if that changes the minds of some Tea Party members who are skeptical of Santorum.

Joe Scarborough just wrote a column for Politico in which he discusses the Iraq War. As he acknowledges in the article, he was a supporter.

Like 75 percent of Americans and most of Congress, I supported the war with Iraq. Much of that support was the result of selected intelligence from the Bush administration. The White House suffered a systemic breakdown, with a vice president and secretary of defense more focused on justifying a war than showing the type of caution our troops deserve before being sent to fight in a foreign land.

George W. Bush was also guilty of gross negligence, in part, by failing to reach out to the two greatest living experts on warfare in the Persian Gulf. Eight years later, it is still hard to believe that the commander in chief refused to seek the advice of his father or his secretary of state, who had run a searingly efficient military campaign a little more than a decade earlier — in the same region, against the same dictator. But as Bush told Bob Woodward, there was no reason to ask Colin Powell’s advice because he knew the general opposed the invasion. Bush 43 also told Woodward that there was no need to seek out Bush 41’s wisdom since he had his “Heavenly Father” to consult.

George W. Bush’s decision to remain isolated and willfully ignorant of these great leaders’ insights led to a disastrous war that could have been avoided. Instead, the invasion of Iraq was launched on March 19, 2003. And despite what media outlets and Democratic politicians would like you to believe, the war began with greater bipartisan support than the 1991 Gulf War.

I guess it’s nice to hear Scarborough acknowledge that he supported this fiasco, but this statement is somewhat misleading. Notice how he mentions that 75% of Americans supported the war. If you didn’t know Scarborough’s past, you might assume he was just one of many Americans who went along with the President. But he was much more than that, as he had his own cable show on MSNBC at the time, Scarborough Country, and he used that platform to become one of the loudest cheerleaders for the war. And, he enthusiastically mocked people who were against it. Joe Scarborough contributed to a climate that made it more difficult for rational voices who opposed the war and questioned the Bush/Cheney/Rove propaganda machine on WMD. He didn’t just go along; he helped lead the parade.

It was obvious to some of us that Bush was cherry-picking the intelligence. If you dug a little, there were journalists who were questioning the intelligence, but most people on network television and in the newsroom of The New York Times were either too stupid o