My so-called marginal tax rate
January 25th, 2012 by Ann Dalrymple
Unlike (too) many of my posts, this will be mostly about PR – the PR nightmare resulting from the presidential candidates’ lack of transparency and foresight, and near-terminal indecision, with special attention to Mitt Romney’s PR fumbles.
The quick lesson: if you’re in a public role, either as a business leader or a politician, plan for the worst. PR people can help you: we’re natural-born catastrophizers. We see downside everywhere; it’s part of the job description. First we think of something positive about a client’s products, services and value proposition and then we turn around and attack those assumptions from all angles. It’s the only way to prepare for the tough questions inevitable from the press and, at some point, consumers.
Apparently Mitt Romney thought he was immune from catastrophe. Either that or his PR counsel didn’t worry enough about worst-case scenarios, especially with regard to timing of disclosure of details of his taxes, financial status and the disposition of his investments. Perhaps he was holding the story for the fall when the Democrats would certainly raise a challenge, and his PR counsel went along with it (which seems inexplicable). Whatever. The strategy failed. His own side attacked, making things much easier for the incumbent and making the GOP look like a pack of clowns.
As a mostly-private person I am on Romney’s side. I wouldn’t disclose that information. But he chose a public life, and with the choice comes a diminution of personal rights, especially the right to privacy. (That’s a whole separate subject with Google’s Monday announcement.)
It doesn’t matter that Gingrich soaked Freddie Mac for millions as an ‘historian’ or that John Kerry hides behind Teresa Heinz Kerry and tried to fool people and dodge taxes by berthing his (New Zealand built, for shame) boat in Newport, R.I. It doesn’t matter that the Kennedys built their fortune rum-running, or the Bushes through banking and oil. It doesn’t matter that Bill Clinton is cleaning up, post House impeachment and general running around, giving speeches. What matters is Romney was caught flat-footed, and it’s critical for a politician to be on the front foot, anticipating everything.
PR, properly strategized and executed, keeps you on the front foot. It helps you prepare for questions you don’t want to answer. It makes you consider a position from many points of view. No one is immune from catastrophe. Plan accordingly.
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