The fact that Mitt Romney has declined to release more than one year of tax returns amounts to proof that he’s hiding something politically damaging, the pro-Obama super PAC Priorities USA Action argues in a memo set for release this weekend.
Authored by former White House spokesman and Priorities USA strategist Bill Burton, the document aims to keep the pressure on Romney over his decision to make public only his 2010 and as-yet-uncompleted 2011 returns to the public.
Burton outlines why the tax issue is a lose-lose for Romney, arguing that the Republican “could decide to face months of bipartisan criticism for a failure to release his tax returns or he could confirm damaging information including further tax avoidance, new offshore accounts, and an even lower tax rate in previous years.”
“If there were nothing damaging in his tax returns, Romney would have already released them,” Burton writes in the memo shared with POLITICO. “Instead, Romney appears to have decided that the information in his returns is so problematic that he will endure criticism from the right and left for his refusal to follow a well-established standard of transparency for Presidential candidates.”
Because Romney hasn’t released his returns, it’s an exercise in speculation to hint at what might be in his private financial records. But Burton’s memo signals that Democrats are prepared to go in that direction: pointing out to the voters a range of things that Romney might not be letting them see.
Among the possibilities, according to Priorities USA:
Extent of Romney tax avoidance in the Cayman Islands – Based on thorough reporting, we already know that Romney used funds based in the Cayman Islands that help him avoid paying a specific tax. This directly contradicts what the Romney Campaign told the public when confronted about Romney’s holding in the notorious tax haven. Tax records could clarify how long and to what extent Romney has been employing this technique.
Unreported foreign accounts – In just one year of tax returns, it was revealed that Romney had a multi-million dollar Swiss bank account as well as holdings in notorious tax havens in Europe and the Caribbean. Tax records would show whether Romney has a personal interest in the US Government’s efforts to crack down on foreign tax havens.
Romney’s lowest rate – In 2010, Romney was already beginning his second run for President and certainly had a team of lawyers and accountants review his tax returns. While Romney paid only 13.9% in taxes in 2010, it is likely his rate previous years was even lower, possibly even zero. Tax records would show Romney’s lowest tax rate and would provide context for his opposition to proposals like the Buffett Rule.
Romney’s campaign has consistently described the tax issue as a distraction – an attempt by Democrats to divert attention from a bad economy. That’s a judgment that will ultimately be made by the voters, and at some point in the coming months both Romney and his Democratic opponents will have to take stock of whether the tax issue is resonating, and whether any course correction is necessary.
(Source: Politico)
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9 Responses
This is quite humorous as it’s coming from the Democratic/Obama campaign. After all, it was Mr Obama himself who wouldn’t release his birth certificate for years leading to much speculation and many questions that haven’t been answered until today!
Stop engaging in class warfare and cease the attack on success. We want to hear something positive from a failed administration that is afraid to do something bold to change course and stop this mega-spending and hemorrhaging debt. Yes. Mitt Romney is rich (after years of hard work) and his wife never worked out of the house, but being a community organizer or sitting on school boards (and pocketing millions) is not the work an average American does.
Mr. Burton, we Americans actually remember the pre-Obama days when every individual hoped to be successful and worked hard to achieve the American dream. Romney is the man that proves that the American dream works if the country is pro-enterprise. Why would he pay more taxes to pay the debt that Obamacare and other failed (so-called stimulus) policies if he can use the money to give charity to the needy? The Obama administration (a majority of which pay no taxes…) would rather support the bureaucrat in Washington or the investor in China rather than the poor, unemployed (black!!!) woman in South Carolina who lost her job because of their failed policies; Romney would rather give her the money he saved on his return so that she can pay her bills, and so would I!
What a chutzpah; the most secretive president in recent history, who refuses to release anything about himself, is in no position to demand anything from his opponents.
“If there were nothing damaging in his tax returns, Romney would have already released them,”
That’s what people said about 0bama’s birth certificate, and for more than two years he refused to release it, but when he finally did there was nothing unusual in it.
this is coming from the obama white house so it is utterly WORTHLESS!!
WOW!!!!! And the fact that obama has not released the original of his birth certificate, social security card, selective services card, or any of his high school college records? notes from his time in the Chicago state legislature, thesis papers, THAT doesn’t show he is hiding anything?????????????
all is fair in the political game.
It is a matter of “spin”. Romney is filthy rich – his family has gone for desperately poor two generations ago, to filthy rich – due to the effors of himself and his father. That’s really something to be proud of. “Rags to riches” is the American way – something that the Democrats don’t approve of since it doesn’t match their view of America.
Romney would be best off going for radical tax reform, similar to Cain’s – saying that while he can exploit the loopholes in the current system, few others can. He needs to position Obama to defend the current system, since the current system is unfair and inefficient and not a good producer of steady revenue.
The 0bama campaign was planning to go after Romney because his grandfather was a polygamist, until someone pointed out that 0bama’s father was one too (which is why his parents’ marriage was invalid and he is illegitimate).