Romey’s tax situation is dominating the news cycle, again. Just look at these recent headlines:
CBS News: Durbin: Romney needs to release tax returns
“On ‘Face the Nation,’ Senator Richard Durbin, D-Ill., challenged the presumptive Republican nominee for president to be more transparent with his finances, including releasing more years of his tax returns. ‘Mitt Romney has failed to make an economic disclosure that every president and candidate for president has made in the last 36 years. It goes back to his father, who disclosed 12 years of tax returns – he disclosed one,’ Durbin said.
The Hill: Obama campaign launches fresh attacks on Romney’s finances
“President Obama’s reelection campaign unveiled a fresh round of criticisms of Mitt Romney’s finances Sunday, shortly after several Democrats used the Sunday talking head shows to mount similar attacks. The campaign released a new video that slams Romney for alleged reliance on tax havens, signaling a strong push to capitalize politically on a Vanity Fair magazine story about Romney’s holdings outside the U.S. Vanity Fair last week reported on a corporation established in the 1990s in Bermuda and holdings in the Cayman Islands, among other aspects of Romney’s finances. ‘Did he put his money there to avoid paying U.S. taxes? We don’t know, because he won’t follow precedent and release his tax returns,’ says Ben LaBolt, a spokesman for Obama’s Chicago-based reelection campaign.
The Detroit News: What is Mitt Romney hiding?
“Mitt Romney’s money is in the news again this week after an investigative piece by Vanity Fair took a look at his convoluted finances. It’s a complicated article, so let’s unpack it in increments. The first questions that should be answered are about Romney’s IRA. It’s a lot different than most of ours. His IRA raises two key questions, both of which his campaign has consistently declined to answer: How, despite a $6000 legal limit on annual contributions to an IRA, did Romney’s IRA grow to over $100 million? And did he avoid any U.S. taxes on its enormous returns? […] the answer seems to be it’s possible to accrue that much money in an IRA by creative accounting and tax dodging using off-shore tax shelters. Of course, nobody knows for sure. However, these questions could be easily answered if Mr. Romney released his prior tax returns, as has been the precedent since his Dad, George Romney, established it back when he was running for president.
Indeed! What is he hiding? I mean, my gosh, this has all the appearance of impropriety. Where there’s smoke, there is surely a smoking gun of proof that Mitt Romney is guilty of gross tax malfeasance that would shock the nation….
DaTechGuy makes an interesting point, though:
While this info has not been disclosed to the public it HAS been disclosed to the IRS.
Maybe it’s just me but if the IRS saw something untoward during in Mitt Romney’s tax returns, I have a feeling that they would not hesitate for one minute to pursue it and extract every penalty that would be due.
Now Warren Buffett for example has a big back tax bill that both the Huffington Post and the Blaze has reported on. Maybe it’s just me but I’m thinking if Mitt Romney had a similar problem, if he owed taxes, or had a big penalty or had to go to court to defend such issues we might just have heard about it during the Massachusetts Gov Campaign, or during his Senate Campaign vs Ted Kennedy, or the 2008 Presidential Campaign, or even in the primaries in 2012…
…but we haven’t.