President Obama Releases 2011 Tax Returns; Romney Should Release His Tax Returns
- President Obama and Vice President Biden released their tax returns today and are calling on Mitt Romney to do the same. The President is making the last 12 years of his tax returns publicly available, while Romney has only released one year.
Please see this New York Times article on the subject.
- Each week, new questions are raised about whether Romney took unusual steps to avoid paying his fair share in taxes. Now we’re learning more about the loopholes Romney may be exploiting to hide his assets and investments from public view. Romney should level with voters and release all of his tax returns.
We can’t answer the many questions raised by Romney’s tax returns because he didn’t release enough of them. Romney gave John McCain’s campaign 23 years of tax returns when he was vetted for vice president, but now Romney believes the American people are only entitled to one full year’s worth of returns. The Romney campaign won’t say when Romney will release this year’s taxes, only that “in previous years, Mitt Romney has sought an extension.”
Romney’s limited and insufficient tax releases defy precedent set by presidential candidates. His father released 12 years of tax returns, President Bush released returns back to 1991, and President Obama released eight years of tax returns during the 2008 campaign. They also further weaken the central premise of his candidacy.
Romney has asked Americans to elect him based on his time as a corporate-buyout specialist, but he refuses to share his tax returns from that period. They could help answer questions like whether Romney exploited loopholes in the tax code by keeping his investments off-shore, or why he opened a Swiss bank account and established a corporation in Bermuda.
The more the American people learn about Mitt Romney’s finances, the less they trust him to lead the country.