On PoliticsNation with Reverend Al Sharpton, I joined Bloomberg’s Joshua Green and Huffington Post’s Ryan Grim to discuss Mitt Romney’s continued stonewalling on the tax return issue and asked these questions: Is it possible that Romney participated in the 2009 IRS Amnesty program for Americans with undeclared off-shore bank accounts? If so, might this doom his campaign? Some viewers objected to my “boneheaded partisan attack.” As you read this, change the name ‘Romney’ to ‘Obama’, then ask if GOP supporters would look the other way.
From PoliticsNation with Reverend Al Sharpton
GOP split over Romney’s tax returns
PoliticsNation | Aired on July 18, 2012More Republicans are calling for Mitt Romney to release his tax returns, despite criticism from Rush Limbaugh and other party members. Romney is still shrugging it off, but how long can he dodge the issue? Ryan Grim of the Huffington Post, former judge Catherine Crier, and Josh Green of Bloomberg Business Week discuss what could be learned from Romney’s tax returns.
In 2008, Romney showed the McCain campaign his tax returns for 23 years. (It is not known how much, if any, supporting documentation was included.) He has made his 2010 return public but without the FBAR document detailing his off-shore accounts, and he promises to release the 2011 return in October. But Romney is adament that only 2010-11 will be made available to the American people. So, to date, ‘outsiders’ have seen part/all of 25 annual IRS filings. Why is Romney stonewalling despite pleas for complete disclosure from leading conservatives and publications like WSJ and National Review?
Well, it is all or nothing. He cannot agree to cough up those documents reviewed by the McCain campaign without releasing ’08-’09. Obviously, it is logical to focus on these years.
Some suggest he may have suffered sufficient setbacks in the ’08-’09 collapse to zero out his tax bill during that period. I believe his low tax rate is already ‘built into the political equation and that this information would be damaging to his campaign, not devastating. However, another possibility exists.
In 2009, cracks appeared in the Swiss iron curtain. The IRS acquired closely guarded, seemingly inviolate information about unreported US dollars stashed overseas. Federal prosecutors began filing cases and obtained some high-profile convictions. That year, amnesty was offered to citizens who voluntarily disclosed these accounts. About 15,000 people came forward, tendering billions in unpaid taxes, fines and penalties. (The offer was extended again in 2011-12.)
I do not know if Romney ever failed to report his off-shore accounts to the IRS. If so, I don’t know if he sought amnesty in 2009 to avoid the previously unfathomable prospect of criminal prosecution. But as a former criminal prosecutor and civil judge, I do know the inquiry is valid. And if he did? Then he must guard those returns with his political life. Watch the segment clip above and let me know your thoughts on Twitter.
Additional Info:
Prediction: Romney Will Not be the Republican Nominee
IRS Offers New Amnesty For Offshore Tax Cheats
MSNBC Guest: Mitt Romney Could End Up Withdrawing From GOP Race Before Convention
Catherine, I just came across your month-old post via Reddit. There is simply no explanation besides tax amnesty that could explain the political damage Romney is willing to take by not releasing the returns.
If he took the amnesty then Romney committed at least three felonies: tax evasion, filing a false return and filing a false FBAR. That would make Romney a felon. Amnesty just prevents him from being a “convicted” felon.
There is only 1 explanation that matters- Romney has something incriminating- be illegal or just contrary to his narrative that he is a successful businessman that can “turn our economy around” by giving tax breaks to the “job creators”.
The details, while important really make no difference(ie if he took advantage of the amnesty program because he hid taxes, or he used loopholes that while legal could be politically questionable).
Romney can not campaign as a tax reformer and successful businessman,if he refuses to let his history be scrutinized. End of story. Obama is a “failure” is simply not a campaign strategy, the only thing, else Romney seems to be willing to be “open” about.
I found the following comment by Txfemmmom on HuffingtonPost that was spot-on:
http://www.huffingtonpost.com/paul-abrams/prediction-romney-will-no_b_1684234.html
“My tax accountant filled me in on the forms and the reasons Romney would want to hide that particular form, even though it is considered part of the tax return for the year, and your deduction may be only too correct. She explained the Romney camp admitted, finally, that the Swiss Bank account had existed since at least 2003, and probably had not been reported on tax returns prior to the 2010, as required by law.
The bank involved, along with several others and the Swiss authorities, had finally agreed to reveal the names of U. S. citizens who held the accounts in Switzerland, and the account would have been revealed anyway. The IRS had issued an amnesty program where those who had illegally maintained those accounts without reporting them, as required by law, were granted an amnesty period during which they could self-report, pay applicable taxes, and not be tried in U. S. courts for having evaded taxes and for having maintained illegal, unreported accounts.
These individuals were going to be reported if they did not self-report, so they weren’t doing it just to be “nice”. They were doing it to keep from being prosecuted. Additionally, she reported the same individuals would have been required to go back to previous years, and amend those tax returns to reflect the Swiss accounts and any and all taxes, penalties, fines, and things which were affixed. We now probably have a clearer picture of why Romney is refusing to release those tax returns.
His answer about why they existed doesn’t pass the sniff test, he had to go back and admit he hadn’t reported the accounts as required by law, and hadn’t paid the taxes on it. The American people may forgive a lot of things, but they would not forgive a financially astute individual running for the Presidency who had kept a secret, unreported Swiss account and not paid taxes on it until an amnesty and certain revelation had occurred.
She reported the forms which are now known to have not been released with the tax return, which in reality is part of their return and would depict the amnesty and their failure to have reported, would open a whole can of worms for Romney and the previous years in which they had to file amended taxes to reflect their failure and to pay penalties, fines and interest wouldn’t be very attractive for his reputation as well.”
I believe the Swiss amnesty issue is the ONLY plausible explanation for Mitt’s refusal to provide 2009 and earlier returns. I’m sure he is now regretting his accountants didn’t have the 2011 tax return ready so he could submit just that one, instead of providing the 2010.