Why is Mitt Romney hiding his tax returns?
By: Cahir O'Doherty | Published Saturday, July 7, 2012, 5:31 PM | Updated Saturday, July 7, 2012, 5:31 PM
Mitt Romney is running for president, so it's important we know everything about him.
In particular, I think it's time we learned what's in his tax returns. To date he has released only one year of returns for 2010. What on earth is he trying to hide?
We already know Romney has invested untold millions in multiple tax heavens around the world, a ploy that allows the super-rich to evade US tax laws, but the staggering sums that are piling up - he has $30 million dollars in the Caymen Islands alone - are a bizarre and insulting precedent for a United States presidential candidate.
We also know that Romney appears to believe that taxes are for the little people. We know this because in 2010 and 2011 he paid $6.2 million in federal tax on $42.5 million in income. That means he paid a tax rate of about $15 percent, which is a rate that most middle class tax payers can only dream of.
So if there's nothing to hide, and we assume there isn't, why is he hiding it? Has he made use of off shore havens to defer or avoid paying his federal income taxes? Did he buy any illegal or gray area tax shelters? Has an IRS audit ever uncovered any serious problems with any of his tax returns? Has it all been on the up and up, has it all been legal?
These are pretty simple questions and they deserve an answer from anyone who puts themselves forward to be commander in chief.
We already know that at Bain Romney made use of the 'covered interest' tax loophole that allowed him to treat his fees there as if they were capital gains (15% tax) rather than wages (35% tax). That's perfectly legal, if not exactly perfectly patriotic. But how many people are evening reporting on that yet?
The silence from the Romney camp is unsettling.
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Switch to the desktop site to post a comment.Maggie47 | Aug 31, 2012, 02:47 PM EDT
I don't see Mr. O'Dohery or the libs. asking President Obama release his school records.
seanomelb | Jul 11, 2012, 07:47 PM EDT
Oops! Briano sorry.What a Freudian slip
seanomelb | Jul 10, 2012, 07:28 PM EDT
What do you get when you add an"R" to money Dano? Can't use a windmill got gas heating.
BrianO | Jul 10, 2012, 12:38 PM EDT
Seano, sorry to hear the winter in"Oz" is harder this year, don't think you can blame that on Romney though, nor, can one use it for or against global warming as it is one data point in an ocean of data points. Throw another windmill on the fire and stay warm. cheers.
localmedia | Jul 10, 2012, 11:46 AM EDT
1. not true, Romney has released tax documents 2. red herring, Obama hasn't released his tax documents 3. Obama's first Executive Order upon becoming President was to seal all his personal records: birth, passport usage, school, high school, college, work, etc. -- and some researchers say there's no one (classmates, profs) who recalls his attending Columbia University in the years that were claimed by him so he has a lot of explaining to do 4. this article and the whole PR push behind it are part of an effort by Obama to take spotlight off his past, which has been revealed to be not what he claimed in his books 5. the U.S. and the world needs a real leader in the White House -- Obama has revealed he knows nothing about economics and has made matters worse, turning a simple recession into a long, brutal worldwide slog 6. cold winters in Europe and Australia put lie to global warming being man-caused, which was just a Leftie tax grab -- time to get world's focus back on jobs and economic development everywhere -- Romney has a sterling business record (Bill Clinton said those words) and we need that acumen in charge
seanomelb | Jul 09, 2012, 07:51 PM EDT
It's bloody freezing in Melbourne Briano coldest winter for many tears.I believe the reason is the world is freezing over with the thought that Romney may become the leader of the free world.LOL
seanomelb | Jul 09, 2012, 02:43 PM EDT
Gas prices have dropped due to the weakening economy they're almost at $3.00/gal I mean compare that to the bush administration, and unemployment is only 2% higher than promised, not bad really. Just believe things will get better, what can a president do in 3 1/2 years, believe him he wants you to feel better.
hollabackgurl | Jul 09, 2012, 02:10 PM EDT
No, the reason this article is coming up is because Mitt Romney is running to give further tax cuts to the super rich, whilst avoiding giving us any details of his own tax arrangements.
BulldogMania | Jul 09, 2012, 02:01 PM EDT
Perhaps another reason why this article was written...the radicalized liberal left media doesn't want anyone talking about the economy...because it's getting worse, not better...and so they are trying to cook up an issue they can, regardless of validity, to make Romney look bad.
BulldogMania | Jul 09, 2012, 01:59 PM EDT
And one might ask why is Barack Obama hiding his medical records and his college transcripts, financial aid papers and papers he wrote while in college. All of this is VERY relevant.
rainbowbrew | Jul 09, 2012, 11:15 AM EDT
Romney is not of the people, he is of the uber rich. he likes to fire the common person not find a way to keep them. He also had a major investment in a company that "took care" of aborted babies. He knew of it and continues supporting it, I imagine just for the money but it goes to show he has no class and lies. (Mother earth News)
hollabackgurl | Jul 09, 2012, 11:04 AM EDT
Romney didn't in fact release his tax returns months ago. When his father ran for Governor he released ALL of his tax returns so the public could see he wasn't bucking the system he asks others to observe. Mitt Romney's taxes have not been released because they'd be politically damaging. Neither dos he want to talk about why's he's hoarding his wealth overseas in Swiss bank accounts and tax havens for the super-rich the Cayman Islands. How patriotic.
rgray222 | Jul 09, 2012, 10:42 AM EDT
Not sure what this is all about because Romney released his tax returns months ago?? Anyone who thinks Romney was born wealth has bought into Obama's out and out lies. He earned everything he has and he came from very little. Romney father and grandfather were born in Mexico!
BrianO | Jul 09, 2012, 08:23 AM EDT
hola please read comments before accusations, thank you for the continued demeaning insults, I hope you are well. Seano, according to hollaback and Cahir a persons lifestyle is their own business, Hope you are warm this time of year on yor side of the world,cheers.
seanomelb | Jul 09, 2012, 12:17 AM EDT
No You wish to support Romney's lifestyle,if that what keeps you happy,good on ya mate
hollabackgurl | Jul 09, 2012, 12:16 AM EDT
If Mitt Romney has nothing to hide, let him release his tax forms and prove it. Meanwhile, are you a birther, BrianO? If you are then there's no need to bother debating you again. Only kooks believe that. Why did you say Obama hasn't released birth cert or his tax forms when one Google click undermines your claims?
BrianO | Jul 08, 2012, 11:54 PM EDT
Ephraim, I'm sure your boss required it to be read, I don't care about personal shortcomings and heresay,I never did drugs though,and I doubt he did either , I'm sure Bill Ayers loved it
EphraimKibbey | Jul 08, 2012, 11:29 PM EDT
@BrianO - I just read it this winter. Its pretty good! It foreshadows many of his current positions. "Dreams FROM My Father" by the way, but what's one little pronoun. Someone on here challenged me to read it last year. They said it revealed Obama's hatred of America and the white race. They must not have actually read it themselves because it doesn't show anything of the kind. It is amazing to me how much stuff gets out there in cyberland that is so blatantly false and gets parroted by folks who never bother to check their facts. It just shows a young man struggling to find his own identity, just like most of us did at sometime in our lives.
BrianO | Jul 08, 2012, 09:41 PM EDT
Ephraim, thank you for getting me to look up obamas tax returns, yes they are available till 2006 maybe more, but 2005 is most comforting as an Individual author Mr. obama sold app. $1.5 million dollars net on his first book dreams of my father, quite a feat for a freshman senator from Illinois.
BrianO | Jul 08, 2012, 09:36 PM EDT
Seano if we both agree, then you must be of the same mind as me.
BrianO | Jul 08, 2012, 09:30 PM EDT
Ephraim, I believe obama was born in Hawaii, the copy was not released until after much insistence and not an original, but to the logic given by hoola if A isn't released then b must be true fits, as does his school records, If you are going to make logical assumptions they go both ways.
seanomelb | Jul 08, 2012, 07:20 PM EDT
Briano at least you didn't question the logic so you must agree with me.
EphraimKibbey | Jul 08, 2012, 02:58 PM EDT
@peterson - why do you say he has hidden his tax records when he released them before he ran in 2008 and has been releasing them ever since? @BrianO - Why do you say he has still not released his birth certificate? This birther stuff is really getting tired. Obama is President whether you like it or not because more people voted for him in 2008 than did not. This birther stuff is all sour grapes because McCain lost and some people just can't get over it.
peterson | Jul 08, 2012, 02:22 PM EDT
Get a life Cahir !!
peterson | Jul 08, 2012, 02:21 PM EDT
Why has Obama hidden most of his history AND tax records !!
BrianO | Jul 08, 2012, 12:29 PM EDT
Hola using your logic-- Obama doesn't realease- his birth certificate so that proves it's politically damaging- high School transcripts so proves its politicaly damaging-Occidental college grades so that proves its politically damaging- Columbia college grades, harvard thesis, harvard law review writings, ----- I say put everything on the table for both of them and lets see who the better man is.-----
hollabackgurl | Jul 08, 2012, 11:01 AM EDT
The fact that he won't release them proves they are politically damaging.
BrianO | Jul 08, 2012, 10:25 AM EDT
Hollaback I hope you enjoyed Independence day.
BrianO | Jul 08, 2012, 10:22 AM EDT
Seano, thank you for the insult, I'm sure my stupidity is why you cannot understand. Rules for radicals ala Sal Alinsky, ridicule your opponent, sample the leftist on this site and it is funny to read the insults. So bring on some more classic leftist insults, I like a good laugh.
lokionline | Jul 08, 2012, 12:22 AM EDT
Somebody blew a dog whistle in the conservosphere.
trconnors | Jul 07, 2012, 10:03 PM EDT
tis amazing how many brainless faux news drones read IC news. I thoght most bigots lived in southern US. just saying
seanomelb | Jul 07, 2012, 07:41 PM EDT
Romney is a member of that class of rich people who believe they should not pay taxes.They minimize their tax and and horde their money off shore and the likes of borefield,MegK311 and Briano are happy to pay more in tax and subsidise Romney's life style.I fail to understand that logic or stupidity.
hollabackgurl | Jul 07, 2012, 05:32 PM EDT
I guess this article has been posted on Free Republic by the sudden dive in the quality of the responses? The writer isn't asking about the Kennedy's or Obama, they released their tax returns before running - Mitt Romney has not.
MegK311 | Jul 07, 2012, 05:16 PM EDT
Mitt Romney not only pays his taxes he donates a large portion of his income to charity. He gives approx 16% to charity, A large portion of that is to his church. I am not Morman and do not fully understand their religion. However they do a lot of charitable work around the world. Now if we are going to report Romney's taxes and charitable giving here on Irish Centeral then Obama should be given equal time and space. How much of his income does Obama pay in taxes and what does he give to charity.
wilhoef | Jul 07, 2012, 05:01 PM EDT
In addition, the Kennedy money was gained through illegal means - selling booze during prohibition. Ole Joe, the patriarch, passed this dirty money on to his good for nothing heirs.
tom/peggy | Jul 07, 2012, 04:47 PM EDT
Did he violate any law? Don't we all try to reduce our taxes as much as legally possible? Didn't Ted Kennedy have money in off shore accounts, you bet he did. Other than repeating Obama sound bites please get specific on Romney sending jobs overseas. Even many Democrats support the work done at Bain Capital. By the way Bain Capital is a big Obama supporter.
MegK311 | Jul 07, 2012, 04:37 PM EDT
I couldn't care less whether Romney has a lot of money or not. I am tired of whining liberals crying about people who have more money than they have. Yes I would like to have more money but I am not going to be jealous of those who are better off than I am. Why don't we hear you complaining about Obama. The liberal media give him a pass and because they did that we have the worst President the US has ever had. We need a President who knows how to make this country prosper again and that man is not Obama.
BrianO | Jul 07, 2012, 04:27 PM EDT
We know Obama, when he was in the Illinois senate, was always willing to vote present.
BrianO | Jul 07, 2012, 04:14 PM EDT
@hassny007, Did you say to get the country out of a hunfred year depression or put the country in an hundred year depression with his debt spending expansionist government?
borefield | Jul 07, 2012, 03:39 PM EDT
You are an idiot, what do we know about Obama, who owns him, he has no work record, earned no money that we can trace, not sure where he was born and you have the audacity to question Romney. IC really needs to get new employees.
rgray222 | Jul 07, 2012, 03:31 PM EDT
Your Premise...............Mitt Romney is running for president, so it's important we know everything about him........is absolutely ridiculous. Barack Obama ran for president, became president and is currently the president and the media has told us nothing about him, even to this day we know more about Sarah Palin, Newt Gingrich and Michelle Bachman than we know about Obama. The shielding of Obama by the media is almost embarrassing it is so obvious! He was never investigated, vetted or even looked at. We know about Rev Wright, Tony Resco and Bill Ayers because one small cable company exposed them. The stories went nowhere, never any detail. The mainstream media, NBC,CBS, ABC, CNN, NYTimes, Boston Globe, LATimes, Chicago Trib etc etc never told us anything about Obama except he was black, smart, great and historic moment for the country. A racist viewpoint to be sure!
wilhoef | Jul 07, 2012, 03:24 PM EDT
So, it's important that we "know everything about" Romney, but not ObaMao? You gutless hypocrite!
hollabackgurl | Jul 07, 2012, 03:01 PM EDT
He owns jetski's, multiple mansions, classic cars, his car's actually have elevators, he has international investment holdings, he has multiple overseas accounts, yet apparently he's too high and mighty to pay a cent to Uncle Sam like the rest of us plebs.
dinodbl | Jul 07, 2012, 02:18 PM EDT
Why should he? Is there a law that demands it? The people who are demanding that he does disclose them wont vote for him anyway and those who don't give s..t will be voting for him or some other non electable yahoo who only pulls votes away from Romney. Obama is a rock star to the unfortunately misinformed liberal American public. Young minds are undeveloped ones. Wait till they get to my age when they see things in a whole different light. Health,taxes,set incomes with ever expanding costs and who the heck is going to care for me and my ilk when all our young kids are marching on Wall Street to no avail.
MegK311 | Jul 07, 2012, 02:12 PM EDT
Cahir Doherty, How about checking Obama's tax returns thats if you can find them. How about all the sealed records that he is hiding away. You blame George Bush for everything that is wrong in the world. Well he wasn't perfect but he was honest. Obama has at least tripled the nations debt while he has been in office. George Bush warned the Congress in 2005 or 06 that the housing market was going to be in trouble and they chose not to listen to him. So lets put the blame where it belongs. Obama had the support of a democratic Congress and the democratic Senate for the first 2 1/2 years he was in office and what did he accomplish? He wasted the tax payers money and got us further in debt. We do not need 4 more years of Obama's lies and broken promises.
sqeyes48 | Jul 07, 2012, 01:24 PM EDT
Come on guy's cut him some slack... His wife's horse got a bigger tax write-off that I ever made in a year. It's tough in that 1% bracket.
haasny007 | Jul 07, 2012, 01:24 PM EDT
We don't really have to see Romney's tax returns. Voters will have a clear choice in November. A) Relect the president who, from day one if office, worked tirelessly for the middle class and to get this country out of the once-in-a-century depression which was caused by his predecessor, or B) vote for a very wealthy member of a cult who believes that his 15% effective tax rate is still too high, and trying to convince us that lowering taxes further for himself and his fellow 1%ers will somehow miraculously improve the weak economy. Americans are smart enough to see Romney for what he is, an untrustworthy flip-flopper who reflexively favors the wealthy and has absolutely no clue, and frankly doesn't care, about the daily struggles of the middle class. No wonder he is running behind in the polls in 8 out of the 9 key single swing state. Let's hope it stays that way.
slainte9 | Jul 07, 2012, 01:07 PM EDT
Why is this on Irish Central? Because Romney once owned and Irish Setter?
francisquinn | Jul 07, 2012, 12:55 PM EDT
Who the hell cares about his tax return....the US is in such bad shape with that idiot running the country....Look at the defecit...$ 1.5 trillion/yr and growing....the deficit $ 16 trilllion....Obamacare....who is going to pay for that.....He has mislead us completely......and you are worring about a tax return.....where are BO's grades from College ??? Where is Michele OBams thesesi from Princenton.....do these things matter....Hello..NO....Letis get rid of the creep and put someone new in charge..
hollabackgurl | Jul 07, 2012, 12:44 PM EDT
I am willing to bet Romney didn't pay a dime to the US treasury most years. And if he becomes president he will ensure that none of his billionaire buddies will pay a dime either - by ballooning our deficit until it crushes us, just like GWB did.
Nicomax | Jul 07, 2012, 12:36 PM EDT
It might be so that we will not learn that his tax payments as a percent of income over the past 10 years are lower than those for the fellow who maintains his jet skis.
seanfer7 | Jul 07, 2012, 12:22 PM EDT
When boys went of to Vietnam Mitt did the French swan song Then he made money the ole fashion way He ripped them off made sure others pay He bought companies without cash Promises made gone in a flash He ran for president of the usa But McCain had the last say Now he’s back to be commander and chief Nothing more than coward and thief PAC’s call him a job creator But for me an empty suit bore Many boys died on foreign sand Romney thinks money awful grand When his country was at war He had tax shelters on foreign shore
hollabackgurl | Jul 07, 2012, 11:49 AM EDT
No, Mitt Romney made millions of dollars exporting American jobs to China and other low wage countries. He parks his personal wealth in overseas nations to avoid paying a cent of USA taxes. He's no patriot. His ancestors fled to Mexico to avoid anti polygamy laws imposed in 1892. He fled the USA to work as a missionary and avoid the Vietnam draft. Some patriot. It's not envy, it's contempt.
jhmdeuce | Jul 07, 2012, 11:47 AM EDT
I have several questions along the same line: Why did Obamas favorite corporation, Jeffrey Immelt's General Electric, pay no taxes despite huge earnings. Why does Obama refuse to release his college transcripts? Why do we still, after 4 years, no virtually NOTHING about a sitting president? And, (the big question), what is this question doong on Irish Central?
garythomas | Jul 07, 2012, 11:38 AM EDT
Avoiding US taxes? Maybe but he is doing so according to US tax law. He reported the fact that he held money off-shore as required by Form 1040 schedule B and thus is not in violation of the law. As to hiding things, how does Obama explain his Social Security number? It was issued in Connecticut while he was a child in Hawaii and appears to be issued to someone born in the about 1890. Questions have been asked but he has never answered them.
BigJohnO | Jul 07, 2012, 11:29 AM EDT
Sounds like a little purse envy from several commentors. Romney isn't even in the Forbes 500. You need to be worth over $1 billion. He's not even worth a quarter of that now. Pick on the truly rich if you're gonna whine.
hollabackgurl | Jul 07, 2012, 11:06 AM EDT
Commentators believe he didn't pay ANY taxes. All of his billions rest in offshore accounts in Switzerland, the Cayman Islands and elsewhere. Some patriot.
BrianO | Jul 07, 2012, 01:56 AM EDT
Romney only paid 6.2 million dollars, only 6.2 million dollars, this is the guy the left is trying to picture as a dummy, besides the 6.2 million dollars paid in taxes how much did he donate to charity? 7 million dollars, yea he's a cheap son of a bee. What's the tax rate on dividends and capital gains? might give you some insight on how his 6.2 million dollars in tax was figured. How much did The Obama's donate to charity?
Scrivner | Jul 07, 2012, 12:37 AM EDT
Cahir, he is playing cagey with those returns for the same reason Barack wouldn't release his college records, explain how a poor minority student was able to travel the world, including to a country on State's no-go list, and played that birther game for three years. Come to think of it, those still have not been satisfactorilyanswered!