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Could Mitt Romney's Reluctance to Release Tax Returns be Connected to Swiss Bank Account Amnesty? - The Hinterland Gazette

Could Mitt Romney’s Reluctance to Release Tax Returns be Connected to Swiss Bank Account Amnesty?

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Could Mitt Romney’s Reluctance to Release Tax Returns be Connected to Swiss Bank Account Amnesty? (Photo credit: siette)

Did Mitt Romney take the Swiss bank account amnesty program? He was actively running for the GOP presidential nomination in 2007 and 2008, therefore, it’s high unlikely that his tax returns for the previous five years couldn’t withstand scrutiny. After all, John McCain’s campaign took a look at his tax returns for 23 years. Slate poses a great question, what happened in Mitt Romney’s finances in 2009 and beyond why he’s adamant against releasing more tax returns — could it be a Swiss bank account amnesty?

Los Angeles Times:  Wealthy U.S. taxpayers, concerned about an Internal Revenue Service crackdown on the use of secret overseas bank accounts as tax havens, are rushing to meet a Thursday deadline to disclose those accounts or face possible criminal prosecution. The concern was triggered this summer when Switzerland’s largest bank, caught up in an international tax evasion dispute, said it would disclose the names of more than 4,000 of its U.S. account holders.

[…]

Under an amnesty program, the IRS is allowing taxpayers to avoid prosecution for having failed to report their overseas accounts. As a result, tax attorneys across the nation have been besieged by wealthy clients who are lining up to apply even though they will still face big financial penalties.

Of course, this is pure speculation, but it’s not out of the realm of possibilities. It seems Romney had no issue opening up his tax returns to the McCain people, so what happened in the years after 2008? Interesting.

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Janet Shan is a freelance journalist and managing editor of the Hinterland Gazette, who is working on her first novel, a mystery based in the hills on Montego Bay.
  • john_doer

    It could very well be that he took the amnesty as this would show up on his 2009 tax returns. The amnesty was not touted to the general public, only the financial community knew about it, and they heard it loud and clear. 4,400 names were on the list, and 33,000 people came forward. He would have had no problem releasing his returns to McCain as he thought Swiss banking secrecy was iron clad. The returns that he released to McCain show an out of touch eltist with a keen eye towards tax avoidance. While the average American thinks it is their patriotic duty to pay taxes, Mitt sees it as a game to be played. He has shown this by his “Son of Boss” when he was with Marriott, to declaring his wifes hobby as a business. He wants to increase spending for the military, but he doesn’t want to pay for it with his taxes. He spouts the millionaire, billionaire mantra that they pay to high a tax rate, and yet they often pay less than a middleclass taxpayer. His base does not want the average American to see these tax forms and see how uneven the playing field is.