The truth is Mitt Romney will probably be able to skate over the full release of his tax history, as there isn’t a law that says Romney has to release his records, much less multiple years. Still, seems clear that there is some funky stuff contained in prior years.
[Senator Carl ] Levin (D-MI) may well know more about tax avoidance strategies than anybody in Congress. In his capacity as the Democrats’ top investigator he’s has made extensive inquiries into the techniques businesses and individuals use, including overseas havens, to hide their money from the IRS. And what Romney’s revealed so far troubles him.
“I saw in the paper this morning that the spokesperson for the Romney campaign said that it was just an ‘ordinary’ bank account in Switzerland,” Levin told reporters at a Christian Science Monitor breakfast round table, referring to the revelation that the Romney family held a Swiss bank account in his wife’s name from 2003 until 2010.
“Folks, we’ve done a lot of research. We went after UBS in my subcommittee. We have seen abuses by American wealthy folks trying to hide from Uncle Sam, putting their money in Swiss bank accounts and bank accounts in other tax havens,” Levin said. “There was a period when the IRS said ‘OK, come on in, pay your taxes on your Swiss accounts, and you won’t have to pay any penalty.’ Thirty-three thousand people, I believe, showed up in the last couple years to pay their taxes…. And the spokesperson for the Romney campaign says it was just an ordinary bank account in Switzerland that Mrs. Romney had. There is no such thing as an ordinary Swiss bank account. Now, there may be a few exceptions where you’ve got Americans who are living in Switzerland who have bank accounts, but as far as I know, Mrs. Romney was not living in Switzerland.”
(click here to continue reading Top Dem Offshoring Expert Smells Something Fishy In Romney’s Tax Code | TPMDC.)