Just to follow up on this tax return issue that is playing havoc with Mitt Romney’s Presidential campaign, it turns out that the returns he claimed to have fully disclosed were not fully disclosed:
Mitt Romney has not released his full tax records from 2010, including key documentation connected to his Swiss bank account [...]
Romney released his 2010 tax return in January of this year, a document that first informed voters about the existence of his Swiss bank account and financial activities in Bermuda and the Cayman Islands. But people who own foreign bank accounts are required to file a separate document with the IRS that provides additional details on such overseas bank holdings, and Romney has not released that form to the public.
The Romney campaign did not respond to HuffPost’s request to view the document.
Tax experts say it is almost certain that Romney did file the form, known as a Report on Foreign Bank and Financial Accounts, or “FBAR” in accountant slang. The penalty for not filing an FBAR can be severe, and the IRS would have expected to receive the form since Romney listed the Swiss bank account on his tax return. Listing the account on his tax return and then failing to file the subsequent FBAR would have been asking for a hefty fine, and would probably have heightened IRS scrutiny of prior tax filings.
This ought to lead to more speculation about that Swiss bank account, and whether Romney took the tax amnesty on that (a de facto admission of illegal tax dodging) in 2009. I don’t know for sure if such a designation would show up on a 2010 FBAR form, but it certainly would be a feature of the 2009 form if he took the amnesty in that year. And that is conveniently the cutoff for what Romney will release. We know that Romney disclosed the Swiss account in 2010; we do not have that information for 2009, the year of the amnesty. Romney’s account was with the same bank, UBS, targeted by the IRS for tax haven abuse. A lot of things line up here.
“It’s unclear why he would have valued the Swiss bank account secrecy, and it wouldn’t have enabled him legally to avoid U.S. tax,” said Daniel Shaviro, a tax professor at New York University School of Law. “This is why there’s speculation that he was into the amnesty program.”
But Shaviro and other tax experts note that one of the principal benefits of the amnesty program is its anonymity. Nobody who received amnesty from the IRS would ever have to tell the public they’d held a Swiss bank account. Any politician who had received amnesty could have simply shut down their account and washed his or her hands of any political liability. And once the IRS was aware of the account, maintaining it would have had no tax benefits.
The 2010 tax return shows no tax benefit from the account. An absence of the account on previous returns would be essentially an admission of tax dodging, as Romney’s team has already acknowledged he had the Swiss account since 2003.
Meanwhile, Democrats have introduced a bill that they might as well call the “Mitt Romney’s Tax Situation Bill of 2012.”
On Wednesday, Senate Majority Whip Dick Durbin (D-IL) and Sen. Carl Levin (D-MI) took to the floor to talk up the Financial Disclosure to Reduce Tax Haven Abuse Act, which was introduced in March. It would force candidates and their spouses to file a disclosure form listing the identity, value and location of finances held in jurisdiction deemed a tax haven by the U.S. treasury, such as the Cayman Islands and Switzerland. Current law does not require such disclosure.
The senators called it part of a long battle to crack down on the abuse of tax havens, but after their speeches, Durbin admitted to reporters that the timing of his renewed push isn’t a coincidence.
“My research suggests Mitt Romney is the first presidential candidate in American history with a Swiss bank account,” the No. 2 Democrat told reporters. “And obviously this has been a topic, as well as his use of these tax havens and shelters. He has also failed to disclose income tax returns to the same level of previous presidential candidates over the last 36 years. And it raises questions.”
Carl Levin has been on this tax haven issue for quite a while, but it does dovetail with the current debate, not just because of the election, but because of Levin’s SPSCI work on HSBC, the bank which laundered money from tax havens like the Cayman Islands to open up the US financial system for drug lords and terrorist financiers.





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FBAR?
F’d Beyond All Repair.
You mean FUBAR…..
Strictly speaking, the FBAR is not technically part of the tax return. In fact, the form says on it, “Do NOT file with your Federal Tax Return”.
So there’s that. It sort of depends on what the meaning of “is” is.
Come on, this whole tax records storyline is a trap, There’s nothing wrong with Romney’s tax returns, just like there’s nothing wrong with President Obama’s birth certificate. It’ll go on for awhile, and then when you’ve wasted all your time on his tax returns, he’ll release them, and there will be nothing illegal in them. of course you’ll be able to point to a few tax deductions that you think a strange or weird, but it’ll all be legal.
Book him, Danno.
Shorter GOP: six months of
goat rodeosprimaries, and all we got was this lousy candidate?Republicans: don’t do this to yourselves. :(
:-)
Obama vs Ron Paul?
:-) !!!
A few things:
1. We were told, as our cruise ship neared the Cayman Islands, that American citizens are required to report all income to the IRS regardless where in the world they earned.
2. Is it time to ask for Romney’s LONG FORM?
3. We should really leave these developments until after he is nominated. After all, what if he is forced to quit the race and Jeb Bush ran in his place? Horrors!
I guess, technically, he came in second.
Dude……don’t even think that!
Gotta admit tho’…it’s got a great beat and is easy to dance to.
False equivalency.
To my limited knowledge, no other POTUS candidate in recent times has been subjected to the extremes of the birtherism bullshit. Obama released his birth certificate, and rightwingers continue to rant & tirade about it.
Releasing tax forms, otoh, is standard procedure for most political candidates running for higher office. The requests to see them are not “on par” with the insane ranting that’s gone vis Obama’s birth certificate.
NOTE: I’m NOT an Obamabot or even an Obama supporter. I just think the birth certificate bullshit is hyped up nonsense to gin up the racists.
I’m inclined to agree that there’s probably not much “there” there in MittBot’s tax forms, and I also think this is all a lot of Kabuki Show.
But I think it’s a total false equivalency to compare the birther madness with typical requests to see RMoney’s tax forms. Typical rightwing false equivalency, I might add.
Deep thought: was Mitt one of the possible Veeps that Cheney vetted in 2000?
What did Darth know and when did he know it?
Thanks, I just looked up the form myself and saw that. Never heard of it before.
You wanna “waterboard” Cheney to get at that????
I like that idea.
Who could have guessed? Mittens would not be running for President if had known that he was supposed to reveal his income. It is a matter of principle to Mittens, to not reveal his profits from corporate looting and loopholes. It is the only principle that he has.
Bain is in information lockdown, and Mittens is not enthusiastic about the thousands of pages of tax returns. Lots of dancing horses deductions I am sure.
Will Mittens quit? The Mormon Bishop is torn between his greed and lust for power.
There is another option……….
Remember when Nixon agreed to turn over “summaries” of his tapes but not the actual tapes???????
I bet he now wishes he never ran, but at this point it would be more embarrassing for him to quit than to lose. Couldn’t happen to a worthier asshole.
Isn’t that the gist of Mormonism?
Funny, but I worked for a guy once and I assumed he was a Christian because he was always praying over the burgers he bought for lunch at McDonald’s.
I had a Christian girlfriend at the time and thought to myself, “I can get along with this guy, he’s not too bad.”
Then when I went to work for him and at the first meeting a superintendent asked me if he could get something for me before the meeting and I asked for some coffee, weeeellll…..He said, “they don’t have coffee here.”
I said, What?
Yea, they’re Mormon and don’t drink coffee.
Try as I might, things went precipitously downhill from there and after I made a boatload of money on a project for him, he kindly fired me.
Come to think of it, he kind of looked like Romney.
Turns out he was the Bishop of the area I lived in.
The guy was an absolute KOOK!
I wouldn’t vote for a Mormon to carry shit in a bucket for me!
Nothing wrong with going after illegalities in Romney’s filings, I guess, but I’m with those who think this is kind of a gotcha trap that ultimately blows over. DEAL WITH THE IMMORALITY, the LIES about substance, the shifting positions. The McCain oppo file is full of them, and every US citizen should read it:
http://www.scribd.com/doc/78582788/McCain-2008-Oppo-File
Meanwhile, perhaps some clever prestidigitalizer can wreak some havoc with this, from Mitt’s lifelike doll company. Maybe make us all a Mitt Love Doll? :
http://www.mytwinn.com/Dolls/configurator
I’ll vote for a Muslim but not a Mormon.
I have a similar anecdotal Morman employment story.
A fellow community college student in a trades retraining course described a previous job he had insulating buildings that paid well and looked to have a future. On further inspection, he realized that in order to move up in the Mormon owned company he would have to join the church. That was a little too much and even in this employment environment he ended up looking for another job.
@ garcam & richard: There are lots of people who have problems with the Mormons and have a problem with Romney being one. In particular, the Christians in the South and especially the evangelicals. Romney got thumped in the southers primaries. Will these people, repubs by nature, vote for him, especially if he is a liar and tax dodger?
Guess we’ll find out in November.
Perhaps you are right onitgoes but imho, the public has as much interest in this as the birther issues. The Bain stuff is a yawner and confusing compared to issues of high unemployment, foreclosures, high gas prices etc.
The economy is in the toilet and the Bain stuff is in my opinion a non-starter. In fact I heard a poll today that said Obama and Romney are statistically tied (in fact Romney has a 1 point lead). Given we’ve had this Bain talk for a few weeks now shows the Bain talk has little public interest, at least in a negative way towards Romney.
No, I think this issue should evolve as a slow percolating problem. Too many Americans believe that the rich are better, not just different, and they want to believe Romney is a contemporary Horatio Alger, hard-working and trustworthy. The longer he denies the tax papers are important, the better because bit by bit facts are uncovered to nurture citizen belief in fair play. We should use this ongoing affair to build a ground swell for tax reform and tear down the wall of silence about how the 1% Romney types got and multiply their wealth.
Cheating on your taxes is not an issue? Surely you jest. Proves Romney is not fit to be elected dog catcher (oh no, Seamus!). When he was revealed to be shipping jobs overseas for quick profit, Romney LIED and said he was not in charge when Bain was doing that. When a CEO’s lips move, you know s/he is lying, and expected to do so if it improves the bottom line. But that lie opened up a can of worms, including that he cheated on his taxes by hiding income overseas, then took the amnesty.
Yet he says he can fix the economy. How? By shipping jobs overseas and hoarding taxes? Romney gave McCain 12 years of returns when applying to be his VP. If can show to McCain, why not to the rest of us, huh?
If Romney were smart, he would release the tax returns and be done with it. The longer this drags on, the longer Oboover can slide by without explaining his abysmal record on the economy. Romney should know by now his tax returns could reveal he axe murdered 12 old ladies on social security, then requested a refund for the axe and his base would still vote for him. Dumb, dumb, dumb.