David Cay Johnston: Mitt Romney Is Going Through the Wringer Unless He Releases Tax Returns From His Bain Years

DCJ lays it out for Willard:

Unless he releases the tax returns from his Bain Capital years he will surely be pressed about how much, if any, of his fortune has yet to be taxed and how long he deferred paying on the portion that has been taxed. He will be asked about Bain accounts in the Cayman Islands, Bermuda and other tax havens. While perfectly legal, these offshore accounts convey an unsavory political whiff to many people, including some of his rivals for the Republican presidential nomination. And what about taxes on the $100 million that Romney put into a trust for his five sons. How much Massachusetts and federal income tax, as well as gift tax, was paid on that money? None of these questions can be answered without the returns from his Bain years.

 

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Get excited, Tax Twitter, you’re about to get your moment in the sun. Granted it’s a moment of total panic, but still, a moment. So, if you haven’t heard, CCH has been borked since yesterday. When we say borked, we don’t mean “some users are having access problems,” rather the entire thing has been nuked […]