It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Mitt Romney released two years of his own tax returns to the public but that didn't appear to be enough when he vetted running mate Paul Ryan and other vice presidential candidates.
The campaign team for Romney, the Republican presidential candidate, reviewed several years of tax returns from Ryan and others, according to Beth Myers, the head of Romney's vice presidential search process.
Mitt and Ann Romney have released their complete 2010 tax return and an estimate of their 2011 return. (A full copy of their final 2011 return will be made public as soon as it is filed in the upcoming weeks). The Romneys have provided extensive information about their personal finances, with several hundred pages of tax returns now made public.
WASHINGTON -- Mitt Romney has not released his full tax records from 2010, including key documentation connected to his Swiss bank account.
Mitt Romney has not released his full tax records from 2010, including key documentation connected to his Swiss bank account... 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.
Mitt Romney has been determined to resist releasing his tax returns at least since his bid for Massachusetts governor in 2002 and has been confident that he will never be forced to do so, several current and former Bain executives tell The Huffington Post. Had he thought otherwise, say the sources based on their longtime understanding of Romney, he never would have gone forward with his run for president.
Mitt Romney has not released his full tax records from 2010, and the missing portions include key documentation connected to his Swiss bank account. Romney revealed his 2010 return six months ago, but omitted his Report on Foreign Bank and Financial Accounts (FBAR). "The campaign has never told us why he had a Swiss bank account," said Rebecca Wilkins, senior counsel for federal tax policy at Citizens for Tax Justice, a nonprofit tax reform group. "It just looks bad."
Zero. That is the number of full IRS returns W. Mitt Romney has disclosed.
He claims that he disclosed his 2010 returns. Repeatedly.
But it is not true.
It turns out Romney either lied to the American public or filed an incomplete and incompetent IRS return in 2010.
On his financial disclosure, Romney has shown a shocking pattern of inconsistency which not only raises questions of his honesty they also raise questions of his competency.
“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 [...]
So much information was turned over to the IRS that it would have been extremely difficult for the agency to pursue cases against every offender. So the IRS established a special tax amnesty program, which allowed those who voluntarily turned themselves in to remain anonymous and pay limited penalties. Thousands of citizens have since come forward.
"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."
Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (the
“FBAR”), is used to report a financial interest in or signature authority
over a foreign financial account. The FBAR must be received by the
Department of the Treasury on or before June 30th of the year
immediately following the calendar year being reported. The June 30th
filing date may not be extended.
Who Must File an FBAR. A United States person that has a financial
interest in or signature authority over foreign financial accounts must file
an FBAR if the aggregate value of the foreign financial accounts
exceeds $10,000 at any time during the calendar year. See General
Definitions, to determine who is a United States person.
Form TD F 90-22.1 pdf