Democrats are homing in on Mitt Romney’s offshore holdings and presumed penchant for avoiding US taxes:
Guardian UK– The Obama aide continued: “Nobody knows why he has a corporation in Bermuda, why he failed to disclose that on seven different financial disclosures, why he transferred it to someone else’s purview the day before he became governor of Massachusetts.
“The one thing he could do to clear up whether he’s done anything illegal, whether he’s shielding his income from taxes in Bermuda or Switzerland is to do what every other presidential candidate’s done and that is to release a series of years of their own tax returns… The best way to figure out if Mitt Romney is complying with American tax law is to have him release more of the tax returns.”
The Obama campaign has not directly accused Romney of tax evasion but the issue of his offshore accounts plays into attacks saying that he made part of his vast fortune by shipping American jobs overseas when he was running Bain Capital and is seeking to protect tax breaks for millionaires.
I’ll give Romney the benefit of the doubt and assume he had people telling him this was all legal. But it looks terrible, the soundbites are awful — Mitt Romney bet against America and the American worker! — and refusing to release info on it makes it look even worse. It is practically a de facto admission of guilt as far as public perception.
I’m not the only one to wonder: what in the world has Romney been thinking all this time? He has been running for President since 2007, he and his advisors had to know this would be an issue way back when. To know one’s surprise it has become one, obviously, and watching LA Gov Bobby Jindal duck and weave and cover this morning on This Week when asked about it underscored just how big of a problem it is.