Romney’s 1040s

Will Mitt release copies of his tax returns beyond the two most recent? David Cay Johnston thinks he should. Otherwise, Johnston argues, he’s going to continue to be pestered until he does.

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.

While I have some sympathy for Romney here (I wouldn’t want to release my returns, albeit for completely opposite reasons: they’d show how little money I’ve made freelancing for pay), I’m not running for President. I think Romney’s been tone deaf, which makes sense. Most of the 1-percenters share that affliction.