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The Anvil Drops On Mitt

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According to Greg Sargent’s Plum Line, ABC  News’s Brian Ross has the goods on Mitt Romney’s offshore holdings–it has seemed for weeks to many observers including me in posts here and here–that his willingness to get pounded over the refusal to release his tax returns might be explained by the presence of parts of his personal fortune nested in foreign entities, money beyond the reach of taxation, which prevents the American treasury from getting a fair share of money earned here. Turns out, we were all right all along. From ABC, via Sargent:

“Romney has used a variety of techniques to help minimize the taxes on his estimated $250 million fortune. In addition to paying the lower tax rate on his investment income, Romney has as much as $8 million invested in at least 12 funds listed on a Cayman Islands registry. Another investment, which Romney reports as being worth between $5 million and $25 million, shows up on securities records as having been domiciled in the Caymans. Official documents reviewed by ABC News show that Bain Capital, the private equity partnership Romney once ran, has set up some 138 secretive offshore funds in the Caymans.” // more . . .

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Mitt Romney’s Nixonian Non-Transparency

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Josh Marshall at TPM is definitely on to something here–Mitt Romney and his campaign are willing to put up with reporters asking embarrassing questions about his refusal to release his tax returns, probably because what’s in them is even more embarrassing, and potentially damaging, than all the pesky questioning they’re getting and will continue to get for the foreseeable future. Invoking the “Buffet Rule” Josh points out that Mitt’s tax rate has likely been at the effective capital gains rate of 15% for years and not the rate about twice that paid by ordinary wage-earners. // more

Late update from TPM: A weird remark by one of Mitt Romney’s many sons, Matt–suggesting the Romney campaign may release Mitt’s tax returns once President Obama discloses his grades and birth certificate–has given Mayor of Minneapolis M.T. Rybak, DNC Vice-Chair, an opening to hit Romney over his lack of transparency. “It’s a bad joke that the Romneys think they can repeat a lie to distract from his failure to be honest about his income.”

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How Long is Mitt Willing to Get Pummeled Over His Tax Returns?

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Mitt Romney has just handed the Obama team a doozy of an issue to club him with. Romney said today that he won’t release his tax returns if he’s the Republican nominee, even though all major party candidates going back decades have done so. This is probably because most of his vast income comes from capital gains and is thus taxed at 15%, rather than the higher rate on which most taxpayers are assessed. The DEMs have already put up a clever website What Mitt Pays that caculates what ordinary folks pay, compared to what Mitt’s probably paying. //more

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