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Ten Questions Romney Should Answer About His Tax Returns
1. After the election, when the subject of your tax returns is outside of the public glare, will you file an amended tax return to claim your full deduction of charitable contributions? Was the tax rate you reported for other years similarly manipulated?
2. Why was your 2011 income $7 million lower than you estimated it to be in January? How does someone overestimate their income by $7 million?
3. Financial disclosures show that you have as much as $82 million in your tax-deferred Individual Retirement Account, despite the fact that tax rules limited contributions into such accounts to $30,000 per year. Did you lowball the value of the assets you put into your IRA, as tax experts suspect? And did you do the same with gifts into your sons’ trusts?
4. What was the purpose of your Swiss bank account and the myriad offshore entities shown on your return, based in countries like the Cayman Islands and Luxembourg, if not to avoid taxes?
5. Can you explain what one tax expert has called a “mysterious one-time infusion of foreign tax credits” in 2008?
6. You have not disclosed any foreign bank account reports (FBARs). Did you file all FBARs on all of your offshore accounts with the Treasury Department by the legal deadlines each year?
7. You claim to have paid an average tax rate of 20 percent over the last 20 years based on a flawed calculation. What was your real tax rate?
8. Your 14 percent tax rate –- not to mention the approximately 10 percent tax rate you would have paid had you not inflated it — is less than what many middle-class Americans pay. And you paid just 0.2% of your income in payroll taxes, while most Americans pay about 15%. Do you think that is fair?
9. Your tax returns show that the Marriott Corporation paid you $260,390 in directors’ fees in 2011. When you were the company’s audit committee chair in the 1990s, were you aware that the company was abusing a notorious illegal tax shelter?
10. You say you’ve made a “commitment to the public” that your tax rate should not be below 13 percent. If you believe that the richest Americans shouldn’t be paying an exceptionally low tax rate, why don’t you support President Obama’s “Buffett Rule”?