Tax Attorney: "That may be one of the reasons they don't want to release the returns"

[Amerigo Vespucci]

Because the presumptive GOP presidential nominee has so far declined to release his earlier tax returns, HuffPost made a rough calculation of his prior foreign earnings by assuming he paid similar tax rates in previous years.

Using that analysis, paying $333,000 in taxes would translate into gross foreign income of $7.5 million in 2005, or net income of $1.9 million. Even using the much-reduced net income figure, Romney would have earned $7 million in foreign income from 2005 to 2010.

Romney was elected governor of Massachusetts in 2002 and served a four-year term, during which time he took no paycheck from the state. He began running for president while still governor and continued until early 2008. On the campaign trail in 2011, he joked with a Florida voter that he was unemployed. But unemployment for Romney looks a lot more lucrative than it does for most Americans.

"That may be one of the reasons they don't want to release the returns ... they don't want people to see that income," said Rebecca Wilkins, an attorney with Citizens for Tax Justice.

http://www.huffingtonpost.com/2012/07/23/mitt-romney-foreign-income_n_1695806.html

[Kalidurga]

1. I think I would rather Mr. Romney kept his returns to himself now.

We can endlessly speculate and maybe come up with something worse than he is hiding.

Apparently Mr Romney pals around with Grover Norquist who either knowingly or unknowingly had connections to a terrorist and they had social engagements, one at the White House. Wish I could name names, but I forget the dudes name. Perhaps Mr. Romney got a campaign contribution from this guy or perhaps his returns will reveal that he gave a charitable contribution to this guy. Could be true, probably is true. If Romney would just release his records we could clear this all up.

[rfranklin]

2. It's not about legal income, no matter how many millions...it's about tax evasion...

because with legal income that he paid all the taxes on, he and his supporters could just say we were envious of success and it would go away. He has to be hiding a very obvious and illegal tax evasion scheme. I think the chances are very good that he had to take that amnesty that the IRS offered to the very wealthy who hid income in overseas accounts. Revealing that would be the nail in the coffin of his campaign.

[malaise]

3. 100% correct n/t