Romney’s Tax Return Nightmare Worsens After Errors Found In Financial Disclosure Statements

Mitt Romney released his tax returns to put to bed discussions of his wealth and lack of transparency. Instead, they have only spawned more unanswered questions.

Thursday afternoon, the LA Times reported that Romney’s tax returns listed 23 funds and partnerships that did not appear on Mitt Romney’s personal financial statements — the disclosure forms candidates are required by federal law to file with the Federal Elections Commission. Romney filed his disclosure forms in August 2011. The timing of this revelation couldn’t be worse. Hours before a GOP debate and days before the crucial Florida primary, Democrats now have new fodder for demanding additional tax return information from the Romney campaign.

Democrats are using the discrepancies to call on Romney to release all his tax returns from years in which he filed public financial disclosure statements. On a conference call with reporters, DNC spokeswoman Melanie Roussell stressed the importance of these newest revelations, saying they show what Mitt Romney was trying to hide on his regular disclosure forms. Roussell’s charge that the LA Times “found what it looks like he was trying to hide” is based on the fact that the of the 23 funds and partnerships left off the disclosure, 11 were overseas investments in funds in the Cayman Islands and Bermuda as well as the already-notorious Swiss bank account the Romney’s closed in 2010.

Further, Romney staked his credibility on these forms. As Roussell pointed out on the conference call: “This is the form that Mitt Romney has been using for months, and years in fact, since he ran for the Senate, as an excuse not to release his tax returns in the first place.” It’s a potent argument; why trust that one year of Romney’s tax returns are sufficient if they revealed new information? That’s the crux of Democrats’ argument that they now need all returns corresponding to past disclosures.

http://2012.talkingpointsmemo.com/2012/01/democrats-make-hay-of-romneys-financial-disclosure-errors----demand-more-tax-returns.php?ref=fpa