San Jose,CA — Like popular sorority girls getting into a catfight, Mitt Romney and Harry Reid were trading barbs about the issue of Mitt Romney evading his tax obligation.
According to Democratic Senate Leader Harry Reid, a reliable and credible source provided him with information that Republican Presidential candidate Mitt Romney avoided paying his taxes for 10 years while he was still at the helm of Bain Capital. The reliable and credible is said to be an investor at Bain Capital.
Even though he did not have enough evidence to prove his claim, Nevada Democrat Harry Reid is asking Romney for an explanation. It is not that Romney has been transparent about everything about him but it can also be noted that Romney has adamantly refused to release information about his tax returns dating back to his days in Bain Capital, the only tax information he has made public only go as far as a year or two. According to Reid, this is the reason why Romney is so secretive about his tax past. Senator Harry Reid went as far as taking the issue on the Senate Floor.
Meanwhile, Romney went on Fox’s conservative radio host Sean Hannity’s show to deny the allegations being thrown at him. On the show Romney insisted that none of the accusations being hurled at him and even challenged Harry Reid by saying, “Well, it’s time for Harry to put up or shut up. Harry’s going to have to describe who it is he spoke with because of course, that’s totally and completely wrong.”
Furthermore the international man of mystery added, “It’s untrue, dishonest, and inaccurate. It’s wrong. So I’m looking forward to have Harry reveal his sources and we’ll probably find out it’s the White House. Look, the Obama campaign is going to do everything in its power to try and talk about anything besides the president’s record.”
Reid was quick to come up with a counter attack by stating that, “It’s clear Romney is hiding something. When it comes to answering the legitimate questions the American people have about whether he avoided paying his fair share in taxes or why he opened a Swiss bank account, Romney has shut up. But as a presidential candidate, it’s his obligation to put up, and release several years’ worth of tax returns just like nominees of both parties have done for decades.”
If not for the intense goading he received from fellow Republicans like Newt Gingrich and Rick Perry, Romney would not have made public his 2010 federal tax return and his 2011 tax summary. He earned $21.6 million in 2010 and this income came from investment gains which could raise a few eyebrows since investment gains are subject to a lower tax rate than income earned. Could it be possible that Romney is exploiting this tax loophole and is not getting charged his fair deal of taxes?
Romney has been recently criticized on why he has been so mum about his investments and fortune. Estimated to be $250 million, there are speculations that he could be worth more. One of his suspicious accounts is in the Cayman Islands that is said to store $30 million in Bain Capital funds. Offshore banking is a murky world which the rich exploit loopholes to skip on taxes. And Mitt Romney has several offshore accounts and some of it in his wife’s name. Many speculate that he maybe using his wife to juggle his finances and avoid being taxed. He is technically hiding and hoarding his money abroad where the Internal Revenue Service (IRS) would be unable to touch it.
Mitt Romney had been at the helm of Bain Capital, an alternative asset management group which specializes in public market investments, private equity, and venture capital. The company’s headquarters in California is in Palo Alto within the San Francisco Bay Area. It has been rumored that Bain Capital implored shady tactics such as sending employees to research on the competition’s revenue and sales data by posing as a Harvard student doing research study.
As election day draws near the Presidentiables are really going at each other and aiming for the jugular when it comes to hurling dirt against each other to get the approval of voters. And with this endless accusations about tax evasion or dodging taxes, offshore accounts and undeclared investments, will Mitt Romney’s tax past come back to haunt him or will he be forced to show it to quash the accusations?