Romney,s Swiss bank account..oh boy!!!

[Qtec]

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Mitt Romney Taxes For 2010 Not Fully Disclosed </div></div>

So, the only tax return he has shown is not complete! Who would have thought that?

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">WASHINGTON -- Mitt Romney has not released his full tax records from 2010, including key documentation connected to his Swiss bank account.

Although President Barack Obama and an increasing number of Republican politicians have called on Romney to release tax returns from years prior to 2010, the public criticism has so far failed to note that Romney has not disclosed all of his tax documents for 2010 itself -- the only year for which the GOP presidential nominee has presented any final tax forms.

Romney released his 2010 tax return in January of this year, a document that first informed voters about the existence of his Swiss bank account and financial activities in Bermuda and the Cayman Islands. <span style='font-size: 14pt'><span style='font-size: 14pt'>But people who own foreign bank accounts are required to file a separate document with the IRS that provides additional details on such overseas bank holdings, and Romney has not released that form to the public.</span></span>

The Romney campaign did not respond to HuffPost's request to view the document. </div></div>

Sofla touched on this in another thread.

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">That Romney's disclosed account was with <span style='font-size: 23pt'>Swiss bank UBS</span> has also raised eyebrows. In 2008, a whistleblower at the bank informed the IRS of thousands of accounts being operated by American clients to avoid paying U.S. taxes. For Americans, the coveted Swiss secrecy suddenly became a legal liability.
So much information was turned over to the IRS that it would have been extremely difficult for the agency to pursue cases against every offender. So the IRS established a special tax amnesty program, which allowed those who voluntarily turned themselves in to remain anonymous and pay limited penalties. Thousands of citizens have since come forward.</div></div>


If his Swiss Bank Account was all above board and legit, why was it closed?


<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> Amnesty for tax evaders who come forward under their own steam has been around for 50 years. The IRS mounted a series of three special programs, the first in 2009, as a high-profile crackdown unfolded for evaders who rely on Swiss and other offshore accounts. UBS AG (UBS), HSBC Holding PLC (HBC), Credit Suisse Group (CS) and other banks were involved.

As the crackdown continued, thousands came forward to report accounts at<span style='font-size: 23pt'> Swiss banking giant UBS</span> AG (UBS) under an IRS program that offered special amnesty.<span style='font-size: 14pt'> Penalties were capped for taxpayers who confessed to accounts.</span>

When the IRS announced the latest program in January, it said it has collected more than $4.4 billion so far from the two previous efforts. </div></div>

Did Romney receive amnesty? If he did, he is admitting to tax evasion.

facts (http://www.huffingtonpost.com/2012/07/18/mitt-romney-taxes-2010_n_1683084.html?utm_hp_ref=tw)

more facts. (http://financialadviserblog.dowjones.com/blog/stay-ahead-of-your-clients/new-details-on-amnesty-for-overseas-savers)


..and the RW says...but, but, but, Obama smoked dope.

Q

[LWW]

You poor thing.

[Soflasnapper]

Did Romney receive amnesty? If he did, he is admitting to tax evasion.

In effect, maybe, but it was structured so that if you got into the amnesty program BEFORE they were investigating you on other information themselves, no such evasion would be alleged or prosecuted. Get out of jail free card if that had been the case.

[pooltchr]

Can someone tell me which tax returns are required by law to be disclosed by a presidential candidate?

Steve

[Soflasnapper]

There is no law that I'm aware of.

It is purely custom, set over the past decades (no one used to do it at all), and therefore somewhat a purely political matter, what someone and someone's propaganda machine can have the public accept enough to pass muster.

As previously cited, Romney must win about 2/3rds of the middle to lower class white workers (or former workers) vote to win, given Obama's strong lead more or less across the board with various voting sectors of other kinds.

Will THEY believe his spin, or will they be more susceptible to populist attacks on his spin? (Populism is a very powerful political force that is put up on steroids in bad economic times, for better or worse.)

[Qtec]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Soflasnapper</div><div class="ubbcode-body">Did Romney receive amnesty? If he did, he is admitting to tax evasion.

In effect, maybe, but it was structured so that if you got into the amnesty program BEFORE they were investigating you on other information themselves, no such evasion would be alleged or prosecuted. Get out of jail free card if that had been the case.
</div></div>

Mitt had a secret bank account with at least $3 M in it that the IRS didn't know about.
His trust fund manager said that the interest on this 3M was only $1,700!
He is basically admitting that Mitt earned money from this account that he didn't pay tax on. That's tax evasion, right?

What the docs will show,if ever released, is that Mitt took advantage of the amnesty, ie an admission of wrong doing.

Q

[LWW]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: pooltchr</div><div class="ubbcode-body">Can someone tell me which tax returns are required by law to be disclosed by a presidential candidate?

Steve </div></div>

It depends on which party they represent.

[Soflasnapper]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: LWW</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: pooltchr</div><div class="ubbcode-body">Can someone tell me which tax returns are required by law to be disclosed by a presidential candidate?

Steve </div></div>

It depends on which party they represent. </div></div>

Funny, but not true! No it doesn't depend on that at all. I've already provided the exact answer, that there is no legal requirement for any disclosure of any number of years of tax returns. Do you disagree?

I will mention a still further amending of my claims of the numbers of tax returns Obama supplied while running as president, and what George W. Bush supplied.

The number of returns they disclosed AS OF THEIR FIRST BID was later padded by continuing to release returns once in office.

So the larger number, which is the total of returns they'd released, was not what they'd revealed as of that first presidential campaign. I think Obama's number was 6 prior to taking office (and then, each year since as well). To say 12 is an exaggeration.