Experts’ Best Guesses On Romney’s Swiss Bank Account

[ProSense]

Experts’ Best Guesses On Romney’s Swiss Bank Account

Brian Beutler

Renewed interest in Mitt Romney’s now-closed Swiss bank account has created a parlor game among experts and political junkies who would love to know why on Earth Romney had a Swiss bank account in the first place, and whether he paid taxes to the U.S. government on the money and interest in a timely manner.

Romney’s unwillingness to disclose more information about his finances has fueled speculation that Romney used the account to hide money from the IRS, and may have even had to avail himself of an amnesty program that allowed U.S. owners of certain Swiss bank accounts to come clean to the government without facing legal recriminations. (The Romney camp is now specifically denying that his UBS account was connected to the IRS investigation and the amnesty program.)

But even if Romney paid his taxes as required, the question becomes, Why would a person with national political ambitions open himself to the political risks associated with having a Swiss bank account in the first place? Plus there’s another hitch: Why run the risk for an account that was relatively small? It was open on behalf of Ann Romney’s blind trust in 2003, held about $3 million, and generated a mere $1,700 of interest in 2010. Big bucks for ordinary folks, but not for Romney.

High risk/low reward isn’t exactly Mitt’s style personally or professionally. So what gives? Tax experts I’ve been talking to have some interesting — and plausible — theories about how Romney found himself in this mess. Emphasis on “theories.”

Theory #1: Romney was actually helping some of Bain’s foreign investors avoid U.S. taxes and scrutiny — not himself.

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Theory #2: Romney and his financial advisers lost track of the Swiss account.

- more -

http://talkingpointsmemo.com/archives/2012/07/experts_best_guesses_on_romneys_swiss_bank_account_1.php

Tax professionals have doubts about Romney's tax returns
http://www.democraticunderground.com/1002978581

[malaise]

1. Keep them coming ProSense

You rock

[ProSense]

2. Thanks,

let's have some fun.

[malaise]

5. I'm lovin' it

Trust me on this one

[closeupready]

3. K&R - Theory #1 never occurred to me.

Very possible, though.

[Spazito]

4. When someone is hiding something and refuses to answer...

it makes for very fertile ground to grow theories on why the need to hide, implies dishonesty and arrogance. The longer Romney refuses to address the issue of his offshore accounts and his tax returns, the more questions will be generated and the belief there is something very wrong will continue to grow.

For Romney and his campaign to decide it was better to continue to refuse to address these issues means, to me anyway, there must be some very, very damaging material in those documents and the damage that would be done to the Romney bid for the Presidency is greater than the very real damage being done by continuing to hide this stuff.

I really do think he took advantage of the amnesty offered and that is only one of the many 'problems' that would be revealed if the documents were to be made public.

[Ganja Ninja]

6. My guess is that money came from foreign government sources.

Money he was paid to relocate American companies in China instead of elsewhere.