“He’s still failing to match the precedent set by other presidential candidates,” the video’s narrator says, going on to list the number of tax returns George Romney, George H.W. Bush, Bill Clinton and George W. Bush released during their presidential runs.
Wall Street Journal The Romneys’ 2011 return shows one pitfall of that approach–politically, at least. Their $4 million donation proved to be so large that it threatened to drive their effective tax rate to near 10%. That would have exacerbated a critique from Democrats that says America’s wealthiest don’t pay their “fair” share.
So the Romneys decided to simply give up a large chunk of their $4 million deduction, taking only $2.25 million instead. In effect, it was another gift, but this time to the federal government.
Larry Flynt Offering $1 Million For Mitt Romney’s Tax Returns
No wonder Mitt Romney doesn’t want his finances made public. His offshore accounts may operate in a legal gray zone, as Nicholas Shaxson reports, Vanity Fair