Romney camp: No further tax returns, despite 'audit' remark
July 30th, 2012
01:25 PM ET
2 years ago

Romney camp: No further tax returns, despite 'audit' remark

(CNN) - Mitt Romney's campaign said Monday they would not release any more of the candidate's personal income tax information, despite an acknowledgement from Romney that he had been audited in the past.

"Mitt Romney has paid his taxes in full compliance with U.S. Law, and he has paid 100 percent of what he has owed," Romney spokesman Ryan Williams wrote.

Williams later told CNN that "The audit did not result in a fine or penalty."

In his original statement, Williams added, "As has previously been reported, in 2011, the Romneys will pay more than $3.2 million in taxes on $20.9 million in mostly investment income and will have donated more than $4 million to charity. In 2010, The Romneys paid more than $3 million in taxes on $21.6 million in mostly investment income and donated nearly $3 million to charity."

Romney has disclosed his income tax returns from 2010, and released an estimate of his 2011 tax information in April. He has vowed to release 2011's full return one it's completed by his accountant.

Democrats and some Republicans have called on Romney to release more information, saying voters are entitled to know more about a presidential candidate's financial history.

Obama campaign spokeswoman Lis Smith repeated the call in a statement on Monday.

"It's not surprising that Mitt Romney – the most secretive nominee in recent history – is once again siding against transparency and breaking his promise to 'go back and look' at additional tax returns to see if he ever paid less than his 2010 rate of 13.9%," she said. "His refusal to do so raises serious questions about just how much he has paid in taxes and whether he has resorted to tax loopholes and dodges to avoid paying his fair share.

"He can put these questions to rest by following decades of precedent by releasing additional years worth of returns and providing the full account of the income tax rates he paid, as he promised he would just days ago," Smith continued.

Romney and his campaign argue they have met all the legal requirements for tax disclosure, and claim Democrats are waging a war on wealth by demanding more information.

On Monday, Romney said he was confident that the taxes he's paid in the past were all perfectly legal.

"My view is I've paid all the taxes required by law," Romney said on ABC News. "From time to time I've been audited, as happens I think to other citizens as well, and the accounting firm which prepares my taxes has done a very thorough and complete job [to] pay taxes as legally due."

According to an Internal Revenue Service report, nearly 1.6 million audits were conducted in 2010 out of roughly 143,000,000 individual returns filed. That's an audit rate of 1.1%.

Wealthy individuals, however, were subject to a much higher rate – 12.5% for people making more than $1 million in 2011. That was a jump from 8% in 2010 and 6% in 2009.

That spike is partly due to the creation of the IRS's Global High Wealth Industry Group, a division that examines the tax filings of those with incomes or assets of $10 million or more.

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Filed under: 2012 • Mitt Romney • Taxes
soundoff (116 Responses)
  1. curious

    I purchased a home this year and I had to show 3 previous years of tax returns. Rmoney is trying to purchase the presidency.

    July 30, 2012 01:50 pm at 1:50 pm |
  2. Jules

    Come on, Mitt – did you have to pay some or additional taxes when you were audited? Did some of your tax deductuions not hold up? I don't think we are going to let up and I hope the media gets some guts and goes after this.

    July 30, 2012 01:51 pm at 1:51 pm |
  3. S.B. Stein E.B. NJ

    It really makes you wonder if there was cause for the audit or just one done at random. Given what he has done, it really makes me wonder more and more what he has been doing.

    July 30, 2012 01:51 pm at 1:51 pm |
  4. Four and The Door

    Sorry, Obama/ Biden 2012. You will have to run on the real issues, your record and your plan for the future. Romney 2012 will maintain the advantage.

    The only reason Obama/ Biden 2012 is so frustrated they can't pry open more of Mitt Romney's personal information is because they think this may help distract from jobs, national debt and the economy. I am pleased to see Mitt Romney making them squirm.

    July 30, 2012 01:52 pm at 1:52 pm |
  5. TheVoice2

    If he releases his past tax returns it will bring up even more questions which he does not want to answer. He wants to be POTUS but is hiding from the citizens. Typical rich crony. Most of all, I think he is afraid of his offshore bank accounts being exposed. It will ruin his prospects.

    July 30, 2012 01:52 pm at 1:52 pm |
  6. Aerian

    Do any of you who work want to show your tax returns to the public? Romney has paid his taxes. Instead of being so jealous of Gov. Romney's taxes, why don't you look into your President's past...his college transcripts...his ties to criminals. Or maybe you should look at his present policy of promoting class warfare? He'll allow the upper class of this country to be masacred by the jealous 99%. The only problem is that the 99% will no longer be made up of a middle class and lower class. The 99% will all be lower class, and there'll still be the 1% elite. The economic system you are trying to make in our country is what people in many countries worldwide are trying to escape.

    July 30, 2012 01:52 pm at 1:52 pm |
  7. Rudy NYC

    Romney and his campaign argue they have met all the legal requirements for tax disclosure, and claim Democrats are waging a war on wealth by demanding more information.
    -----------------------–
    Misleading the public once again. There are no legal requirements to publicly release any tax returns. The only requirement is one of morality, character, honesty, and transparency. Romney cannot even pretend to be transparent. He must have a lot of secrets he does not want us to know about.

    Wasn't Romney prepared to release returns during the 2008 campaign? Judging from his initial remarks and resistance this time around, apparently not. How many millions of dollars did Mitt Romney pay himself during his time with SLOC?

    July 30, 2012 01:53 pm at 1:53 pm |
  8. jem

    you wait and see, the 2011 will not be released , he will say sorry the return is taking longer than usual, we will get it to you next year. rrrrrriiiiiighhhht

    July 30, 2012 01:54 pm at 1:54 pm |
  9. was for obama, now for romney

    Priceaterhouse coopers does his taxes...they gotta be clean as anyones could be. if we know anything its because it was reported on the returns. if he does have in tax havens then we wouldntk now about them from the tax returns. otherwise if it is legal and the IRS agrees its leagal then the man is smart to think ahead about his axes.

    Every citzen should try and avoid as much taxes as possible, that way they can do what they wish with the money...and in Mitts case he gave more to charity's , his church etc. these idiots commenting on here done understand life. if mitt wasnt thinking ahead and strategixzing lke he is for taxes then i wouldnt want him in the WH. Obama does the same thing with education for his kids and much more.

    I can beleive how many envious peole are existing today. just go out there, work hard , be honest, and make as much money as you want!!!! llive the way you want in this great country of ours

    July 30, 2012 01:54 pm at 1:54 pm |
  10. Thomas

    He's right .

    You little people don't need to know.

    When a guy like Romney is more comfortable about starting another war , rater then showing his taxes , he's got a problem.

    July 30, 2012 01:54 pm at 1:54 pm |
  11. Vic of New York

    ...so was that before or AFTER he was audited?

    July 30, 2012 01:55 pm at 1:55 pm |
  12. jem

    hmm, lets see, romney lost to mccain , and mccain lost to obama. why would you put the second placer in that lost the last primary. can you say lllllllooooooooosssssseeeeeeeeeerrrr

    July 30, 2012 01:56 pm at 1:56 pm |
  13. Rudy NYC

    Don't blame Mitt. I believe that his wife, Ann, laid down the law with her "you all" remarks. She must think that "you all" are just so uncivilized.

    July 30, 2012 01:57 pm at 1:57 pm |
  14. CanadaONE

    In the US Constitution the 16 Amendment
    AMENDMENT XVI
    “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived’’
    The fact that Romoney put his money in the Cayman Islands is breach of YOUR constitution
    Obama and gang should ask congress to pass a resolution forcing Mitt to pay taxes – even if they lose the congress vote they win the PEOPLE’|s vote
    AMERICANS DO NOT LIKE TAX EVASION

    July 30, 2012 01:58 pm at 1:58 pm |
  15. Wire Palladin, S. F.

    Most people really don't care about Mittens' wealth. What they care about is that he makes 50 times what they make, and he pays one half the rate in taxes.

    July 30, 2012 01:59 pm at 1:59 pm |
  16. Woman In California

    No tax returns
    No White House.

    July 30, 2012 02:03 pm at 2:03 pm |
  17. Sniffit

    Obama 2012: More American than Mittens' bank accounts.

    July 30, 2012 02:06 pm at 2:06 pm |
  18. NOT BACKWARD into the GOP FISCAL ABYSS

    I could care less about Willard's income or what he does with his money or his taxes – as long as it's legal. The 99% are subject to IRS regs as is he. While I doubt he's hiding anything, I'm guessing that releasing his tax returns will provide insight into our 1% skewed IRS code, and allow us to get a real look at his tax avoidance strategies – opportunities that many in the 99% do not have due to lack of wealth. That will skew many voters against him when they find out that he's paying very little (or nothing) to the IRS... RELEASE YOUR TAXES MITTENS !!

    July 30, 2012 02:06 pm at 2:06 pm |
  19. ciabella23

    Romney - was one of those that the IRS granted amnesty to for the money in the Swiss Bank Accounts in 2009 and before.....he paid no taxes......Now, how many that have been laid off were still having taxes come out of their checks, preventing them from eating, while Romney gets a by from the IRS for not paying any at all, think he was starving? THink him or his family gave a darn about you, he even helped to layoff these same people......

    July 30, 2012 02:07 pm at 2:07 pm |
  20. Jacob

    Sleaze. Need I say more?

    July 30, 2012 02:07 pm at 2:07 pm |
  21. Mickey

    Other wealthy presidentical candidates voluntarily released 12 or more years of tax returns (including Romney's own father who set the bar) and nobody considered it a "war on wealth." John Kerry, who is also a very wealthy man (worth $186 million), released 20 years of tax returns. Why is it a "war on wealth" just because it's Mitt? This isn't about wealth. This is about Romeny obviously having something to hide, and it has to be bad for him to prefer taking all the heat (even from about 20 prominent Republicans) for hiding his tax returns.

    Also, I don't consider the 10% mandatory tithe Mormons have to pay to the Mormon Church "charity." The LDS Church is a very rich institution. "Time magazine called it one of the world's wealthiest churches per capita.[109] In a June 2011 cover story, Newsweek magazine stated that the LDS church "resembles a sanctified multinational corporation—the General Electric of American religion, with global ambitions and an estimated net worth of $30 billion."

    July 30, 2012 02:10 pm at 2:10 pm |
  22. Rudy NYC

    Aerian asked:

    Do any of you who work want to show your tax returns to the public?
    ----------------–
    Do any of you who want to be POTUS stupid enough not to release them to show the people you have no conflicts of interest? Not releasing tax returns will hurt Romney, the only question is how much. Apparently the Romney campaign has calculated that releasing the returns has the potential for greater political damage than not releasing them.

    Me? I don't think Mitt Romney did anything illegal on his tax returns. I'm sure that he paid himself millions while with SLOC. I'm sure that he's been paid millions upon millions by Bain Capital since his "retroactive retirement." It would not surprise me to see that Mitt Romney paid zero dollars in federal income taxes. All of it legal. But, it all just makes him look like he puts a priority on greed over people.

    July 30, 2012 02:11 pm at 2:11 pm |
  23. one time republican

    I am just glad to see Romney has to put up with only a little of what Obama had to endure with the "Birther" issue. I love poeple who can dish it out, but cannot take it. The only reason why he won't is because he doesn't want to have people see all the loop holes we went through to pay the least in taxes. Sort of ironic that his father began the tradition of releasing tax information.

    July 30, 2012 02:12 pm at 2:12 pm |
  24. Darryl

    I'm so sick of his superior attitude and self-righteous communication with the people of this country.He and his wife can stuff their Tax Returns where the sun don't shine. Never will they un-pack their bags in the W/H now or ever. They are NO better than the rest of us. I'm so sick of these people !

    July 30, 2012 02:12 pm at 2:12 pm |
  25. Four and The Door

    jem
    hmm, lets see, romney lost to mccain , and mccain lost to obama. why would you put the second placer in that lost the last primary. can you say lllllllooooooooosssssseeeeeeeeeerrrr
    _______________________________________________________________________________________________
    All of what you say happened before Obama proved conclusively that American voters were scammed in 2008. This was $5 trillion of new debt and 3 million lost American jobs ago. Americans voters are much wiser in 2012. In fact, they were much wiser in 2010 when they gave the Democrats the first shellacking.

    July 30, 2012 02:12 pm at 2:12 pm |
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