Romney camp: No further tax returns, despite 'audit' remark
July 30th, 2012
01:25 PM ET
11 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.

- Check out the CNN Electoral Map and Calculator and game out your own strategy for November.

Filed under: 2012 • Mitt Romney • Taxes
soundoff (116 Responses)
  1. vic , nashville ,tn

    Good job, this topic won’t go away till Nov 6

    July 30, 2012 02:42 pm at 2:42 pm |

    @Myviewis – Most people don't care Governor Romney is not producing additional tax returns. People are interested if Governor Romney can improve this terrible economy and can he brings us jobs, jobs, jobs.
    Most people DO CARE that Willard refuses to produce additional tax returns. It says a lot about the man. Refusal tells us that he believes he's above/better than the rest of us – an attitude seen frequently from both he and his family.
    And – what exactly has the Grand Obstructionist Party done to create the jobs, jobs, jobs platform that they ran on in 2010 and gained control of the House with? Zip, nada, zilch. Yet the right wing lemmings blindly follow the mantra. If the GOBP got off their duffs in congress an did something to earn their lifelong benefits package instead of throwing out ridiculous legislation like the Ryan plan, they might garner a little more respect from the independents.

    July 30, 2012 02:46 pm at 2:46 pm |
  3. realitybites

    Yeah, this isn't going away and the Obama camp had better not let up on beating the drums. When some of Mittwitt's own tribe members start calling for him to cough up and he digs in his heel s, it only make him look worse. I wonder what else the obama camp's waiting on launch. Gotta be a loooooong list.

    July 30, 2012 02:48 pm at 2:48 pm |
  4. DJ Reality

    Poor Willard. Here comes the guy who we will all be apologizing for, for the ten years

    July 30, 2012 02:49 pm at 2:49 pm |
  5. The Real Tom Paine

    -Four and The Door

    The only people we like to have secrets in the U.S. is the C.I.A...
    I have 5 words for you. Fast And Furious Executive Privilege. How many US Officers do you think were killed as a result of Mitt Romney's tax returns?
    Fine. How many thousands of people lost their jobs, their livelihood and their life savings because of Romney? If character is your driving issue, than Romney needs to be as pure as the driven snow, and he most definitely not( ask his primary opponants, or. better still Johsn McCain, who picked Caribou Barbie over him.). If he becomes President, can the Democrats convene hearings about Romney finances, because he cost thousands of American citzens their life's savings, or whould that rank up there with Mr' Issa's committee in terms of a waste of public resources and funds? The deaths of those officers was a horrible tragedy, but I don't see you getting upset over thousands of Americans losing their jobs, and Romney pocketing the proceeds en route the Caymans. In the grand scheme of things, which has more impact, a Committee fishing for politcal purposes, or something has has affected the lives of thousands of people?

    July 30, 2012 02:49 pm at 2:49 pm |
  6. ThinkAgain

    Fine, you've paid everything required by law. We want to see what that means for a multi-millionaire who hasn't worked in 10 years, lives off his investment income (on which he pays less than 14%) while the rest of us working stiffs pay 30% and up on our income that's earned by actually doing/creating something.

    Mittens continues the GOP lie that lowering taxes on the wealthy will create jobs (we assume here in the US, but they know it's to fund their overseas investments).

    Show us your tax returns for the last 10 years so we can see what you and your cronies REALLY do with all your cash and how you so cleverly hide it to avoid the historically-low taxes you pay.

    Show us your tax returns so we can all see why giving you even greater tax breaks is foolish and helps only YOU and not our country.

    Show us your tax returns, Mittens. Grow a pair and lay it all on the table – NOW!

    Obama/Biden 2012

    July 30, 2012 02:49 pm at 2:49 pm |
  7. The Other Dale

    It's okay, according to Romney he retroactively built the IRS so he doesn't have to do anything. Bain? Build that as well. The Olympics? Built that too. According to him he builds everything with his two mighty hands, alone. Any other way would be for dirty commies.

    July 30, 2012 02:52 pm at 2:52 pm |
  8. v_mag

    Rob-money has said that, if he releases his returns, Democrats will comb through them and make an issue out of something trivial. Okay, if that's the case, why don't the Regugs do that to the President? He has released years of returns, but I haven't head the tightie righties making hay out of them.

    How about a compromise: Rob-money releases just the bottom line on his tax returns. Just tell us, for each year, what you made and what you paid. How could anybody make something out of that, unless you didn't pay anything, or you paid some ridiculously low rate?

    July 30, 2012 02:54 pm at 2:54 pm |
  9. Dominican mama 4 Obama

    You're talking about the same Fast and Furious that The Shrub (W) got started? That same Fast and Furious?

    July 30, 2012 02:55 pm at 2:55 pm |
  10. Michael

    Looks like Willard is a crook then, he must know that releasing the returns would finish him.

    July 30, 2012 02:55 pm at 2:55 pm |
  11. Jeff Brown in Jersey

    Keep digging yourself a deeper hole Mitt!

    July 30, 2012 02:55 pm at 2:55 pm |
  12. rob

    Good for Romney, I'm glad he won't back down. The only one's making a big deal about it are the liberal media and the Obama campaign because they have nothing positive to tout for Obama and they have NO PLANS to restore the economy.

    This year is truely the "Its the Economy Stupid". The Dems and the media want to talk about anything...ANYTHING but the economy.

    July 30, 2012 02:56 pm at 2:56 pm |
  13. Bill in Florida

    "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."

    The GOP sure does love waging wars or talking about waging wars. Of course, what else can they talk about? Romney's war on the truth?

    July 30, 2012 02:57 pm at 2:57 pm |
  14. ThinkAgain

    @Myviewis – Most people don't care Governor Romney is not producing additional tax returns. People are interested if Governor Romney can improve this terrible economy and can he brings us jobs, jobs, jobs.

    Mittens is hiding the FACT that how he has made his millions is by taking advantage of a tax system written by and for his ilk and their endless siphoning of assets from our country, all the while they thump their chests and go on about how "patriotic" they are.

    And if you're looking for "jobs, jobs, jobs," then I suggest you quit the Republican party, which has done NOTHING except put to a vote endless divisive bills designed to deny individual rights and obstruct everything President Obama has tried to do to help our country.

    Give it up, myviewis. Mittens and the policies he and the GOP advocate are PROVEN FAILURES. The sooner you learn to accept that FACT, the sooner you'll get on board with moving our country forward, where ALL people prosper and not just the few at the top.

    Obama/Biden 2012 = The only sane choice

    July 30, 2012 02:58 pm at 2:58 pm |
  15. Al-NY,NY

    Larry L

    Would we want Ken Lay or Bernie Madoff as President? They had extensive business skills and exploited capitalism to the fullest. Like Romney, they trashed the savings and pensions of thousands of people – "business is business'. We need to see Romney's tax returns because he's hiding exactly the same, slimy business ethics. He's not a honorable man and a ridiculous choice for President.

    the tightie righties know exactly what you are talking about. They just don't want to hear it. They don't care (at least about Romney) about his financials because they'd vote for him even if he WAS Madoff. They will divert til the sheep come home (them) yet clamor about Obama's BC or transcripts or "jealousy of his wealth" Even his own party knows he's ruining his chances by refusing yet he still sticks to his slimy guns, and the sheep back him up without question, like good little sheep do

    July 30, 2012 02:59 pm at 2:59 pm |
  16. Pander Bear

    Mr. I know everything about finance and the economy has been audited "from time to time"? He's toast.

    July 30, 2012 03:00 pm at 3:00 pm |
1 2 3 4 5