This Article is About
income tax return
mitt romney
personal finances
good reason
Why Mitt Romney Should Not Release His 2011 Income Tax Return
Join 1000's of Authors at StreetArticles Today!

Mitt Romney is preparing to release his 2011 tax returns shortly. Given his statements leading up to that event, it seems to me, totally unnecessary.

Mr. Romney has stated numerous times that he has complied with all regulations in filing a disclosure of his personal finances as required by the Federal Election Commission. He adds that he is going beyond those requirements by having already provided his 2010 return and promising to add his 2011 return when it becomes available. When pressed on why he won’t offer several more years of his returns, his response invariably has included the theme that his opponents will “twist” the facts in his returns and use that distorted information in attack ads.

If we take Mr. Romney at his word, then it doesn’t make any sense to release any return beyond the one that has already been offered up. If the details included in that return were “twisted’, wouldn’t the details of his 2011 return also be subject to similar distortions? Adding the current year certainly won’t soften the call to have him release many more. So why not leave it at the one year that has already created an unwanted stir for the candidate?

One reason for Mr. Romney’s willingness to provide the public (and media) with his 2011 return might be that until it is filed, he has control of how his finances are treated for tax purposes. Although it has been a long time since I was a practicing CPA, I know that complicated tax returns are not straight forward. The taxpayer has choices as to how aggressive or not she wants to be in interpreting the Tax Code to minimize her tax burden. Similarly, if there is some other good reason to be not as aggressive (say, running for public office) the taxpayer could choose to treat some financial transactions in a way that leads to a higher tax burden solely for the sake of appearances.

Now that Mr. Romney has further complicated his presidential bid with his now famous, "47% Americans pay no income taxes", there will probably be even greater calls for him to release many more years so as to prove that he is not one of that 47%. And certainly, there will be greater scrutiny of whatever he does release.

The due date for his tax return is October 15th. We will find out shortly which approach Mr. Romney has chosen.

Street Talk

No comments present
You May Also Like
When Are Taxes Due for 2012?
One of my clients asked me today "When are taxes due for 2012?”. I do his bookkeeping so I know his company's taxes are being paid on time but it made me wonder just how many small businesses are paying their taxes late are not paying at all. The IRS…
By: Peter N in  Business   Oct 26, 2012  
  Likes: 0

3 Great Advantages Of Hiring Tax Service In Sacramento CA
Self-dependence in handling tax issues when it comes to your business is oftentimes regarded as a cost-saving step. However, more and more business owners are going for the help of tax professionals whenever there is a need to prepare the income tax return of the business. Even if this will…
By: David Yaffee in  Finance  >  Taxes   Mar 19, 2013  
  Likes: 0

Tax Fraud - Protect Yourself From Tax Fraud
You have watching the news lately? If you haven’t file for your income tax return yet, you might want to do it before someone else take your chance and your refund. As you might know identity theft is one of the fastest growing crimes in America and tax season is…
By: DJ. Cameron in  Finance  >  Taxes   Mar 23, 2012  
  Likes: 1

How Much Did Obama Win By?
Obama has won a second time after defeating Mitt Romney in the 2012 election, but how much did he really win by? As of right now, the score stands at 303 electoral college votes for Obama, vs 206 for Romney, with only Florida and its 27 votes yet to be…
By: Dom Wells in  Politics  >  World Politics   Nov 08, 2012  
  Likes: 7

Mitt Romney's Dog Food Brand - Not Selling?
Just as you read, Mitt Romney's new dog food brand is far from selling. The few buyers of the 'dog on roof' dog food have given in their feed-backs on their experience with the product but it seems like he did not get the tender of it. If you have…
By: Deshinali in  Politics  >  World Politics   Feb 18, 2012  
  Likes: 8

Mitt Romney And Seniors
A lot of Seniors are asking the question. Who will the Republican nominee for President be? Well that question has been answered. Barring a major faux pas it will be Mitt Romney. So who is Mitt Romney and what is his stance towards Seniors. For me the who is easy…
By: John Stewart in  News and Society  >  Pure Opinion   Apr 12, 2012  
  Likes: 3

Romney's Dog On Car (literally)
Chances are, you have been informed about Mitt Romney's 'dog on car' dog food brand one way or another.This piece of news has been allover the media for quite sometime bringing a sort of fuzz about Mitt Romney. As a result, his dog food brand isn't doing pretty well as…
By: Deshinali in  Politics  >  World Politics   Feb 19, 2012  
  Likes: 6

The Gay Divorce
Mitt Romney missed his big chance yesterday—after the dust-devils starting swirling around his appointment of the openly gay Richard Grenell as his Chief of Foreign Relations Policy, and Mr. Grenell’s subsequent resignation from the post, Romney had an opportunity to tame the Far Right and give himself a much-needed shot…
By: Christopher Dunn in  Politics  >  World Politics   May 03, 2012  
  Likes: 3

Obama 2012 Victory Speech
So Obama has won another term. Remember how powerful his victory speech was back in 2008, and how enthusiastic and euphoric Americans were for the next few months, only to experience a large comedown as the years went by? Well, he took a more measured and experienced approach to his…
By: Dom Wells in  Politics  >  World Politics   Nov 08, 2012  
  Likes: 1

President Obama Wins
The American people have spoken; the President has been elected to a second term. It has only been a couple of days, but still social media and news channels are reeling with conversation about the 2012 Presidential election. President Obama defeated Mitt Romney to earn a second term as President.…
By: Johnathon Vogel in  Politics   Nov 09, 2012  
  Likes: 1

Tell Me No More Lies
Going into the first presidential debate, I had already determined that on Election Day my vote would be cast for Mitt Romney. I put on Obama’s rose-colored glasses in 2008, but have since removed them from my face and thrown them in the dumpster. In 2008, I was an Obama…
By: Craig Williams in  Politics   Oct 08, 2012  
  Likes: 1

Legal Outsourcing is Outside Of the Outsourcing Controversy
As the U.S. presidential race heats up with the soaring summer temperatures, we continue to read news reports of President Obama’s re-election team attacking challenger Mitt Romney’s record of outsourcing. The accuracy of Obama’s attacks on Romney is irrelevant when we examine the overall picture of how city governments and…
By: Jonathan Easton in  Legal  >  Corporations LLC   Jul 28, 2012  
  Likes: 0

:the Young Dynamic Leadership
In the political outdoors theater of Maharashtra Satej [Bunty] D Patil is as prominent and prestigious as the Kolhapuri Silver enrichments are on the planet market. The political life trip of this youthful extravagant and visionary force of Karveer is blossoming with endowments of Shree Mahalaxmi, capable heading and enduring…
By: satej patil in  Politics  >  World Politics   May 23, 2016  
  Likes: 0

Yemen: Strange Turn Of Events for Iran
At a time when everything is going south for Iran in the Middle East, the Shiite Houthis have jumped on the bandwagon and turned on the mullahs. In spite of years of providing financial aid, sophisticated arms, logistics and dedicating its Quds Force advisors regardless of its own moribund economy,…
By: pejmanamiri in  Politics  >  World Politics   Apr 30, 2016  
  Likes: 0

Restoring American Democracy
Every high school student in the United States is familiar with the fundamental concepts of our democracy as embodied in the Gettysburg Address, the Declaration of Independence, and the United States Constitution. In brief, these documents underscore the proposition that the authority of a legitimate government depends on a free…
By: james siddall in  Politics  >  World Politics   Mar 11, 2016  
  Likes: 5

Article Views: 1459    Report this Article