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Mitt Romney’s tax returns: What Americans need to know

Vanity Fair’s recent look into the millions of dollars Mitt Romney has in tax havens raises a lot of questions. Did he put his money there to avoid paying U.S. taxes? Americans don’t know, because Romney won’t follow the precedent set by his father and release his tax returns.

Obama for America National Press Secretary Ben LaBolt breaks down what the Romney campaign is keeping from Americans.

Here’s what we do know:

  • Romney owned a shell corporation registered in Bermuda.

  • Romney keeps millions of his income offshore in the Caymans.

  • Romney had a bank account in Switzerland.

  • Romney, who is lately talking about getting tough on China, invested as much as 1.5 million dollars there.

Here’s what Americans deserve to know and what Romney is refusing to answer:

  • Does the Romney family still own the Bermudan shell corporation? If so, why won’t his campaign admit it?

  • Why did Romney transfer ownership of this secretive corporation to a blind trust in his wife’s name the day before he was sworn in? Was it to avoid disclosure?

  • What taxes would Romney have paid if his money was invested here in America instead of in tax havens like the Caymans?

The Romney campaign argument boils down to this: Romney hasn’t technically broken any laws. But, is not technically breaking the law a high enough standard for someone who is running to be the President of the United States?

Watch LaBolt lay out exactly what Americans deserve to know, and then share this video with your friends and family.