On CNBC, Mitt Romney claimed a precedent for only revealing two years of tax returns
Larry Kudlow: Why not release your tax returns? Why not go back 10 years?
Gov. Mitt Romney: Well, we've had people run for president before, and they've released two years. John Kerry released two years of taxes... I've released one already, put the estimate out for the next year. We'll have two years of taxes.
Actually, Kerry is no precedent. When Sen. John Kerry began his Presidential Campaign early in 2003, he followed the example of Romney's father and made public 20 years of tax returns. Now, here are with the Republican primary all but over, and Romney is still hoping to appease his critics with two years of tax returns. As Mitt's father Gov. George Romney said: "one year could be a fluke, perhaps done for show."
Why is he going to such great lengths to conceal his tax records? We already know he pays an effective Federal tax rate of 14.8% (compared to around 25% for most Americans) and just 0.1% for Social Security and Medicare (compared to 7.65% for most Americans). We already know Romney has accounts in Switzerland, Luxembourg and the Cayman Islands which are notorious tax havens.
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