Patriotic Millionaires Ask: "What is he hiding?"
New York, NY - Today, The Patriotic Millionaires demanded that presidential candidate Mitt Romney release at least 10 years of his tax returns publicly. To date, Romney has only released his 2010 tax returns and an estimate for his 2011 return.
Mitt Romney has resisted all public pressure to fully disclose his tax returns, despite multiple allegations that he made considerable use of tax havens, offshore accounts and carried interest to avoid taxes. According to a recent ad by the Obama campaign, Mr. Romney paid less than 15 percent in taxes on $43 million in income over the last two years.
Patriotic Millionaire and Managing Partner of InterMedia Partners Leo Hindery (NY) says:
"No one should ever be President who won't disclose to the American people - proudly and forthrightly - how he lives as a taxpaying citizen. Patriotism and, in every way, support of our government run hand in hand. To whom much has been given even more is expected in terms of disclosure."
Patriotic Millionaire and former Google Software Engineer David desJardins (CA) says:
"Mitt Romney owes a detailed explanation to the American public about how he got $100 million or more in his IRA, without illegal self-dealing. The Individual Retirement Account is a tool for Americans to save for retirement, something most Americans desperately need. If Romney took advantage of quasi-legal manipulations to use his IRA instead as a vehicle for hiding hundreds of millions of dollars from the IRS and avoid paying even the low 15% rate on his income, we should know how he did it and whether it was legal, or not."
Patriotic Millionaire and CEO of NuCompass Mobility Services Frank Patitucci (CA) says:
"What has he got to hide? Frankly, I'd like to know how a business owner like Mr. Romney can get by with only paying a 15% tax rate. I own a medium size business that is organized as an "S" corporation and I pay personal income tax rates of 35% on every penny the company earns."
Patriotic Millionaire and Founder of Schottenfeld Group Richard Schottenfeld (NY) says:
"Tax fairness is the central issue in this campaign. We have the right to know how Mr. Romney conducted his own affairs before we can determine if he is fit to conduct the affairs of the American people."
Patriotic Millionaire and Co-CEO of eScription Paul Egerman (MA) says:
"Why doesn't Governor Romney want Americans to see his tax returns? Perhaps, he wants to hide the truth about how little in taxes people like Mitt Romney and me have paid on many millions of dollars of income. Or, perhaps he wants to hide the way that he's used paper losses to get refunds on prior years' returns. He needs to release at least 10 years of returns. Governor Romney should also come clean and release at least the past ten years of his Massachusetts state income tax returns to answer lingering questions about his residency."
Patriotic Millionaire and Principal of Zygote Ventures Jerry Fiddler (FL) says:
"Governor Romney says that his business experience has qualified him to be our President. That's fine, if he's willing to be open about how his business and finances have worked. He can't ask for our trust, while at the same time be unwilling to be open about how he has conducted his personal business. "
Patriotic Millionaire and Chairman of Campus Works Inc Eric Schoenberg (NJ) says:
"Since the Bush tax cuts of 2001 and 2003, the US federal budget deficit has exploded while the tax rates paid by wealthy Americans have shrunk to their lowest levels in over fifty years. Even so, many rich Americans have continued to use questionable loopholes to lower their taxes even further. From his 2010 return alone, it is obvious Governor Romney has benefited enormously from lower rates (and has proposed tax policies which would drastically reduce his own tax liabilities even further), so I think it only reasonable that the American people have the opportunity to see for themselves how he has availed himself of other loopholes by releasing at least a decade of his tax returns."
Patriotic Millionaire and President of Grain Pro Inc Philippe Villers (MA) says:
"I don't understand why Romney is so resistant to disclosing his income tax returns or why he claims he wasn't part of Bain when he was listed as CEO. Something doesn't meet the eye."
Patriotic Millionaire and former AOL Executive Charlie Fink (VA) says:
"It makes you wonder if Romney isn't releasing his tax returns because he doesn't want us to see ways he avoided paying taxes."
Patriotic Millionaire and Attorney Josh Kanter(VA) says:
"Mr. Romney is running for President, not dog catcher... By running for President, Mr. Romney opens himself up to a heightened level of scrutiny. That was his choice. Now Mr. Romney owes it to the American people to disclose his tax returns and to provide sufficient information to demonstrate that he has been, and is, playing by the rules. He should voluntarily show the American people that he plays by the same rules as everyone else."
*The Patriotic Millionaires are available for comment and/or television and radio booking. If you would like to speak with a Patriotic Millionaire or host one on your program, please contact Shruti Sehgal at email@example.com or 212-481-8304.
· The Patriotic Millionaires was formed in Fall 2010 by some of the country's most financially successful citizens who came together to urge the President to let the Bush tax cuts expire for people making more than $1 million per year. Now,Patriotic Millionaires for Fiscal Strength consists of more than 200 members, including: more than a dozen current and former Google employees, actress Edie Falco of Showtime's Nurse Jackie, the founder of Esprit, the founder of the Princeton Review, the founder of Ask.com, legendary philanthropist Michael Steinhardt, famed economist Nouriel Roubini, financial guru Andrew Tobias, top executives from Warburg, Pincus, and other major financial firms, filmmaker Abigail Disney, and many others.
IMPORTANT FACTS ABOUT PRESIDENTS AND THEIR TAX RETURNS
· So far, Mitt Romney has only released his 2010 tax returns and an estimate for his 2011 return. President Obama has released his tax returns from 2000 - 2011. President George Bush released tax returns from 2000 - 2007.
· Mitt Romney has rejected the calls of both Democrats and Republicans like Rupert Murdoch, Mississippi Governor Haley Barbour, Alabama Governor Robert Bentley, former RNC Chair Michael Steele, ABC News' George Will and Weekly Standard Editor Bill Kristol to release more years of his tax returns.
· In the history of Presidential politics some candidates have released as many as 28 years of their tax returns. President Obama has released 12 years of tax returns.
· Mitt Romney's father, George, also released 12 years of tax return when he ran for President in 1967-68.