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Obama ad attacks Romney on tax returns

The Obama campaign hit Mitt Romney with a new ad Tuesday raising questions about the wealthy Republican presidential candidate’s personal tax returns.

world Updated: Jul 19, 2012 00:00 IST
Yashwant Raj

The Obama campaign hit Mitt Romney with a new ad Tuesday raising questions about the wealthy Republican presidential candidate’s personal tax returns.

Called Makes You Wonder, the television ad was released for broadcast only in Pennsylvania, a crucial swing state Romney was canvassing the same day. Also on Tuesday, the Democratic National Convention released an ad on the same theme, a series of news clips of Republicans asking Romney to disclose his tax returns.

Romney had released returns for two years in January under pressure from his Republican rivals during the primaries. And he has said that’s it, he is not giving away any more.

“John McCain ran for president and released two years of tax returns,” Romney told a conservative TV channel, adding, “John Kerry ran for president and you know his wife who has hundreds of millions of dollars. She never released her tax returns and somehow this wasn’t an issue.”

The completed return for 2010 and an estimated return for 2011 showed his annual income at $21.6 million and $20.9 million respectively, taxed at the rate of 13.90% and 15.40%.

And what has gotten conspiracy theorists rubbing their hands in glee — as in India — are holdings in Swiss banks, and partnership in havens such as Cayman Islands and Bermuda.

“Until he releases more years of tax returns, we’re not going to have additional information on why he had investments in the Cayman Islands, why he had investments in a company in Bermuda, and what decisions he was involved in,” said Jennifer Psaki, Obama campaign communication adviser.