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Virginians Demand Answers From Romney On Taxes In Light Of New Report

For Immediate Release
September 27, 2012
Contact: Anna Scholl (434) 218-2113 anna@progressva.org

Virginians Demand Answers From Mitt Romney On His Taxes

News report indicates Romney may have violated federal law in tax and ethics filings.

As Mitt Romney today prepares to campaign in Springfield, VA, a new report from the Boston Globe continues to raise questions about Mitt Romney's taxes. A legal analysis of Romney's 2011 ethics filing found he may have violated the False Statements Act by declaring he had not been involved in the operations of any Bain Capital entity in any way since Feb. 11, 1999. That statement contradicts Securities and Exchange Commission filings, reported by the Globe in July, that demonstrated Romney continued to serve as Bain's chief executive and chairman as late as 2002.

"When it comes to Mitt Romney and taxes, there are always more questions than answers," said ProgressVA executive director Anna Scholl. "Romney still hasn't told Virginians why he thinks it's ok that he pays a significantly lower tax rate than teachers, firefighters, and nurses. He hasn't come clean to Virginians about the foreign tax havens he may have used to lower his tax liability and now he's refusing to answer questions to a pretty simple question: when did you stop working at Bain Capital? What is Mitt Romney hiding?"

Romney has repeatedly refused to adhere to the standard of transparency in presidential campaigns set by his father in 1967. George Romney released 12 years of tax returns during his pursuit of the White House. Mitt Romney's own 2011 tax returns demonstrate he purposefully manipulated his tax liability in order to pay more than an approximate 10% tax rate that many Americans would find disqualifying. The release of his 2011 return came days after Romney ridiculed 47% of hardworking Americans as victims who depend on government for a handout.

BACKGROUND:

 

  • "In the 2011 [ethics] disclosure, which Romney was required to submit as a presidential candidate, the former Massachusetts governor stated that he "has not been involved in the operations of any Bain Capital entity in any way'' since Feb. 11, 1999." [Boston Globe, 9/27/12]
  • "Government documents filed by Mitt Romney and Bain Capital say Romney remained chief executive and chairman of the firm three years beyond the date he said he ceded control, even creating five new investment partnerships during that time." [Boston Globe, 7/12/12]
  •  Moveon.org "citing its own review of the public records, contends that Romney may have violated the False Statements Act by lying on his 2011 federal financial disclosure statement." [Boston Globe, 9/27/12]

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ProgressVA is a multi-issue, progressive advocacy organization dedicated to engaging citizens from across the Commonwealth around issues of immediate state and local concern. www.ProgressVA.org