Romney’s offshore accounts raise suspicion

Mitt Romney's worth is between $190 million and $250 million (New York Times). Mitt relentlessly touts his business record, but refuses to release more than one tax return and only an estimate for 2011 taxes.

Maybe it's the money he puts in offshore tax havens that makes him uncomfortable about his election chances, or maybe he didn't pay taxes at all. It's possible.

Vanity Fair Magazine (July): “Romney's fortune (with $30 million in Bain Capital funds in the Cayman Islands alone) looks pretty strange for a presidential candidate ... Particularly jarring were Romney's many offshore accounts ... each with the tagline: Value not disclosed in tax returns ... the Romney campaign insists he saves no tax by using them.” Really!

Hardworking Americans need to know that Romney paid an average tax rate of 15 percent for 2010. He gets the low rate because his income is investment income, taxed at a maximum of 15 percent, rather than the higher income tax rate paid by most Americans.

Every American businessman uses the vast U.S. infrastructure, all paid for by taxpayers, to make their money. The wealthy owe America's taxpayers a great deal and they should pay their fair share. Romney is no exception. Taxpayers unite! Insist Romney release his tax returns.

Leon and Marlene Schmidt

Cedar Rapids