Page 2 - Steven A News Today

Which is now up to 27.5%. so theres no question that a tremendous amount of tax has been raised by the internal revenue service on bringing these people into the fold. >> and david, bringing them into the fold is kind of a charitable term for making them law-alliedilaw-a liebidin law-abiding. >> this was a forgiveness for improper conduct. ive been on romney all the time to release returns back to 1984. he wont answer questions about when did you actually pay the taxes that you owed. >> steven a...

Mitt romney since 1990 was 20%. joining me now, david k. johnston, a professor at syracuse university and the author of the new book "the fine print" and steven a certified public accountant and managing partner. he specializes in high net worth individuals. what have we learned? >> well, romney, as you just showed in the clip, by his own standard has about $500,000 reasons hes disqualified. if he doesnt win he can file an amended tax return over the next three years and take the full charitable...

Its 90-22. and the f-bar is not part of the tax filing. its done by june 30th each year without extension. so in the 2009 tax return itself, you would not find this form whether he filed it or not. and the amnesty is a little bit misleading. because the amnesty still required everybody to pay 20% at that time on the first amnesty program of the highest value of their account. so although the amnesty was from criminal prosecution, there was a fairly heavy tax burden on the highest value of the ac...

Blind trust have that delivers this to romney every year. how much control do they have over how much income gets delivered? >> a great deal. a curious thing, remember the draft we saw of the 2011 return, it showed $7 million more income than ultimately showed up on the filed 2011 return. thats not exactly a small difference. by not seeing the previous years returns. if he owed taxes in the past, you would see these adjustments through his tax returns. its very significance that the price waterh...

And the amnesty is a little bit misleading. because the amnesty still required everybody to pay 20% at that time on the first amnesty program of the highest value of their account. so although the amnesty was from criminal prosecution, there was a fairly heavy tax burden on the highest value of the account. but you would not see that in his 2009 actual filing. the f-bars were not part of the tax return. >> and what reasons are there, steven, to put money in the cayman islands other than, as paul...

Does. >> along with the 2011 tax return on friday, the romney campaign released a statement from pricewaterhouse coopers that said the lowest effective personal income tax rate that romney enjoyed since 1990 was 13.6% and the average rate that mitt romney since 1990 was 20%. joining me now, david k. johnston, a professor at syracuse university and the author of the new book "the fine print" and steven a certified public accountant and managing partner. he specializes in high net worth individual...

Reasons hes disqualified. if he doesnt win he can file an amended tax return over the next three years and take the full charitable deduction. we still havent seen his 2009 return, which would be when, if he sought any forgiveness from the u.s. government for having undeclared account or if he was involved in the ubs criminal tax shelter activities in any way, that would have come forward, among many other things we havent learned about. >> steven, what would we look for in the 2009 return romne...

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