If the Romneys paid an unreasonably low rate of taxes on their substantial income, that shows that the law is bad. If, however, they failed to pay what the law requires, that says something about them. Consider the following:
This is the critical question: Did the Romneys get amnesty from the IRS in 2009? To my knowledge, the Romneys have not been directly asked this question.
What We Know
- Romneys had a Swiss bank account in 2009.
- Bank was UBS.
- UBS, after being fined $780,000,000 by the IRS for conspiring with its depositors’ to conceal taxable income, released to IRS the names of 4,700 Americans with UBS accounts.
- IRS offered amnesty to Americans with unreported foreign bank accounts in March 2009.
- In 2009 IRS received approximately 30,000 requests for amnesty from Americans with foreign bank accounts.
- The penalties for foreign account tax evaders who failed to obtain amnesty were draconian.
- Those who received amnesty were given immunity from criminal prosecution.
- The Romneys have not released, for any year, their FBAR Forms which provide detailed information to the IRS regarding foreign bank accounts. FBAR is the acronym for Report of Foreign Bank And Financial Accounts Form (TD F 90-22.1).
What We Do Not Know
- Whether the Romneys asked for amnesty.
- Whether there is any other compelling reason for refusal by Romneys to produce the 2007, 2008 and 2009 tax returns and their FBAR Forms.
- Why Romneys opened UBS account.
- Why Romneys closed UBS account after UBS was caught.