Sunday, July 29, 2012

What has Mitt Got to Hide? Ans. His TD-F 90.22.1

We have Mitt Romney's 2010 tax forms, and maybe 2011, and we know he's put money in overseas accounts, namely in the Caymans and Switzerland. Though Mitt believes he's done "God's justice" by providing these two years of basic tax files and account locations, he really hasn't because he's never supplied the ancillary TD-F 90.22.1  form.

Note that from the information: "Each U.S. person having a financial interest in, or signature or other authority over, any foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year must report such relationship by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (“FBAR”). "

The key informational part of the Form for each section of each of his accounts we'd like to see is No. 15: "Maximum value of account during calendar year period".  Leaving out all the other dross, this information would tell us precisely what Romney's worth is for any calendar year for which this "F-BAR" form is filed. Is it more than $500 million? $300 million? Is is $250 million in each of his offshore accounts?

We don't know, and Romney won't say, because although he gave up his 1040s he's not given up the ancillary form (which must be separately filed with the Dept. of the Treasury) that gives that information.

Would so many American voters (45% by some recent polls) be willing to vote for this Bain Wheeler-Dealer if they knew how much he was really worth and where the bulk of his money was parked? I somehow doubt it. But that's why he's not making the information known, hence only provided an incomplete picture of his taxes.

I believe the Dems and Obama need to start banging on this theme, not just his tax returns for 10 or 12 years, but releasing the all important Form TD-F 90.22. 1 for the years (just two) he HAS released his regular 1040s. Only then will Americans be able to see how rich this character is and why he can't possibly have their interests at heart!

1 comment:

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