LAS VEGAS, Nevada — The Obama campaign warned Tuesday that Mitt Romney would have to confront questions on whether his offshore holdings were set up to avoid taxes, during Wednesday’s presidential debate.
On the eve of the clash in Denver between the Republican and President Barack Obama, a New York Times report suggested tax arrangements of Bain Capital, the company Romney’ founded, may have helped enhance his wealth.
“This raises a lot of questions that the Romney campaign should have to answer, he should have to answer tomorrow evening,” said Obama spokeswoman Jen Psaki.
“We look forward to hearing what he has to say.”
The Times examined thousands of pages of previously unreported documents from Bain Capital, a private equity firm, relating to dozens of offshore holdings in the Cayman Islands.
The paper said the arrangements in some cases allowed the former venture capitalist’s retirement account to avoid taxes and may have cut his personal income tax bills.
Psaki said that the Obama campaign was not suggesting that Romney broke the law but suggested Americans deserved to know more about his financial arrangements.
“This is an issue where I think he has been telling people for months that he didn’t financially benefit. It is clear that some of the steps his company (took), he did.”
Psaki said that Romney could clear up questions about his tax record by offering more than the two years of tax returns he has publicly released.
“It raises the question for people who will be watching at home tomorrow night. Why are they paying a higher rate than one of the presidential candidates?”
Romney senior advisor Michele Davis said that the assets of Romney and his wife Ann were held in a blind trust.
“They have no role in investment decisions, which are made by the trustee. The Romneys have scrupulously followed the tax laws and have paid 100 percent of what they owed.”
Bain Capital also issued a statement to the Times, saying that it, like other global asset managers used “widely accepted, fully legal and recognized structures so that investors may receive predictable tax treatment on investment gains for their constituents.”
The Obama campaign has repeatedly hammered Romney over his taxes, saying that they are an example of how wealthy Americans can get preferential treatment which is not easily accessible by the middle class.
The Republican challenger insists his arrangements are entirely above board, but that he does not want his opponents to pick over the fine detail of a decade of family finances, despite fierce political pressure.
His return for 2011 shows he paid $1.9 million in taxes on an income of $13.6 million, an effective rate of 14.1 percent.
The rate was so low because investment income is taxed at a lower rate than ordinary salaried income.
Here are 7 wild, bizarre and pathetic moments from Trump’s ‘campaign launch’
On Tuesday night, President Donald Trump held a rally that was billed as the official launch his re-election campaign — though he has never really stopped holding campaign rallies.
As expected, the president ranted, lied, and engaged in the raucous attacks that are central to his connection with Republican voters. Some of it was actually just sad, such as his continued obsession with Hillary Clinton.
Here are seven of the wildest, disturbing and pathetic moments from the rally:
1. He said Democrats "want to destroy our country as we know it."
Trump casually accuses Democrats of "want[ing] to destroy you and they want to destroy our country as we know it." pic.twitter.com/4K79KlbEeR
British PM candidates clash over Brexit as Boris Johnson skips debate
Candidates to become Britain's next prime minister clashed over Brexit strategy at their first debate on Sunday but the frontrunner, Boris Johnson, dodged the confrontation.
The 90-minute debate on Channel 4 featured the five remaining candidates and an empty podium for Johnson, the gaffe-prone former foreign secretary and former mayor of London.
In sometimes ill-tempered exchanges, four of the five candidates said they would seek to renegotiate the draft Brexit divorce deal agreed with Brussels even though EU leaders have repeatedly ruled this out.
Michael Cohen ordered back to Congress on March 6
President Donald Trump's so-called "fixer" is being asked to return to Congress for more questioning on March 6.
Outside of the closed-door committee hearing Thursday, Cohen said that the House Intelligence Committee is seeking further information, according to Washington Examiner writer Byron York.
Michael Cohen finished closed-door testimony before House Intel Committee, says he's coming back for another session March 6. Again: No reason for secrecy. Transcripts should be released ASAP.
— Byron York (@ByronYork) February 28, 2019