(J.D. Poole/Getty Images)
An interesting rumor, based on legal fact, just started flying around about this year’s presidential race: Mitt Romney might have to give up his Republican Party nomination.
After all, just like no one with a criminal record can be president, neither can anyone who received amnesty for a crime, either.
And Romney’s consistent refusal to release his tax returns might indicate he received amnesty for tax evasion, some media are reporting.
To date, and despite bipartisan objections, Romney won’t release his full 2010 personal tax returns, and has provided none from previous years. His 2010 returns don’t contain the same information Romney reported on his campaign documents, either.
Many insinuate this refusal is simply to hide his overseas investments due to their potential negative reception from American voters.
However, his refusal could indicate that Romney took advantage of an amnesty program that allowed relative pardons to tax evaders. The 2009 Offshore Voluntary Disclosure Program allowed those who skipped taxes on overseas investments to settle their debts to the IRS at reduced penalty rates and without legal punishment.
In addition, following a court decision that year, the Swiss banking firm UBS AG agreed to turn over records of about 4,500 Americans who used their accounts to hide earnings from the IRS.
The particular tax documents that would indicate his use of this amnesty program are what Romney’s not releasing.
His campaign has even threatened media that ask about this and other financial issues.
Attorney and entrepreneur Paul Abrams made the suggestion that Romney may have to give up his nomination in a Huffington Post article on Wednesday. Former judge and media consultant Catherine Crier extended the argument on MSNBC that same evening (see video below).
Abrams predicts that the final Republican nomination will go to Romney’s yet-to-be-announced running mate.
After all, just like no one with a criminal record can be president, neither can anyone who received amnesty for a crime, either.
And Romney’s consistent refusal to release his tax returns might indicate he received amnesty for tax evasion, some media are reporting.
To date, and despite bipartisan objections, Romney won’t release his full 2010 personal tax returns, and has provided none from previous years. His 2010 returns don’t contain the same information Romney reported on his campaign documents, either.
Many insinuate this refusal is simply to hide his overseas investments due to their potential negative reception from American voters.
However, his refusal could indicate that Romney took advantage of an amnesty program that allowed relative pardons to tax evaders. The 2009 Offshore Voluntary Disclosure Program allowed those who skipped taxes on overseas investments to settle their debts to the IRS at reduced penalty rates and without legal punishment.
In addition, following a court decision that year, the Swiss banking firm UBS AG agreed to turn over records of about 4,500 Americans who used their accounts to hide earnings from the IRS.
The particular tax documents that would indicate his use of this amnesty program are what Romney’s not releasing.
His campaign has even threatened media that ask about this and other financial issues.
Attorney and entrepreneur Paul Abrams made the suggestion that Romney may have to give up his nomination in a Huffington Post article on Wednesday. Former judge and media consultant Catherine Crier extended the argument on MSNBC that same evening (see video below).
Abrams predicts that the final Republican nomination will go to Romney’s yet-to-be-announced running mate.
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