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Romney says Reid's claim about unpaid taxes 'untrue'

By Douglass K. Daniel

Associated Press


WASHINGTON >> Put up or shut up, says Mitt Romney. Just sayin', retorts Harry Reid. For both men, it's a taxing situation.

Romney is demanding that the Democratic Senate leader back up the story he's been passing around this week that an investor with Romney's old firm, Bain Capital, has told him that Romney didn't pay any taxes for 10 years.

Reid offers no evidence to substantiate the claim — he even says he's not sure it's true — and won't reveal who made it. For the Nevada Democrat, the claim explains why Romney is adamant about not releasing more than a year or two of his tax returns.

Romney went on conservative radio host Sean Hannity's show Thursday to brand the claim untrue.

"Well, it's time for Harry to put up or shut up," Romney said. "Harry's going to have to describe who it is he spoke with because of course, that's totally and completely wrong."

Romney added: "It's untrue, dishonest, and inaccurate. It's wrong. So I'm looking forward to have Harry reveal his sources and we'll probably find out it's the White House. Look, the Obama campaign is going to do everything in its power to try and talk about anything besides the president's record."

Reid repeated the claim on the Senate floor. Following Romney's response, he released a statement saying that "it's clear Romney is hiding something."

"When it comes to answering the legitimate questions the American people have about whether he avoided paying his fair share in taxes or why he opened a Swiss bank account, Romney has shut up," Reid said. "But as a presidential candidate, it's his obligation to put up, and release several years' worth of tax returns just like nominees of both parties have done for decades."

Romney has released his 2010 federal tax return and a summary of his 2011 return. In 2010, he paid 13.9 percent tax on income of $21.6 million. Most of Romney's income came from investment gains, which are taxed at a lower rate than earned income.  

His wealth estimated at $250 million, Romney has said that his critics will distort and use against him any additional tax information he releases.

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serious wrote:
And Reid is a Mormon!
on August 3,2012 | 07:00AM
KurtNJ wrote:
What is he hiding. It must be bad.
on August 3,2012 | 07:03AM
Poipounder808 wrote:
So easy to squash this kind of "rumor"....show your darn tax returns!
on August 3,2012 | 07:27AM
Pacej001 wrote:
Ah yes, easily squashed rumors. How about the rumors that Harry Reid and Nancy Pelosi haven't produced their tax returns, either. How about the rumor that Harry Reid, a lifelong politician, is worth tens of millions? Where did that money come from? Rumor has it that it may have to do with Nevada gambling. So, I say, let Harry and Nancy handle their own rumors first.
on August 3,2012 | 07:36AM
jusmetwocents wrote:
I have to show my tax returns all the time... If he is running for the office of President of the United States, he should be willing to diclose his tax returns over the past ten years. He's hiding something and I have a feeling it's not a good thing!
on August 3,2012 | 07:38AM
Pacej001 wrote:
When is it that you have to show your tax returns?
on August 3,2012 | 07:53AM
kokocats wrote:
To get financial aid for any school you apply!!
on August 3,2012 | 08:29AM
st1d wrote:
romney paid no taxes, none, between ages one and eleven. satisfied? oh, by the way, i didn't either.
on August 3,2012 | 08:08AM
entrkn wrote:
Isn't that what they all say...
on August 3,2012 | 08:14AM
loquaciousone wrote:
Where there is smoke, there is fire. Romney could put all this to rest by releasing his tax returns. It would also counter Barry's claim that he was head of Bain while Bain was outsourcing jobs contributing to the unemployment crisis.
on August 3,2012 | 08:59AM
ufried wrote:
on August 3,2012 | 10:28AM
nodaddynotthebelt wrote:
Regardless about Reid's claims he avoided not paying taxes on investments offshore and that, to me, is NOT paying his fair share.
on August 3,2012 | 10:31AM
Pacej001 wrote:
So, how do we fix that? By raising capital gains tax rates to the same level as ordinary income. Fine. Totally fair, right? Except that capital gains have already been subjected to some measure of taxation in the form of corporate taxes. And then there's the other little thing about what happens to the capital markets, you know the stock market thingie that powers the thousands of public companies that employ millions of us. Here's a pretty good guess: the stock market goes south, big time, raising the odds of another recession, or a deeper one than we are probably already in. Finally, there's that little thing about tax revenue and increased capital gains taxes. It's not so clear that raising capital gains taxes actually raises more tax revenue. But this wouldn't matter to "fairness" advocates like you and Obama who said, in an interview, that he'd raise capital gains tax rates even against evidence that it would produce no more tax revenue. It's all about the fairness---- and chainsawing your nose off to spite your face.
on August 3,2012 | 11:47AM
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