Obama Campaign Demands Romney Produce Tax Returns
March 29, 2012
President Barack Obama's re-election campaign called on Republican front-runner Mitt Romney to release his tax returns dating back to the 1980s, to see if they contain information about an uncommon investment arrangement at his former private-equity firm that may have helped swell his individual retirement account.
The request follows a page-one article in The Wall Street Journal on Thursday that recounted how employees at the firm, Bain Capital, were allowed to invest their retirement money in companies the firm acquired, including investing through a special share class that could skyrocket in value in successful deals.
Mr. Romney's IRA was valued at between $20.7 million and $101.6 million as of August, according to his financial disclosures. Mr. Romney's filings show he invested his IRA money in Bain deals, but don't make clear whether he used the special share class to direct more of the gains into his IRA.
"Today's report raises additional questions about Gov. Romney's manipulation of the tax laws," said Ben LaBolt, an Obama spokesman, including whether Mr. Romney "may have engaged in questionable maneuvers to drive up the value of his IRA."
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