which is now up to 27.5%. so there s no question that a tremendous amount of tax has been raised by the internal revenue service on bringing these people into the fold. and david, bringing them into the fold is kind of a charitable term for making them law-alliedilaw-a liebidin law-abiding. this was a forgiveness for improper conduct. i ve been on romney all the time to release returns back to 1984. he won t answer questions about when did you actually pay the taxes that you owed. steven and david, thank you for joining me tonight. thank you. coming up, with just one day left for republicans to convince crazy todd akin to quit the senate race in missouri, newt
mitt romney since 1990 was 20%. joining me now, david k. johnston, a professor at syracuse university and the author of the new book the fine print and steven a certified public accountant and managing partner. he specializes in high net worth individuals. what have we learned? well, romney, as you just showed in the clip, by his own standard has about $500,000 reasons he s disqualified. if he doesn t win he can file an amended tax return over the next three years and take the full charitable deduction. we still haven t seen his 2009 return, which would be when, if he sought any forgiveness from the u.s. government for having undeclared account or if he was
it s 90-22. and the f-bar is not part of the tax filing. it s done by june 30th each year without extension. so in the 2009 tax return itself, you would not find this form whether he filed it or not. and the amnesty is a little bit misleading. because the amnesty still required everybody to pay 20% at that time on the first amnesty program of the highest value of their account. so although the amnesty was from criminal prosecution, there was a fairly heavy tax burden on the highest value of the account. but you would not see that in his 2009 actual filing. the f-bars were not part of the tax return. and what reasons are there, steven, to put money in the cayman islands other than, as paul ryan used to say, to hide your money. there are investment opportunities that could be available elsewhere. frankly, he s paying tax on all of his income, so the fact that the money is in the cayman
blind trust have that delivers this to romney every year. how much control do they have over how much income gets delivered? a great deal. a curious thing, remember the draft we saw of the 2011 return, it showed $7 million more income than ultimately showed up on the filed 2011 return. that s not exactly a small difference. by not seeing the previous years returns. if he owed taxes in the past, you would see these adjustments through his tax returns. it s very significance that the price waterhouse letter talks about taxes owed rather than paid. and uses a term of art, as prepared, not as ultimately filed or refiled under a 1040 x. that s an amended return after the fact. steven, the, in your experience, i ve talked to tax
and the amnesty is a little bit misleading. because the amnesty still required everybody to pay 20% at that time on the first amnesty program of the highest value of their account. so although the amnesty was from criminal prosecution, there was a fairly heavy tax burden on the highest value of the account. but you would not see that in his 2009 actual filing. the f-bars were not part of the tax return. and what reasons are there, steven, to put money in the cayman islands other than, as paul ryan used to say, to hide your money. there are investment opportunities that could be available elsewhere. frankly, he s paying tax on all of his income, so the fact that the money is in the cayman islands, he s created a different trust there to protect it from possibility liability but all the income gets reported whether it s in the cayman islands or in lucks borg or on 47th street. how much control does the