Mandate Candidate Tax Disclosures


Although the Federal Election Commission requires Presidential candidates to reveal assets and liabilities on Ethics Form 278, there is currently no law mandating the disclosure of tax returns, but there should be. Although it has been a tradition for over four decades for aspiring Presidents and incumbents to release several years of tax returns, Mitt Romney has surrendered only two. The Congress should impose a 7-year mandatory look-back period to correct this type of reluctance.

During the 2008 Republican primaries, Mitt Romney refused to disclose any tax returns whatsoever, and so far in the 2012 race, he yielded only his 2011 return, which showed 20.9 million in gross income, and his 2010 papers, that disclosed another 21 million in revenue. Voters are entitled to many more years from Romney, if he expects to be taken seriously in November.

President Barack and Michelle Obama released eight years of tax returns before the 2008 election. They grossed $240,000 in 2000, $275,000 in 2001, $260,000 in 2002, $238,000 in 2003, $207,000 in 2004, 1.6 million in 2005, $991,000 in 2006, 4.2 million in 2007, and 2.6 million in 2008. Since becoming Commander-in-Chief, he reported 5.6 million in 2009 (only $374,460 in Presidential pay), and 1.7 million in 2010, and his 2011 return. Sen. John McCain also made his tax returns public in 2008.

George W. and Laura Bush reported $936,000 in 2007, $765,000 in 2006, $738,000 in 2005, $784,000 in 2004, $822,000 in 2003, $856,000 in 2002, $811,000 in 2001, and $894,000 in 2000. Sen. Al Gore and Sen. John Kerry also showed us their numbers.

Bill and Hillary Clinton disclosed $417,000 in 1999, $509,000 in 1998, 1 million in 1996, $316,000 in 1995, $263,000 in 1994, $293,000 in 1993, and $290,000 in 1992, in addition to several other returns, all the way back to 1980. Bill’s 1996 challenger, Sen. Bob Dole, also surrendered to the media his tax returns.

George H. W. and Barbara Bush grossed $456,000 in 1989, $452,000 in 1990, and 1.3 million in 1991. His challenger, Gov. Michael Dukakis had no problem releasing his tax returns.

Ronald Reagan reported $345,000 in 1987, $320,000 in 1986, $394,000 in 1985, over $400,000 (illegible) in 1983, $741,000 in 1982, and $412,000 in 1981.

Jimmy Carter reported $270,000 (illegible) in 1979, $254,000 in 1978, and $350,000 in 1977. President Ford also showed the public his tax returns.

Richard Nixon reported $736,000 in 1969, $262,000 in 1970, $262,000 in 1971, and $282,000 in 1972.

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