Democrats call for law on presidential candidate tax returns
Source: LA Times
By Morgan Little
July 18, 2012, 12:50 p.m.
WASHINGTON -- A pair of congressional brothers sought Wednesday to rally support for greater transparency among presidential candidates, particularly in regard to the hot topic around Washington this week – tax returns.
Rep. Sander Levin (D-Mich.), ranking member of the Ways and Means Committee, announced he is preparing legislation to amend 1978’s Ethics and Government Act to mandate that all presidential candidates release at least 10 years of tax returns. As it stands now, it’s up to each candidate how much of their financial history they wish to disclose, a standard that Levin says is insufficient, particularly in regard to the disclosure of offshore accounts, compensatory arrangements and the details of capital gains income.
As with anything in Washington, the legislation has more than a little to do with the current presidential campaign, as Democrats have been hammering Republican Mitt Romney to release more than the single tax return he has thus far made public.
While making clear that he thinks Romney should release his past returns, Sander Levin said the matter is “not a question of disqualification, but of information,” citing the need for candidates to not only provide their tax returns, but to do so in a way that allows the average American to understand them.
Read more: http://www.latimes.com/news/politics/la-pn-democrats-call-for-legislation-action-on-presidential-tax-returns-20120718,0,4608989.story
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