Last week, Mitt Romney campaign spokesman Eric Fehrnstrom explained that his candidate will not be releasing any more of his tax returns beyond the 2010 return and 2011 estimate that he has already made public. Romney only released the returns after heavy pressure.
Across the Atlantic, another conservative is also feeling the heat to release his tax returns. UK Prime Minister David Cameron, however, said that he is very happy to make his finances public:
David Cameron is prepared to publish details of his tax returns after agreeing with George Osborne that the most senior members of the cabinet should be open about their financial affairs.
The prime minister is said to be relaxed and happy with the idea of publishing his tax returns, following the example set last week by Boris Johnson, the mayor of London.
It’s unclear how many years of returns Cameron intends to release. Chancellor George Osborne also plans to release his returns.
Earlier this week, Sen. Dick Durbin (D-IL) criticized Romney for not releasing more of his returns. As the Washington Post reported this week, Romney’s existing returns don’t give a complete picture of his wealth, as they only list the investment funds that he owns, not the underlying assets in those funds. As the Post put it, Romney “has taken advantage of an obscure exception in federal ethics laws to avoid disclosing the nature and extent of his holdings.”
Romney’s father George Romney, when he ran for President, released 12 years of returns (and paid an effective tax rate more than twice as high as his son). Mitt Romney also provided 23 years of returns to the McCain campaign in 2008, when he was being vetted as a possible vice presidential nominee.