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For years, the IRS has had a policy that allows tax evaders holding money in off-shore accounts to come forward voluntarily to avoid jail time, on the condition they pay back taxes, in addition to interest and major penalties.
Fewer than 100 people a year availed themselves of this privilege, that is, until 2008, when a whistleblower at a UBS branch in Switzerland told the IRS that thousands of American clients held unreported accounts in the overseas bank.
In total, about 14,700 Americans turned themselves in.
The IRS allowed these non-disclosing tax frauds to avoid imprisonment (of up to five years), as long as they complied with the previous terms of the amnesty policy.
The agency also kept the names anonymous.
We now know, that until 2010, Mitt Romney maintained a Swiss bank account.
We don't know much about it, nor any of his other offshore accounts in the Cayman Islands or Bermuda.
Romney was actively running for president in 2007 and 2008, so it's doubtful he was doing anything during those years.
But why not release tax returns from 2007 and 2008?
Because it looks highly suspicious to disclose returns from 2007, 2008, 2010, and 2011, but not 2009.
http://www.huffingtonpost.com/anthony-badami/romney-tax-returns_b_1936769.html