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Obama ad calls for Romney to release more tax returns

President Obama’s reelection campaign unveiled a fresh round of criticisms of Mitt Romney’s finances Sunday, shortly after several Democrats used the morning's political talk shows to mount similar attacks.

The campaign released a new video that slams Romney for alleged reliance on tax havens, signaling a strong push to capitalize politically on a Vanity Fair magazine story about Romney’s holdings outside the U.S.

Vanity Fair last week reported on a corporation established in the 1990s in Bermuda and holdings in the Cayman Islands, among other aspects of Romney’s finances.

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“Did he put his money there to avoid paying U.S. taxes? We don’t know, because he won’t follow precedent and release his tax returns,” says Ben LaBolt, a spokesman for Obama’s Chicago-based reelection campaign.

Romney has released his 2010 tax returns and estimates for 2011, but Democrats are pushing for wider disclosure.

Romney’s campaign immediately condemned the video, calling it an “unseemly and disgusting” character assault.

“Mitt Romney had a successful career in the private sector, pays every dime of taxes he owes, has given generously to charitable organizations, and served numerous causes greater than himself,” said Romney spokeswoman Andrea Saul in a statement.

“Barack Obama has become what he once ran against – a typical politician willing to use false and dishonest attacks to save his job after failing to do his job. The American people expected more from this president, and he continues to let them down,” she added.

But the new video alleges Romney has not disclosed enough information about his finances and claims there are unanswered questions.

“Bermuda doesn’t tax corporate income or capital gains. Convenient. But what taxes would Romney have paid if his money was invested here in America?” LaBolt asks in the video.

Romney also faced attacks Sunday from Democratic officials including Rep. Debbie Wasserman Schultz (D-Fla.), the chairwoman of the Democratic National Committee, who called on Romney to release more years of tax returns. 

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