Huffpost Politics

Obama Video Hits Mitt Romney On Tax Returns, Asks 'What Else Is He Hiding?'

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The Obama campaign has released a new video attacking Mitt Romney for not releasing more tax returns.

"What else is he hiding?" the video asks, noting that "from his 2010 release, we knew about his Swiss bank account, and we knew he owned a corporation in Bermuda."

The video attacks Romney for overseas investments and "betting against the U.S. dollar."

"He's still failing to match the precedent set by other presidential candidates," the video's narrator says, going on to list the number of tax returns George Romney, George H.W. Bush, Bill Clinton and George W. Bush released during their presidential runs.

Obama previously called on Romney to release his tax returns at a surprise news conference in August.

"This isn't overly personal here, guys," Obama said. This pretty standard stuff. I do not think we are being mean to ask him to do what every other presidential candidate has done."

Romney released his 2011 tax return Friday afternoon. HuffPost's Zach Carter reported earlier:

Mitt Romney paid an effective tax rate of 14.1 percent in 2011, according to a tax return filed on Friday, a relatively low tax rate resulting from exotic deductions, the special tax treatment for his Bain Capital retirement package and the low tax rate on capital gains. Romney also opted not to deduct millions in charitable contributions from his tax bill in order to maintain a pledge from August that he has paid at least 13 percent in federal income taxes for each of the past 10 years.

Despite choosing to not take the deduction for charitable contributions, Romney can recoup that money after the election. HuffPost's Ryan Grim reports:

If the American people reject him at the polls in November -- and even if they don't -- Romney would be fully within his legal rights to file an amended return, requiring the Treasury to cut him a substantial check.

"It's noble," said Boston College tax law professor Brian Galle of Romney's generous, if temporary, gift to the Treasury. "It also doesn't prevent him from taking that deduction in an amended return if he were to file it after the election."

Related on HuffPost:

Things We Know More About Than Romney's Taxes
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