From: To: Date: RE:

Brad Woodhouse, Democratic National Committee Interested Parties January 19, 2012 Questions Mitt Romney Needs to Answer at Tonights Debate

Tonight, as the Republican presidential candidates meet in South Carolina for their final debate before the states Saturday primary, voters still have a number of unanswered questions about Mitt Romney and his campaign. Thats because throughout the course of Romneys presidential bid, he has continued to run a campaign based on secrecy and a fundamental lack of transparency with the American people, who deserve to know the truth about Mitt Romney before they head to the polls. From refusing to release his tax returns despite overwhelming precedent for presidential candidates doing so, to repeatedly shifting his position on Super PACs, Mitt Romney has been dodging the issues left and right. Will he finally come clean tonight? WHY WONT MITT ROMNEY FOLLOW PRECEDENT AND RELEASE HIS TAX RECORDS FOR AT LEAST THE LAST SIX YEARS? In an editorial published on Tuesday, the New York Times called on Mitt Romney to release his income tax returns a standard practice for presidential candidates that Romney has refused to follow emphasizing that Romneys insistence on secrecy regarding his tax returns is impossible to defend. Mitt Romney has been carelessly rejecting a precedent set by every Republican and Democratic presidential nominee for a generation. His own father released his tax returns going back 12 years when he ran for president in 1968. Romneys reluctance to playing by the same set of rules as everyone else also stands in direct contrast to President Obama, who during his 2008 presidential campaign released his tax returns going back to 2000. With mounting pressure from his own party to come clean with the American people even New Jersey Governor Chris Christie, Romneys staunchest ally on the campaign trail, said yesterday that Romney should release his tax returns sooner rather than later Mitt Romney began to pivot during the GOP presidential debate on Monday night. He told voters that night that he would probably agree to release his returns in April, but he refused to commit to any specifics and will not say whether hell release returns for more than just one year. What is Mitt Romney so worried about? For starters, he has likely been trying to avoid having voters find out what he reluctantly admitted on Tuesday that that he has paid closer to the 15 percent tax rate, a lower rate than what most middle-class families pay. The truth is that Romney made his millions from investments at Bain Capital, which are taxed at a far lower rate than the wages of working and middle-class Americans. Theres a clear reason why Romney opposes the Buffett rule, which says millionaires should not pay a lower tax rate than their secretaries as a result of tax loopholes: he benefits from them. Theres also the issue of Mitt Romneys investments in offshore funds, raised today by ABC News: Romney has as much as

$8 million invested in at least 12 funds listed on a Cayman Islands registry. Another investment, which Romney reports as being worth between $5 million and $25 million, shows up on securities records as having been domiciled in the Caymans. Releasing returns from years prior to 2011 could help shed light on the potential financial benefits offshore funds provide. Tonight, well see if Mitt Romney finally follows the precedent set by President Obama and previous presidential candidates by agreeing to release his previous comprehensive federal income tax returns for the past six years or if he simply plans to continue ducking and dodging the issue. WHAT DOES MITT ROMNEY REALLY THINK ABOUT SUPER-PACS? Mitt Romney has also baffled the American people with his roller-coaster ride of positions on Super PACs and their role in the campaign. Romney currently says that he doesnt like Super PACs saying during a December 20 appearance on MSNBCs Morning Joe that we really ought to let campaigns raise the money they need and get rid of these Super PACs. And just a few days ago during a press conference in South Carolina, Romney said, I think the whole idea of the PACs becoming larger than the campaigns themselves is a very bad idea. But in the very same press conference, Mitt Romney then went on to say that we raise money for Super PACs, we encourage Super PACs. And Romneys campaign has welcomed the support of Restore Our Future, with Romney even calling ROF my Super PAC during Monday nights GOP debate. This is the same debate, by the way, where Mitt Romney claimed he hasnt spoken to anyone at his Super PAC in months. Why, then, did Politico report just yesterday that Romney has attended multiple events for his super PAC. When did Mitt Romney last speak to people associated with his Super PAC? What did they discuss? Is Mitt Romney really being straightforward with the American people? CONCLUSION Clearly, Mitt Romney still has some serious explaining to do when it comes to his willingness to run a transparent campaign and tell voters the truth. Tonight, Romney will have another opportunity to set the record straight on any number of issues on which he has either taken multiple positions, dodged giving a straightforward response, or both. The real question this raises is whether Mitt Romney can be trusted whether he can be honest and upfront with the American people if he were president. As if his lack of core convictions wasnt enough to question whether he can be trusted, his inability to be straight with the American public about his finances, the tax rate he pays, and his connections to his Super PAC should give voters pause as they consider his candidacy. Tonight well see if he finally agrees to come clean and give voters in South Carolina and across the country the respect that they deserve but we wouldnt bet $10,000 on it.