Here's a plausible explanation from Bloomsburg Business Week for Romney's "lack of enthusiasm" for releasing more tax returns. The article admits it is pure speculation. But here goes.
As everyone is now coming to believe, there must be something that would be even more politically damaging than the negative heat he's taking for not releasing them. Here is one scenario.
Like most ultra-rich investors, Romney probably took a lot of losses in the 2008 market crash. Given the tax laws that allow capital losses to be carried forward as deductions from future capital gains, it's possible that he paid no taxes at all in 2009.
That, while perfectly legal, would be politically devastating.
Why so devastating? Because it confirms that rich people have special advantages. The fact that it is legal confirms that there are different rules for them and the rest of us.
Just compare: A rich person's stocks lose value; he's allowed to take it as a capital loss to reduce capital gains tax in a future tax year. A teacher loses her job and all her income No way to subtract that lost income from next year's salary -- assuming she's lucky enough to get another job.
Ralph
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