Things are looking a little uncomfortable for Mitt Romney as chatter builds about his offshore tax dealings. Vanity Fair this month went into forensic details over Romney’s affairs, describing the “murky world of offshore finance, revealing loopholes that allow the very wealthy to skirt tax laws.”
While there is no smoking gun, it is clear that Romney’s financial advisers were disciples of tax minimization. Trouble is, no one likes to read about a presidential candidate with offshore accounts. As Newt Gingrich said repeatedly during his campaign, “I don’t know of any American president who has had a Swiss bank account.”
So far Team Romney has given a robust response: Romney’s affairs are in a blind trust and have been for some time. Romney is a smart businessman who doesn’t want to pay more tax than is necessary, but his team insists he pays the full whack of tax, according to U.S. rules, no matter where the assets are located. But is this enough to cut the chatter?
The PR Verdict: “C” (Distinctly OK) for Romney’s handling of the issue so far. But what is the unanswered question that won’t go away?
The PR Takeaway: If a story won’t die, listen carefully for the question that is going unanswered. In this case, Romney’s campaign has done an impressive job in batting back the questions–they have disclosed some (certainly not all) of his tax records and details about his tax bill and trusts. The nagging issue continues to be; why was the money sent offshore in the first place? Until Team Romney comes up with a convincing soundbite (if there is one), they should keep including the issue in their presidential debate rehearsals.
What do you think about Mitt Romney’s offshore accounts? Give us your PR Verdict, below!