Democrats want Romney to explain offshore accounts

Associated Press

SOUTHAMPTON, N.Y.

Mitt Romney privately raised millions of dollars from New York’s elite Sunday, as Democrats launched coordinated attacks against the likely Republican presidential nominee, intensifying calls for him to explain offshore bank accounts and release several years of tax returns.

The line of attack, dismissed by the Romney campaign as an “unfounded character assault,” follows new reports that raise questions about Romney’s personal wealth, which could exceed $250 million. President Barack Obama’s re-election campaign is expected to push the strategy, underscoring their desire to portray Romney as disconnected from the middle-class voters.

“He’s the first and only candidate for the president of the United States with a Swiss bank account, with tax shelters, with tax avoidance schemes that involve so many foreign countries,” Sen. Dick Durbin, D-Ill., said on CBS’ “Face the Nation.” He’s one of several high-profile Democrats who spoke out on the Sunday morning news shows.

Voters are split on whether they trust Romney or Obama more to run the nation’s economy. A majority says that Obama better understands their concerns.

Romney would be among the nation’s richest presidents if elected. He made his fortune at Bain Capital, a Boston-based private equity firm that has become a key part of the argument for his White House bid. He hasn’t drawn a regular paycheck in more than a decade, however, and has instead lived off a series of investments.

But Romney has refused to release more than two years of tax returns that would outline those investments.