Josh Green speculates on what Mitt Romney might be trying to hide by not releasing his tax returns and focuses on the financial meltdown in 2008.

“As a member of the ultra-rich, Romney probably wasn’t spared major losses. And it’s possible that he suffered a large enough capital loss that, carried forward and coupled with his various offshore tax havens, he wound up paying no U.S. federal taxes at all in 2009. If true, this would be politically deadly for him. Even assuming that his return was thoroughly clean and legal — a safe assumption, it seems to me — the fallout would dwarf the controversy that attended the news that Romney had paid a tax rate of only 14 percent in 2010 and estimated he’d pay a similar rate in 2011.”

Greg Sargent has more speculation.

Sen. John McCain (R-AZ) “flatly rejected” to Politico the assertion that he didn’t pick Mitt Romney as his running mate in 2008 because of what he saw in his tax returns.

Said McCain: “Oh come on, because we thought that Sarah Palin was the better candidate. Why did we not take Pawlenty, why did we not take any of the other 10 other people. Why didn’t I? Because we had a better candidate, the same way with all the others… Come on, why? That’s a stupid question.”

“Throughout history, presidential candidates have disclosed income tax information prior to Election Day. We believe Americans value disclosure and transparency in campaigns.”

— Senior Mitt Romney adviser Ed Gillespie, quoted in a 2004 RNC press release, urging Sen. John Kerry (D-MA) to release more tax information.

A new Public Policy Polling survey in Iowa finds President Obama leading Mitt Romney by five points, 48% to 43%.

In early May, Obama held a 10 point advantage at 51% to 41%.

Rep. Ron Paul (R-TX) said that Mitt Romney should release more of his tax returns, adding to the pressure on the GOP nominee to share personal financial information, Politico reports.

Said Paul: “Politically, I think that would help him. In the scheme of things politically, you know, it looks like releasing tax returns is what the people want.”

The Fix: “The truth — in politics and in life — is almost always less damaging
than what the imagination can conjure. While the tax return debate is a
no-win for Romney, he’d be better to lance this political boil once and
for all. It’s not going away and if he doesn’t it’s only likely to
grow.”

The New York Times reports that Beth Myers, the longtime Mitt Romney confidant overseeing his vice presidential running mate search, has sought advice from previous presidential campaigns, including aides to Sen. John Kerry’s (D-MA) 2004 race who “warned against picking a candidate with unchecked ambitions.”

“I wish this president would learn how to be an American.”

— Former New Hampshire Gov. John Sununu (R), quoted by BuzzFeed, on a conference call organized by Mitt Romney’s presidential campaign.

First Read: “While we’re bracing for Mitt Romney to make his VP pick as soon as this week, here is something to consider: If history is any guide, Romney won’t announce his selection until next month. Indeed, in modern times, the earliest a pick was made — John Kerry tapping John Edwards in 2004 — was less than three weeks before the Democratic convention began. Outside of that, every other running mate since 1980 has been selected NO EARLIER than a week before the convention began, if not afterward. And right now we are out six weeks until the Republican convention in Tampa. So Romney could very well go this week, but he’d be making an earlier pick than any other presumptive presidential nominee in modern times.”

President Obama “is weaning himself off his teleprompter,” The Hill observes.

“At recent campaign events in Pennsylvania, Virginia and again Monday in Ohio, Obama spoke to crowds in high school gymnasiums and at crowded outdoor events without his teleprompter, instead using written notes. The difference is dramatic. Instead of turning in his characteristic manner from right to left and back again, reading from the two sloping, clear-plastic planes of his teleprompter, Obama has glanced down at pages in a binder on his podium.”

A senior Obama official said the lack of teleprompters has “less to do with
image and more to do with upping the tempo” at campaign events.

President Obama’s re-election campaign has a new video compiling clips of Republicans suggesting that Mitt Romney is hiding something by not releasing his tax returns.

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“It’s a clown story, bro.”

— Former Rep. Anthony Weiner (D-NY), quoted by the New York Observer, on speculation that he might return to politics.

Emails from the DNC host committee refer to the Charlotte venue where President Obama will accept the Democratic party presidential nomination as “Panthers Stadium.”

Of course, as Maggie Haberman notes, “It’s the place where the Panthers play, but it’s actually called Bank of America stadium.”

Mitt Romney “appears to be in the final stages of deciding who to pick as his vice presidential running mate, with speculation growing that he has narrowed his choice down to a short-list of three,” Reuters reports.

The names given: Sen. Rob Portman (R-OH), former Minnesota Gov. Tim Pawlenty (R) and Louisiana Gov. Bobby Jindal (R).

The Obama campaign released a new ad hammering Mitt Romney for not releasing his tax returns asking whether he’s “paid any taxes at all” in some years.

The ad is running only in Pennsylvania.

[Read more…]