So what did those documents on Bain Capital's offshore tax schemes, posted by Gawker Thursday, really tell us? There was no smoking gun, but tax expert David Cay Johnston of Reuters joined The Last Word to explain that they add to the evidence that Mitt Romney is pulling out all the stops to lower his tax bill.
"They're very revealing that Romney and Bain are doing everything they can to avoid and delay taxes, particularly the low 15% tax on dividends," Johnston told Lawrence O'Donnell.
A bipartisan 2008 Senate report concluded it's an "open secret that there's tax avoidance going on, through a particular kind of vehicle used through the Cayman Islands and elsewhere," Johnston recounted. "And these audits Gawker got suggest strongly that that's exactly what they've been doing."
"If Romney would avoid a 15% tax, what else would he try to avoid?," Johnston asked. "That's a pretty low tax."
In a new interview with Parade magazine, Romney claims he has avoided releasing his tax returns because he doesnt want to reveal information about the charitable contributions he's made to the Mormon church.