Obama team targets Romney over taxes, Republicans cry foul

President Barack Obama's campaign and top Democrats called on Mitt Romney to release more personal tax records and raised questions about his offshore assets that the Republican challenger's campaign condemned as an "unseemly and disgusting" character assault.

Democrats and Republicans tussled over the economy, but it was Romney's offshore assets that Democrats seized on during the Sunday talk shows in their quest to portray him as a wealthy man out of touch with ordinary Americans. Romney faces Obama in the Nov. 6 election and polls indicate a close race.

Democratic National Committee Chairwoman Debbie Wasserman Schultz raised the issue on "Fox News Sunday" as her interview time ran out.

"I'd really like to see Mitt Romney release more than one year of tax records, because there's been disturbing reports recently that he's got a Bermuda corporation, a secretive Bermuda corporation that no one knows anything about, investments in the Caymans, kind of Swiss bank account."

"Americans need to ask themselves why does an American businessman need a Swiss bank account and secretive investments like that?" Schultz said.

Obama campaign adviser Robert Gibbs, on CNN's "State of the Union," called on Romney to release years of back tax records to allow scrutiny of his adherence to tax law. Asked whether Romney had broken the law, Gibbs said, "Well, we don't know."

"The one thing he could do ... to clear up whether or not he's done anything illegal - whether he's shielding his income from taxes in Bermuda or Switzerland - is to do what every other presidential candidate's done, and that's to release a series of years of their own tax returns," Gibbs said.

"This is a guy whose slogan is: 'Believe in America' - and it should be 'Business in Bermuda.' That's what Mitt Romney's all about," Gibbs said.

Romney's campaign fought back.

"The Obama campaign's latest unfounded character assault on Mitt Romney is unseemly and disgusting," said Andrea Saul, a Romney campaign spokeswoman.

The Associated Press has reported that an offshore company based in Bermuda has helped bolster Romney's wealth even though it did not appear on his state or federal financial reports for 15 years.

The Obama campaign released an online video on Sunday raising questions about Romney's offshore accounts. "Mitt Romney could be the first president in history to stash millions offshore so the American people deserve an explanation as to why he chose to invest in other countries known as tax havens rather than the United States," the campaign said in a statement.