EMANUEL: ... He has released only one year [to the public]. To the McCain campaign, he released 23 years. And he's telling the American people, I'm not going to give you what I've given John McCain's people in 2008. And when he gave them 23 years, John McCain's people looked at it and said, "Let's go with Sarah Palin." So whatever's in there is far worse than just the first year.

You know, the campaign -- the Romney campaign isn't stupid. They have decided it is better to get attacked on lack of transparency, lack of accountability to the American people versus telling you what's in those taxes.

STEPHANOPOULOS: So what do you think is in there?

EMANUEL: Because they're not enjoying this. And he can clear this up, just make it public.

Now the second thing, George, he did not just relatively -- he paid 14 percent, about half of what a middle-class family pays.

Second is, you've learned in just one year about the Caymans, about the Bahamas, about Luxembourg, and about Switzerland, all where his tax and different accounts are. His tax -- his tax filing looks more like the Olympic Village than it does like a middle-class family.

And then, third, next four years, the president of the United States is going to have tax reform, and you're going to have to debate it with Congress and shape it. And unless you have his taxes -- and I've seen this in the Oval Office, George -- there's going to be times in which a president of the United States has to make tradeoffs and choices. Will it be a middle-class family's desired to save to send their kid to college or protecting the loophole in the Cayman Islands? Will it be a middle-class family's desire to get a tax credit for a child and help raise him in a middle-class family, or will we protect the Bahamas, Luxembourg, and Switzerland?