Senate Majority Leader Harry Reid lobbed a bombshell accusation against Mitt Romney in an interview with the Huffington Post Tuesday, claiming a former investor in Bain Capital told him that Romney paid nothing in taxes for 10 years, and that that’s why the Republican presidential candidate is hiding his returns. Romney’s campaign said earlier this month that it’s “not true” that he paid nothing in taxes, and Reid offered zero evidence to support the claim, adding, “do I know that that’s true? Well, I’m not certain.”

Still, Romney has refused to release more than two years of returns, prompting Democrats to accuse Romney of hiding something nefarious. But is it even possible for someone of Romney’s wealth to pay nothing for 10 years?

Maybe, but probably not. David Miller, a tax attorney with Cadwalader, Wickersham & Taft LLP in New York, told Salon that knowing what we know about Romney’s tax returns, it’s “highly unlikely” that he paid nothing. It would be easier for someone like Steve Jobs to pay zero, as most of his wealth was in company stock, which isn’t taxed until sold and may never be sold, as in Steve Jobs’ case, Miller said. But Romney’s arrangement with Bain is different. He would have earned management fees and when Bain sold the underlying companies that it invested in, Romney would have been subject to tax on his share. “It’s possible he paid very little in taxes, but I find it hard to believe that he paid none,” Miller said.

Joshua Kamerman, a lawyer and CPA in New York who is president of an eponymous firm, agreed. He told Salon that while it’s theoretically possible for Romney to have had zero tax liability for 10 years, Reid’s claim is “preposterous.” Charitable donations can shield up to only 50 percent of tax liability, while other means can lower the rate. But to pay nothing, Romney would have to sustain business operating losses, Kamerman said. The IRS lets people carry over losses for up to 20 years until they make a profit from which to deduct them. But Kamerman said this is almost certainly not the case for Romney, whom he said Reid is just trying to “embarrass.” “It’s just as unlikely that Romney had no income at all for 10 years and thus didn’t file any returns,” he said.