Romney Releases Tax Returns

[Agloco]

http://money.cnn.com/2012/09/21/pf/taxes/romney-tax-return/index.html?hpt=hp_t1


Mitt Romney made $13.7 million last year and paid $1.94 million in federal income taxes, giving him an effective tax rate of 14.1%, his campaign said Friday.

His effective tax rate was up slightly from the 13.9% rate he paid in 2010

Good or bad move at this juncture?

[SnakeBoy]

The couple gave just over $4 million to charity.

[EVAY]

http://money.cnn.com/2012/09/21/pf/taxes/romney-tax-return/index.html?hpt=hp_t1



Good or bad move at this juncture?

Depends on what is in the details, and I am imagining that they have been scrubbed pretty clean at this point.

Here is my question about Romney and taxes and the 47% figure. He has been quoted as saying that he has paid 'everything he is legally obligated to pay, and he cannot imagine that Americans would expect him to pay more than his legal obligation.

Given that is what he expects people to feel about his own taxes, why shouldn't he extend the same acceptance to those who have don't have a legal obligation to pay any taxes at all? Why would he want them to pay more?

[CosmicCowboy]

Depends on what is in the details, and I am imagining that they have been scrubbed pretty clean at this point.

Here is my question about Romney and taxes and the 47% figure. He has been quoted as saying that he has paid 'everything he is legally obligated to pay, and he cannot imagine that Americans would expect him to pay more than his legal obligation.

Given that is what he expects people to feel about his own taxes, why shouldn't he extend the same acceptance to those who have don't have a legal obligation to pay any taxes at all? Why would he want them to pay more?

He never said he wanted them to pay more taxes on their current incomes.

He said he wanted them to have the economic opportunity to make more money so the COULD pay taxes.

[SnakeBoy]

Why would he want them to pay more?

When did he say that he wanted them to pay more. The 47% comment he was talking about political strategy i.e. the message of low taxes won't resonate with those that don't pay any.

[SnakeBoy]

CC beat me to it.

[ChumpDumper]

So do any of you want the people who pay no income tax to pay income tax?

It's been strongly implied that you do.

[TeyshaBlue]

So do any of you want the people who pay no income tax to pay income tax?

It's been strongly implied that you do.

Some of them, yes. Some of them, no.

[ChumpDumper]

Some of them, yes. Some of them, no.Ah, I don't want to draw this out too much, but could you be a little more specific?

[SnakeBoy]

So do any of you want the people who pay no income tax to pay income tax?

It's been strongly implied that you do.

I want everyone to pay income tax but that's got nothing to do with Romney plan.

[Th'Pusher]

The couple gave just over $4 million to charity.

With a tax incentive so that the Mormon church can buy real estate and golden temples!

[BradLohaus]

The couple gave 4$ million in charity

I'd bet that's what he was sitting on the whole time. "OK, if you insist..." His team will make sure that gets worked into the debates. Should make the 47% thing a wash at least.

[TeyshaBlue]

Ah, I don't want to draw this out too much, but could you be a little more specific?

Some I would like to see placed in a position where they can pay taxes. Also, if you count the recent SC decision, corps who aren't paying are lumped into this category. Simply netting returns to zero, rather than reaping and rolling forward credit returns would be a nice start.

Those who cannot by dint of a variety of circumstances beyond their control, should not.

[TeyshaBlue]

Not a particularly radical view, tbh

[coyotes_geek]

Good or bad move at this juncture?

I don't know about good or bad, but it does look like his team is getting outmaneuvered by Obama's team.

[ChumpDumper]

Some I would like to see placed in a position where they can pay taxes. Also, if you count the recent SC decision, corps who aren't paying are lumped into this category. Simply netting returns to zero, rather than reaping and rolling forward credit returns would be a nice start.

Those who cannot by dint of a variety of circumstances beyond their control, should not.Thanks.

[EVAY]

He never said he wanted them to pay more taxes on their current incomes.

He said he wanted them to have the economic opportunity to make more money so the COULD pay taxes.

In all honesty, CC, even though that is how the comments have been spun since the brouhaha erupted, I don't think that is what he meant.

[ChumpDumper]

http://money.cnn.com/2012/09/21/pf/taxes/romney-tax-return/index.html?hpt=hp_t1



Good or bad move at this juncture?The damage is already done. This will mitigate some of it, but why not release them in the first place?

It's kind of the opposite of the birth certificate thing. Obama didn't let the insanity build enough in that instance, but the suspicion and resentment for Romney was a little lower level and only drew in one "celebrity" (Reid) that I can think of. The birther controversy could have owned an entire party.

[boutons_deux]

Gecko: Taxes on the Wealthy Are So High I Paid Extra

Mitt Romney says that tax rates are too high—so high that he wants to cut them. So why did he deliberately avoid deducting charitable contributions in his 2011 tax return in order to pay a higher effective tax rate?

The Romney campaign released a letter about the Romneys' 2011 return on Friday, and says it plans to release the full return and a summary of previous years' returns late Friday. The Romneys, who are most likely worth more than $200 million, paid a 14.1 percent effective tax rate in 2011, less than many Americans who aren't nearly that wealthy. But they did so deliberately: The Romneys gave $4.1 million to charity, but only took a deduction of 2.5 million of that in order to make sure their tax rate stayed above 14 percent.

Forget for a second that Romney once said that paying more in taxes than owed would disqualify someone from running for president. The cynical answer here is that Romney deliberately paid more in taxes because he's "running for office for pete's sake." But his doing so undercuts one of his core policy arguments: That tax rates on the wealthy are too high. Not only that, but as revealed in the recording of a private fundraiser published by Mother Jones, Romney believes that those who pay income taxes are financing the laziness of those who don't, even though that's not a realistic description of Americans don't pay income taxes.

Yet Romney just opted to shovel more cash to those he sees as irresponsible moochers, because paying an even lower tax rate might harm his chances of getting elected. The best part? If he loses, he might be able to file an amended return and claim those deductions anyway.

http://www.motherjones.com/mojo/2012/09/romney-taxes-wealthy-are-so-high-i-paid-extra

[CosmicCowboy]

I was just going by what he has repeatedly said and have not having ever met him or spoken to him I haven't presumed to actually know what he thinks.

[mavs>spurs]

Boutons, judging by the OP you should be a huge mitt romney fan. if every rich person gave away half of their wealth in taxes/charity we'd be in great shape tbh. Maybe you should apply for Willard's next 4 million giveaway.

[DUNCANownsKOBE]

Pretty much whottt everybody expected...

[boutons_deux]

"if every rich person gave away half of their wealth in taxes/charity we'd be in great shape tbh."

They don't, so they retain 85%+ of their wealth and American inequality continues to increase while America's GINI coefficient is WAY DOWN the international list.

[ploto]

Nowhere does it say he will actually release all those tax returns - only that they will be releasing documents about that 20 year period. He seems to be releasing summary type information for that time frame.

As for a good or bad move- mostly bad to me. It reminds people just how much money he earns when he does not even work while he insults the working poor.

[mavs>spurs]

"if every rich person gave away half of their wealth in taxes/charity we'd be in great shape tbh."

They don't, so they retain 85%+ of their wealth and American in inequality continues to increase while America's GINI coefficient is WAY DOWN the international list.

Romney paid 20% over the past 20 years as a whole

"in addition, the Romney campaign said Romney's tax filings from 1990 to 2009 show that the couple paid 100% of the federal and state income taxes they owed and that their overall average annual effective federal tax rate was 20.2%"

and also gave substantially more to charity.

you mad that willard is more giving and paid a higher tax rate than you could ever hope to :rollin

[mavs>spurs]

:cry but teh 1%, willard, gecko gecko :cry

lmfao you whining fucking knucklehead, we all know you make less than 35k per year drawing SS so you only pay 15% to romney's 20% :rollin

[ploto]

... their overall average annual effective federal tax rate was 20.2%.

Is that only income tax?

[ElNono]

in before the multi-page "fair/not fair" argument...

[ElNono]

So, where do you download these tax returns for perusal? Or we just go by what the campaign spokesperson said? crofl

gfy, vrwc!

[mavs>spurs]

Willard is a mormon, so he believes he can buy his way into heaven by following all the laws, paying taxes, and giving to charity. This shouldn't be a surprise that a guy who believes he will literally burn for eternity if he doesn't do good deeds would pay taxes and give away money to charity. He simply just isn't the big bad evil richer that guys like Boutons make him out to be.

Paid higher taxes than Boutons, that shit made my day :lol

[FuzzyLumpkins]

So do any of you want the people who pay no income tax to pay income tax?

It's been strongly implied that you do.

Most of them yes. Below the poverty line of course not but part of the problem is that the Bush tax cuts made it a free for all for far too many people.

The old adage is taxation without any representation. What we have now is the opposite. It hinders civic involvement. people feel like they are looking for the outside in and nonparticipatory enough as it is.

And we need to at least attempt to be responsible. I imagine that around the 2020 when enough of the boomers are retirement age that sane tax levels will be restored.

[angrydude]

Willard is a mormon, so he believes he can buy his way into heaven by following all the laws, paying taxes, and giving to charity. This shouldn't be a surprise that a guy who believes he will literally burn for eternity if he doesn't do good deeds would pay taxes and give away money to charity. He simply just isn't the big bad evil richer that guys like Boutons make him out to be.

Paid higher taxes than Boutons, that shit made my day :lol

isn't that what christians believe too? Doesn't stop them from doing what they want.

[mavs>spurs]

christians believe that jesus died on the cross for your sins..mormons think that salvation comes through deeds and how much you give to the church.

[LnGrrrR]

I was just going by what he has repeatedly said and have not having ever met him or spoken to him I haven't presumed to actually know what he thinks.

I think it's a bit disgenous to say that he wanted those people to rise up. Him saying that he could never get these people to accept responsbility doesn't sound very "helping".

[LnGrrrR]

Wait wait, I thought the highest tax rate was 35%? How is Romney paying 20%? :D

[Wild Cobra Kai]

Nowhere does it say he will actually release all those tax returns - only that they will be releasing documents about that 20 year period. He seems to be releasing summary type information for that time frame.

As for a good or bad move- mostly bad to me. It reminds people just how much money he earns when he does not even work while he insults the working poor.

Yup. He only released the 2011 return.

[Wild Cobra]

Wait wait, I thought the highest tax rate was 35%? How is Romney paying 20%? :D
You probably pay what. 3%, tops?

[Wild Cobra Kai]

So, where do you download these tax returns for perusal? Or we just go by what the campaign spokesperson said? crofl

gfy, vrwc!

He only released 2011.

[CosmicCowboy]

I think it's a bit disgenous to say that he wanted those people to rise up. Him saying that he could never get these people to accept responsbility doesn't sound very "helping".

Honestly? I think he ad libbed and fucked up. Remember there are two 47% figures...those that don't pay taxes and those that poll to vote for Obama.

I think he just got on a roll and mentally flipped from the 47% that don't pay taxes to the 47% that he knew were committed to vote for Obama and totally fucked up the transition.

The guy is clearly not stupid. He's just not a very glib politician. I'm not gonna hate him for that.

[baseline bum]

Honestly? I think he ad libbed and fucked up. Remember there are two 47% figures...those that don't pay taxes and those that poll to vote for Obama.

I think he just got on a roll and mentally flipped from the 47% that don't pay taxes to the 47% that he knew were committed to vote for Obama and totally fucked up the transition.

The guy is clearly not stupid. He's just not a very glib politician. I'm not gonna hate him for that.

I don't see that at all. He thinks he can't win over anyone who picked Obama in polls? He's basically conceding the election if that's what he meant.

[Latarian Milton]

dude's campaign is drowning and he'd grab every straw he can possibly reach for

[Latarian Milton]

Wait wait, I thought the highest tax rate was 35%? How is Romney paying 20%? :D

he gets most incomes from dividends & investments which are taxed at lower rates imho

[LnGrrrR]

You probably pay what. 3%, tops?

I got money back due to the child credit. But that didn't really answer my question, did it? :)

[mavs>spurs]

hey lngrr i'm not sure if you heard, but they are now saying that romney averaged 20% effective tax rate over the past 20 years aside from the 14.1% he paid last year, which is more than what Boutons paid. pass that shit on :lol

[LnGrrrR]

I guess after a few years paying 25+%, he was like, "Wait a sec I'm rich, isn't there some loophole I can use? Why aren't my taxes as low as the local checkout clerk?" :lol

[LnGrrrR]

FWIW, a defense of low capital gains percentage by Matt Yglesias...

http://mobile.slate.com/blogs/moneybox/2012/09/21/mitt_romney_s_effective_tax_rate_is_very_low_most_ economists_think_it_should_be_.html

[mavs>spurs]

I'd say that romney is much more of an american than guys like boutons who criticize him, giving away almost half of his yearly salary to either taxes or charity was pretty classy :cry

[boutons_deux]

I'd say that romney is much more of an american than guys like boutons who criticize him, giving away almost half of his yearly salary to either taxes or charity was pretty classy :cry

M>S is joining his asshole partner TBitch in stalking boutons.

Gecko and his bitch Queen Ann are classless, self-congratulating, preening assholes. Get back to us when what he gives is not tax deductible and is enough to really hurt his $250M fortunes.

[mavs>spurs]

FWIW, a defense of low capital gains percentage by Matt Yglesias...

http://mobile.slate.com/blogs/moneybox/2012/09/21/mitt_romney_s_effective_tax_rate_is_very_low_most_ economists_think_it_should_be_.html

yep, if i take my income after tax and use part of it to invest, taking on a lot of risk, my reward should be high. double taxation (technically triple taxation if you think about it. the corp is taxed, what's left over is paid out as dividends and taxed again, and you used income AFTER taxes to buy the stock in the first place) is a drag on commerce and like the article says, encourages people to consume now rather than invest into businesses etc.

[mavs>spurs]

M>S is joining his asshole partner TBitch in stalking boutons.

Gecko and his bitch Queen Ann are classless, self-congratulating, preening assholes. Get back to us when what he gives is not tax deductible and is enough to really hurt his $250M fortunes.

:lol you mad that the guy is taxed at close to 50% including charities and still makes more in 1 year than you will in your life? maybe if you were as classy, responsible, and gifted as mitt you could make something of your life too.

get off that man's nuts you jealous faggot. he gave up 50% of his income..what's next, you'll think that rich people should have 100% of their money confiscated and given to lazy welfare faggots like you :lol

[Latarian Milton]

50% annual income doesn't mean that much to them rich asses imho, wealth is just a figure for them and even if he only keeps 10% of his income it still makes little impact on his life, and he's not like them nigs playing pro sports who blow their money for fun. while if your an average person of the working class (like boutons and many others) you'd struggle to make ends meet in your life w/ only half of your regular income imho

[Mikesatx]

So do any of you want the people who pay no income tax to pay income tax?

It's been strongly implied that you do.


There should be a strong motivation to work and be self sufficient. The ideal scenario is everyone works and pays taxes. A level of support from the government should be established that is enough to cover the basic necessities (food and shelter). The world we live in now has people turning their noses up to decent paying jobs because it would result in a lower standard of living compared to the benfeits received.

[Clipper Nation]

The ideal scenario is everyone works and pays taxes.
No, the ideal scenario is that everyone realizes that the income tax is theft and the government then has to greatly cut back its excesses and live within its means, tbh....

[Mikesatx]

No, the ideal scenario is that everyone realizes that the income tax is theft and the government then has to greatly cut back its excesses and live within its means, tbh....


I stand corrected.

The politicians are laughng at the american people. Arguining with one another over what each pays and who should pay more and no one questioning how and where the money recieved from taxes is being spent.

[Wild Cobra]

I stand corrected.

The politicians are laughng at the american people. Arguining with one another over what each pays and who should pay more and no one questioning how and where the money recieved from taxes is being spent.
No, you have Obama voters wanting the wealth redistribution, republican voters wanting some as well, and conservatives not wanting redistribution.

[Mikesatx]

No, you have Obama voters wanting the wealth redistribution, republican voters wanting some as well, and conservatives not wanting redistribution.

Unfortunatley, it looks like wealth redistribution is winning the day for now.

[Wild Cobra]

Unfortunatley, it looks like wealth redistribution is winning the day for now.
Yep. Too bad there are so few conservative republicans left.

[Wild Cobra Kai]

Unfortunatley, it looks like wealth redistribution is winning the day for now.

When the wealth divide gets unbelievably large, wealth redistribution happens 100% of the time, regardless. It's just a question of if it happens politically or violently. If it's politically, it's like the relief valve on a steam boiler. If it's violence, it's like a steam boiler with NO relief valve, an explosion that no one controls.

[boutons_deux]

"If it's politically"

not if, but never. The politicians are beholden (financed by) the 1% and UCA, they aren't ever going seriously raise taxes on the corps and 1%, which is the same as voting themselves out of office.

[boutons_deux]

10 Questions Romney Should Answer About His Taxes

1. After the election, when the subject of your tax returns is outside of the public glare, will you file an amended tax return to claim your full deduction of charitable contributions? Was the tax rate you reported for other years similarly manipulated?

2. Why was your 2011 income $7 million lower than you estimated it to be in January? How does someone overestimate their income by $7 million?

3. Financial disclosures show that you have as much as $82 million in your tax-deferred Individual Retirement Account, despite the fact that tax rules limited contributions into such accounts to $30,000 per year. Did you lowball the value of the assets you put into your IRA, as tax experts suspect? And did you do the same with gifts into your sons’ trusts?

4. What was the purpose of your Swiss bank account and the myriad offshore entities shown on your return, based in countries like the Cayman Islands and Luxembourg, if not to avoid taxes?

5. Can you explain what one tax expert has called a “mysterious one-time infusion of foreign tax credits” in 2008?

6. You have not disclosed any foreign bank account reports (FBARs). Did you file all FBARs on all of your offshore accounts with the Treasury Department by the legal deadlines each year?

7. You claim to have paid an average tax rate of 20 percent over the last 20 years based on a flawed calculation. What was your real tax rate?

8. Your 14 percent tax rate –- not to mention the approximately 10 percent tax rate you would have paid had you not inflated it — is less than what many middle-class Americans pay. And you paid just 0.2% of your income in payroll taxes, while most Americans pay about 15%. Do you think that is fair?

9. Your tax returns show that the Marriott Corporation paid you $260,390 in directors’ fees in 2011. When you were the company’s audit committee chair in the 1990s, were you aware that the company was abusing a notorious illegal tax shelter?

10. You say you’ve made a “commitment to the public” that your tax rate should not be below 13 percent. If you believe that the richest Americans shouldn’t be paying an exceptionally low tax rate, why don’t you support President Obama’s “Buffett Rule”?

http://thinkprogress.org/economy/2012/09/21/893211/questions-romney-taxes/

[CosmicCowboy]

LOL Boutox peni$ envy.

[ploto]

1. After the election, when the subject of your tax returns is outside of the public glare, will you file an amended tax return to claim your full deduction of charitable contributions?

This is the first question that I had, and of course, the answer is yes.

[boutons_deux]

LOL Boutox peni$ envy.

CC, little rich boy condescending like a veritable 1%er asshole :lol

[boutons_deux]

Romney claims Mormon faith dictates tax return secrecy :lol

Speaking to Parade Magazine, Ann Romney said their tithing to the Mormon Church is so meaningful and personal, she cries every time they sign over a check. “So do I,” Mitt added, “but for a different reason.” :lol

“Our church doesn’t publish how much people have given,” he’s quoted saying. “This is done entirely privately. One of the downsides of releasing one’s financial information is that this is now all public, but we had never intended our contributions to be known. It’s a very personal thing between ourselves and our commitment to our God and to our church.”

http://www.rawstory.com/rs/2012/08/24/romney-claims-mormon-faith-dictates-tax-return-secrecy/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheRawStory+%28The+Raw+Story% 29&utm_content=Google+Reader

So Gecko obeys the Mormon church above obeying the conventions

My guess is has feloniously evaded paying income tax by hiding $Ms overseas, 10% of which is also failed to pay to Mormon, INC. As proven liar and flip flopper, he's guilty of lying about his taxes, and of tax evasion, until he proves otherwise.

[DMX7]

Dat's one rich unemployed mofo. :toast

[mavs>spurs]

Romney claims Mormon faith dictates tax return secrecy :lol

Speaking to Parade Magazine, Ann Romney said their tithing to the Mormon Church is so meaningful and personal, she cries every time they sign over a check. “So do I,” Mitt added, “but for a different reason.” :lol

“Our church doesn’t publish how much people have given,” he’s quoted saying. “This is done entirely privately. One of the downsides of releasing one’s financial information is that this is now all public, but we had never intended our contributions to be known. It’s a very personal thing between ourselves and our commitment to our God and to our church.”

http://www.rawstory.com/rs/2012/08/24/romney-claims-mormon-faith-dictates-tax-return-secrecy/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheRawStory+%28The+Raw+Story% 29&utm_content=Google+Reader

So Gecko obeys the Mormon church above obeying the conventions

My guess is has feloniously evaded paying income tax by hiding $Ms overseas, 10% of which is also failed to pay to Mormon, INC. As proven liar and flip flopper, he's guilty of lying about his taxes, and of tax evasion, until he proves otherwise.

mitt has paid a higher rate over the past 20 years than you have, averaging 20% yearly to your 15%..and the gap isn't even close when it comes to volume paid. not to mention he gives millions per year to church/charities. you're just a jealous hater who is mad because romney is more successful than you could ever be.

[Wild Cobra]

People are often jealous of those who make more. The democrat party preys on this.