Great ing american
http://www.ft.com/intl/cms/s/0/8fc42...#axzz27983PzmL
Hey Boutons, when was the last time you sent in extra tax money to help out the big government you love so much?Romney releases tax return details
By Anna Fifield in Washington and Richard McGregor in Woodbridge, Virginia
©AFP
Mitt Romney has released details of 20 years’ worth of tax payments in an effort to rebut claims of secrecy over his personal income and steady his stuttering presidential bid after weeks of campaign mishaps.
The Republican presidential candidate also released his full tax return for 2011, which showed that he voluntarily paid more tax than required by reducing allowable deductions for charitable contributions.
The do ent drop came at the end of a week that also started with drama for the Republican challenger, who is slipping behind Barack Obama in the race for the White House.
Mr Romney was thrown off course on Monday by a leaked video showing him criticising poorer Americans as “victims”, while on Friday his wife’s campaign aeroplane was forced to make an emergency landing in Colorado after its cabin filled with smoke.
Mr Romney had previously refused to go beyond his promise to release two years of full tax returns, a limit which Mr Obama had used to portray him as rich and out of touch.
The Republican’s 2011 tax return showed that the candidate – and his wife, Ann – paid $1.9m in taxes on $13.7m in income, derived mostly from investments. That put their effective tax rate at 14.1 per cent, according to a blog post by Brad Malt, the trustee who manages Mr Romney’s wealth.
The Romneys donated $4m to charity last year, nearly 30 per cent of their income but claimed a tax deduction for only $2.25m of this, pushing the candidate’s effective tax rate higher.
“The Romneys’ generous charitable donations in 2011 would have significantly reduced their tax obligation for the year,” Mr Malt wrote.
Under questioning about his taxes this year, Mr Romney had said he would not be qualified to be president if he paid more taxes than were required.
“I don’t pay more than are legally due and frankly if I had paid more than are legally due, I don’t think I’d be qualified to become president,” he told ABC News in July.
Mr Romney pays a relatively low rate because most of his income comes in the form of dividends and capital gains, which are taxed at a lower rate then ordinary income.
After intense pressure from Democrats, the campaign also released a letter from PwC, the professional services firm, covering the Romneys’ tax filings from 1990 to 2009 and backing up the candidate’s claim on the campaign trail that he had never paid less than 13 per cent in tax. It said the Romneys’ average annual effective federal tax rate was 20.2 per cent over the 20-year period, with the lowest rate being 13.66 per cent.
Smart move actually. He was at 13.9% last year and everyone in the media rounded down to 13%. This year he doesn't claim all his charitable donations and hits 14.1%
Naturally the media will round down to 14% but it still sounds better.
If he wins, it's just a million or so lost. If he loses he can amend his tax return and get his money back.
I wish we had someone that smart as President.
This dumbass calls himself a reporter? Dividends are taxed as ordinary income.Mr Romney pays a relatively low rate because most of his income comes in the form of dividends and capital gains, which are taxed at a lower rate then ordinary income.
I don't know; Obama copying Romney's health plan so Romney couldn't come after him with it in the general election was pretty good thinking ahead, politically.
guess he also gave up his salary as governor of massachusetts (like arnold). dude is such a rich ass with a net worth of 200m, he doesn't really care about salary or tax deduction which don't mean to him compared with his income & the donations he makes.
I heard he would have paid 9% had he taken the full deduction for charity and no way was he going to do that.
If i was rich I'd rather give to charities than the government too
Only some of it is a copy, and just because it might work for one state doesn't mean it will work for all states.
Do you know what the 10th amendment is?
So he just dodges taxes at Bain with various s companies and .... he's still a tax cheat, tbh....
liberals don't really like that pesky do ent
dumb mother er
You can be damn sure the IRS went through his return with a microscope.
He ain't cheating on his taxes.
LOL found cons utional even by a wingnut supreme court.
Sure, they found a cons utional loophole. Still, the intent of the 10th is violated. No American should be OK with that.
lol counselor Cobra
fail
why dont u list the charitable organizatios he donated too? donating to political groups is also tax deductible, lets see the organizations he donated to that will stream back to him making them untaxable income....
Didn't he say in an interview some time ago that he paid exactly the taxes he was required to pay legally and that if he'd pay more he wouldn't be fit to be president?
"if he'd pay more he wouldn't be fit to be president"
yep. but somebody pointed out he will probably file an adjusted declaration and get that "over paid" tax money back, making the LIAR and felony tax evader fit to be president.
It's too bad they didn't have you around to counsel them.
Qualified dividends (which all of Romney's dividends would be) are taxed at the cap gains rate. Been the case for years now...
If you've been paying taxes on dividends at the ordinary rate all this time since Bush's tax cuts, you should feel really stupid.
Last edited by Edward; 09-22-2012 at 05:14 PM.
Also, already being brown for Univision was a stroke of genius.
You consider that smart? Most with common sense, would call that corrupt/sneaky.
The man is involved with many multi-million dollar bankruptcies. I bet you consider him a successful businessman too.
What's bad is the way our elected official cir vent the cons utional intent for their rise in power.
"our elected official"
... only do as they are paid to by the corporate big donors. If they want to be (re-)elected, they have no other choice.
You think he won't do that, win or lose?
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