Charles Dharapak/AP Photo
Mitt Romney speaking at a campaign fundraising event at the Red Rock Hotel and Casino Friday in Las Vegas.
There you have it…Mitt Romney released his tax returns. Well, at least the ones for 2011, as he previously vowed to do. Mitt Romney’s trustee released this statement. One paragraph in particular has caught the eye of many Romney tax return junkies:
The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income.
The Romneys claimed a deduction for $2.25 million of those charitable contributions.
The Romneys’ generous charitable donations in 2011 would have significantly reduced their tax obligation for the year. The Romneys thus limited their deduction of charitable contributions to conform to the Governor's statement in August, based upon the January estimate of income, that he paid at least 13% in income taxes in each of the last 10 years.
Well that seems nice that they paid more taxes than they owed, right? Well there is one slight problem. In July, Romney told ABC News, "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. I'd think people would want me to follow the law and pay only what the tax code requires."
Once again, look at this quote in today's statement by Romney's trustee, "The Romneys' generous charitable donations in 2011 would have significantly reduced their tax obligation for the year. The Romneys thus limited their deduction of charitable contributions to conform to the Governor's statement in August, based upon the January estimate of income, that he paid at least 13% in income taxes in each of the last 10 years."
The video editing machines in Chicago must be on fire right about now.
Talking Points Memo Brian Beutler has even gone further by actually calculating what Mitt Romney’s effective tax rate would be if he did deduct all of his charitable contributions:
Romney’s 14.1 percent effective federal tax rate in 2011 would’ve been lower if he’d deducted all of his charitable contributions from his nearly $13.7 million in income. But after estimating that he paid at least 13 percent of his income in taxes in each of the last 10 years, Romney opted not to deduct nearly $1.8 million worth of charitable contributions last year to artificially lift his tax liability.
So what would Romney’s effective tax rate have been if he’d deducted all of his charitable donations? About 12.2 percent.
Here’s the math we used, validated by tax experts at the liberal Center for American Progress.
According to the campaign, Romney earned $13,696,951 in 2011, of which he paid $1,935,708 in taxes.
But those figures include $1,770,772 in charitable contributions that he could have deducted, but chose not to. Since the campaign acknowledges that nearly all of Romney’s income came from investments, we assume he paid a 15 percent rate on that $1,770,772 — or $265,615.80 in taxes that he didn’t have to pay.
If you subtract that figure from his total taxes, you’re left with $1,670,092.20 — the amount of tax he would have paid if he’d deducted all of his charitable contributions.
And that’s 12.2 percent of his overall income.
Leave a Comment:
But what were the "charitable donations," exactly? Just donations to his church to fund missionaries and grand buildings?
The church doesn't fund missionaries. The missionaries are required to pay their own way on their missions meaning they start saving for their missions as young children and then sell what they can just before they leave. Then their families send the money to them every month that they are gone to pay their way. Their families also contribute to the cost of their missions. The church takes in big time bucks, invests in corporations, OWNS corporations, makes BILLIONS, but makes the missionaries, who have no say in where they are sent, pay their own way.
Just an aside - This is why BYU's football team is so good. Their players are almost ALL returned missionaries, so the average age of the players is two years older than other schools - and they've had two years to continue to develop physically.
Wendy is exactly right. Do you think the church would have put the Robme's up in an apartment like they had in Paris, lol.........no, that came to be because Robme's father had given them a million $$ and also stock he had left to them -which Ann Robme stated, they had to cash in 'just to survive', poor things.l
It may be that it varies from area to area and sect to sect, but my Mormon friend point blank told me that he was paid by the church for his missionary work to Canada. He wasn't paid a lot, considering his stories of a heat-less apartment and nearly freezing, but he was paid.
BYU's football team "so good"? Maybe in the past... 2-2 this year... And they lost the really important one to the Babylonians at my alma mater...
Thursday: Boise State 7 YBU: 6
Last week: Utah 24 YBU: 21
Last year... Sorry, I can't stop laughing...
Wendy is correct that Mormon missionaries "pay their own way" on their missions although there's often ward moneys that are donated for those with limited financial abilities. Another austerity move is for missionaries to eat with LDS families as much as possible.... Too (and a Reuters editor contacted me and a number of my sources on this one): LDS wardhouses (chapels) no longer employ janitors; members take turns cleaning them as part of their "church callings."
I'm doubtful that LDS missonaries are "paid, but Apostles and General Authorities are... And the LDS Church is Utah's largest employer...
In my view, contributions to a church that do not go to underwrite health, food banks, adoption, etc. should NOT be tax deductible. And any minister who espouses a voting stance from the pulpit should be imprisoned. Tax avoidance and political stances together??? Treason.
... great question, Kevpod, but what they were for doesn't really make much difference when you consider the plausible reason he did what he did; which, by the way would probably explain the reason he waited so long to do it. When the furor is over, as long as he's within time limits, all he has to do is submit an amended return to reclaim the difference, thus be reimbursed, just as if he'd claimed it originally. What I think will happen will most probably happen is that, if he win, he won't claim the deduction, considering it a personal contribution to his election. However, if he doesn't win, he quietly submit the claim, pocket the difference, and hope, should he ever run again, that voters will simply forget. Let's not kid ourselves about Romney's "burning" desire to be president. I believe he wants to do something, Daddy couldn't do; to wit, become President of The United States of America: It's on his "bucket list", and he'll do or say what ever he has to to check the box, before he checks out. It's all about ego, prestige, entitlement, self-esteem; and, at the end of the day, power and money.
There just has to be an undercover Democrat in Romney's campaign giving him advice (I hope). You just can't make this stuff up. There's a screw up every other day. Yeah!!! Keep it up.
Yeppers I totally agree!!!
Damn that ARITHMATICS... something adds up and it is confusion.
Like Clinton said,,,,, Its ARITHMETIC!!!
yes, and the non-partisan cbo has lots of skilled mathmaticians and they stated neither the romney nor the ryan plan was mathmatically possible to work! of course, their plans did not raise taxes on the wealthy (which is at its lowest rate since the late 1920's) but did increase taxes on the rest of americans. corporate taxes (already low compared to other industrialized nations) would be low as well. it isn't enough for them that exxon, during the highest profits exxon had ever had, paid zero in taxes and then got a refund of over 20 million dollars -paid for by the rest of us taxpayers.
A report today in an official outlet of the Iranian regime claims that Mahmoud Ahmadinejad, the president of Iran, will meet with members of the Occupy Wall Street movement
In a complete scan of MSNBC 'news??' I haven't seen one story on Libya, or Ahmadinejad, or Occupy's tie to Radical Islam, or Code Pink. Instead it is wall to wall Anti Romney, Hate Scott Brown and Random Democratic talking points. Now how do we score this??? What is the value of having an entire Network working for the reelection of Obama. Is that factored any where???
That's funny mah. I was just thinking that same thing today.
Charitable contributions? Might want to check out The Tyler Foundation.
http://www.businessinsider.com/mitt-romney-got-a-16-million-tax-refund-last-year-2012-7
As noted earlier, we have begun reading Mitt Romney's tax returns.
Mitt Romney has a good shot at becoming President now, so this seems an important thing to do.
After all, it's not often that a Presidential candidate is worth an estimated $250 million and makes $22 million a year after retiring.
The most striking thing about Mitt Romney's 2010 tax return are the top and bottom lines--the amount he made ($22 million) and the strikingly low tax rate he paid (14%, or $3 million).
Lots of Americans would like to figure out how to pay that tax rate, especially those in the $8,500-$34,500 income tax bracket, who pay a heftier 15% per year.
But there are lots of other nuggets in the return as well.
Here's one:
Last year, Mitt Romney received a $1.6 million tax refund (for his 2010 tax year).
Why?
Because he overpaid his taxes!
Mitt Romney paid $4.6 million in taxes in 2010--a 21% tax rate.
But he only ended up owing $3 million of taxes, a 14% rate.
So the government sent him a check for $1.6 million.
Perhaps even Mitt Romney was astonished by how little he had to pay!
Mitt Romney's 2010 Tax Return
SEE ALSO: Mitt Romney Made $22 Million In 2010 And Paid $3 Million In Taxes (14%)
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Mitt Romney
Summary
Willard Mitt Romney is an American businessman and Republican Party politician, who served as the 70th Governor of Massachusetts from 2003 to 2007. Romney is the son of George W. Romney, a former Governor of Michigan, and...More »
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44 Comments
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toddd on Jul 3, 8:18 AM said:
Yeah, but he's a job creator, he deserves to pay no taxes.
Now back to repealing health care for the uninsured!
If this sonofabitch gets elected it will be a sadder day than when idiot Bush got re-elected.
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DEV on Jul 3, 8:27 AM said:
@toddd:
BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
You are an idiot.
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segovia
What are these? Strikes! Earn three of them in a month, and you'll be sent to the Penalty Box for 24 hours. How do you earn strikes? Write comments that our editors kick to the Bleachers. Want to get rid of the strikes and start fresh? Write excellent comments that our editors promote to the Board Room.
on Jul 3, 8:41 AM said:
@toddd:
It's just that when Obama creates jobs, each job created costs tens of millions of dollars.
Americans doing the math is never good for a liberal.
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Nick on Jul 3, 9:04 AM said:
@toddd:
There is nothing he did an achieving that tax rate that you could not do.
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How many jobs did Bush create? on Jul 3, 9:04 AM said:
@segovia:
Liberals = bad
republitards = UNBELIEVABLE!
http://blogs.wsj.com/economics/2009/01/09/bush-on-jobs-the-worst-track-record-on-record/
Being partizan doesn't make you clever you bone headed @!$%#wit!
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badbob on Jul 3, 10:09 AM said:
@DEV:
BWAHAHA....WTF is rthat crap? You sound like the idiot. Say something useful.
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booner on Jul 3, 10:29 AM said:
@toddd:
The writer of this article is like many of the same other authors. By creating more friction between Republican & Democrat, Black & White, Rich & Poor ect. ect. ect.. These types of articles do nothing to heal any riffs only to cause more hatred. Anyone with common sense could figure out that it does not make any difference what party ( Democrat or Republican) the rich belong to, they will take advantage of the tax loop holes at hand.
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Bradford on Jul 3, 10:59 AM said:
@toddd:
Only a libtard would get upset with someone that pays $3 million in taxes.
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Liberals Are Slimy Greasy Oily Lying Hypocrite Losers
What are these? Strikes! Earn three of them in a month, and you'll be sent to the Penalty Box for 24 hours. How do you earn strikes? Write comments that our editors kick to the Bleachers. Want to get rid of the strikes and start fresh? Write excellent comments that our editors promote to the Board Room.
on Jul 3, 12:23 PM said:
@badbob:
talk about sounding like a idiot this Slimy Greasy Moron tops the cake!! LOSER
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calltoaction on Jul 4, 12:01 PM said:
@Bradford:
it should have been $8.5 million.
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sam spade (URL) on Jul 4, 5:10 PM said:
@toddd:
Hey Todddd!
Why don't you go occupy something ya low IQ parasite!! There should be a bounty on all DUMocrats. All they are is lowlife lazy smelly morons!..yuck!!
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Peter Verkooijen on Jul 3, 8:22 AM said:
To counter Mr. Blodget's relentless hypocritical propaganda for the regime, inequality got much worse under Obama and the Democratic Congress since 2007. Almost all of Obama's "recovery" ended up lining the pockets of the 1%:
http://azizonomics.com/2012/06/09/spreading-the-wealth-around/
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simple student on Jul 3, 12:26 PM said:
@Peter Verkooijen:
Henry,
I know that you are smarter than this. First, Romney had a 1.6 million dollar tax credit from the year before. Second, he donated, per another of your articles, 3 million to charity. Assuming that was all credited that makes his taxable income 19 million meaning he had tax rate of 16% WHICH MAKES SENSE as you said he is retired with net worth of 250 million so he made about 9%. Capital gains taxes on long term investments is 15% SO what does that tell you?
Given that you used to work on wall street it tells me you are biased and trying to slander a man whom you should know has done nothing wrong. Top notch journalism Henry - Top notch.
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calltoaction on Jul 4, 12:03 PM said:
@simple student:
stop apologizing for the super rich you turd blossom
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Gordon on Jul 3, 8:23 AM said:
they guy was successful. he worked his ass off. he worked 100 hour weeks and made a lot of money. he invested well. he donates a lot to charity. and he pays his taxes.
WTF do you hypocrite liberals want him to do?
liberals love to vilify success when it suits their political needs.
Everything Romney touches turns to gold. I say that America could use a touch like that right about now.
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Henry Blodget on Jul 3, 8:24 AM said:
@Gordon:
I have no problem with Mitt Romney making money. And he paid a boatload in taxes--more than most people will pay in their lifetimes.
But it's worth asking whether it makes sense to have a tax rate that's that low, especially when the expertise required to get it costs more than most people can afford.
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Henri Blodget School of Liberal Hypocrisy on Jul 3, 8:29 AM said:
@Henry Blodget:
Henri,
Weren't you bitching and moaning about the taxes your company has to pay?
Why are you such a hypocrite?
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Gordon on Jul 3, 8:31 AM said:
@Henry Blodget:
no, the CLEAR implication that you and other liberals put out there is that somehow he cheats the system. that's just wrong.
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Newt from the Moon on Jul 3, 8:34 AM said:
@Henry Blodget:
Henry, you are a smart Yale guy. The rich will always have the means to skirt the system. By the time the government reacts to one loophole 10 others are created.
Also you should examine the effect of his charitable donations on his tax rate. Be interesting to see how it moves the needle. Also I would like to see what percentage of income Romney gave to charity vs. Obama. It would be an interesting indicator of how they view personal responsibility.
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segovia
What are these? Strikes! Earn three of them in a month, and you'll be sent to the Penalty Box for 24 hours. How do you earn strikes? Write comments that our editors kick to the Bleachers. Want to get rid of the strikes and start fresh? Write excellent comments that our editors promote to the Board Room.
on Jul 3, 8:38 AM said:
@Henry Blodget:
Everyone's effective tax rate (ETR) is different because everyone's fact pattern is different. The statutory tax rate is not that low.
Beginning point: statutory tax rate
Finish line: ETR
Showing first 5 of 13 replies. View All
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Gordon on Jul 3, 8:26 AM said:
"Obama is behaving like 'We've got to get them. We've got to get these fat cats.' I'll never talk about what I have but I will tell you this – If you add up everything I've spent in my life for my wife and my family – it's a pittance compared to the amount of money Elaine and I have given away. It's a pittan
Read more: http://www.businessinsider.com/mitt-romney-got-a-16-million-tax-refund-last-year-2012-7#ixzz27GiOqERn
Someone needs to learn what the "cut" in "cut and paste" means
Still need to vote!
YES, we do Leslie... I tell everybody I see to vote... even if they tell me they're Republican... I personally have not missed a vote since 1971... every Local, State, and Federal election/ballot... that gives me the right to complain... nothing worse than somebody complaining and then saying they didn't vote...
I hit the arrow by mistake, I have no clue what anything does. I agree with what you said.
Looking at romney's taxes, It is confusing to say the least. According to his taxes, he would also be among the 47%'ers, in his speach. He pays less then 98% of the country, and still want handouts. He mooches more off, government, then the 49%, he claims are doing. This pieces of toilet papers he's given us is just what I'm calling it TOILET PAPER!!!!!!!!!!!!!!!!!!!!111
Melvin,
I bet you saw Romney down at the Occupy free pie dinner, didn't you? You don't like the Democrats tax policy?? Is that what you are saying? Romney paid $2M last year, more than all the liberals on this board will pay in their life. If you counted all the money he has paid, well I know you wouldn't think it enough, but it would be more than you can count.
He is paying Capital Gains tax at this point. See you get your money and buy beer and pretzels. He saved that money, invested it and then created more wealth out of it. This is money that he originally paid full income tax on. So you think that we should just keep charging income taxes, even when it is not income?? Still he pays 15% on the Capital Gains, and then donates a ton. I bet you could add up all the charitable contributions Dims in the Senate and House made last year and they wouldn't add up to Romney's.
So I do understand how it must feel to look at your beer belly and know all that you and ED have to show for your work is your worthless self, but donl't attack Patriots, it won't make you feel any better about your worthless life. Imatate Patriots, become a blessing to this country.
I have this cartoon in my head of Mr. Romney talking to Mr. Putin and saing "Yes but I had my fingers crossed behind my back..you didn't say finzies don't count" . This might be funny if Mr. Romney was not running for the Office of The President of the United States of America. Inelegantly said, England, Libya, 47 %, no mention of Afghanistan in convention speech. I never worry about Pres. Obama mis-speaking. I cannot imagine spending four years worrying about what would come out of this man's mouth. I cannot figure out why the polls are so close. And to top it off he legally avoids paying too much in taxes. Givehim his money back and ask him to self-deport.
Lord yes, didn't we have 8 years of cringing whenever Bush opened his mouth and that was more than enough! as to taxes, he is a con-man made possible by the corporate buying of our legislators who write our tax policies. We better all pray that the Congress is returned to Dem contolled Congress and then we better to be ready to cudgel them into rewriting the tax code and making it fair. I really think they will be so scared of losing control to Republicans that they will be much more responsive to doing the people's will- with a backbone- than they have been since Reagan was elected.
Corporations like GE and GM? Both heavily involved with supporting Democrats in Congress and this White House (GE's CEO, is heads Obama's Economic Council, and GE is subsumes NBC-MSNBC, and GM is still 30% owed by this White House, at hough that investment is looking weak as the stock is falling daily). Neither Corporation has paid any taxes in the past several years, moderatemom. And then there is the Farm Bill, ciurrently being promoted by this Administration, which pretends to be aiding small family farmers, but the legislation is dominated by the Con-Agras and Monsantos, etc. of this country...the big agri-business corporations.
Want tax code reform, moderatemom? Then be sure to vote Romney/Ryan. Bescause the Democrat Party and Obama and their supporters like it the way it is just fine.
He donated to BYU. It's an LDS/Mormon University here in Utah. It's not like he donated to Cancer research or a homeless fund. BYU kids are already wealthy!
I was a BYU kid and I supported myself. Most of my friends did, too. That they are already wealthy is a fallacy. I hated it there. What I found was a bunch of stuck up and judgmental people who thought they were God's chosen and who looked down on those who had non-member friends or family or who weren't drop-dead gorgeous (the word for girls like that was "sweet spirit" - code for a girl who was likable, but who guys wouldn't be seen dating). And, God-forbid if a girl did anything that was assumed to be for a man to do because it just wasn't "womanly". My father taught me how to change a tire and my oil and I was often talked down to about how I should NEVER do that because only men should do it. Yeah, I really did hate it there.
Romney gave his tax deductible donation to the Romney foundation that's located in the Cayman Islands.
here is what Willard said in an Interview on ABC... he also said something nearly identical during a debate on May 28th or 29th... In July, Romney told ABC News, "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. I'd think people would want me to follow the law and pay only what the tax code requires." I'll take you at your word Willard, you're NOT qualified to be President...
Oh, my bad! This doesn't mention AT ALL the monies in the Cayman Islands and the Swiss bank accounts Robme has to AVOID paying taxes........and these are the ones we KNOW about. Pardon me, but the average middle class income that pays at about 35% tax rate doesn't have the cash or the loopholes to take advantage of the Cayman Islands or Swiss banks, which leaves us in a stinking position compared to Robme. Especially when you think that we, and those making even less, have to spend practically all our income just to LIVE, while Robme has so much left over AFTER his living expenses (including the elevator for his many cars and his many homes) that he has CASH to STASH by the millions left over, and STILL PAYS only 13% to our 35% ~ WELL, the lobbyist have done a great job buying our country, I'll say that for them.
See my comments further below regarding the actual numbers. I printed out the return's 1st 20 pages, which gives all the pertinent figures. His foreign income was over $5 Million so he must have close to $100 Million invested in foreign countries. Why not invest it here and "create jobs"? LOL!
They say ignorance is bliss, and you must be one blissfull woman, moderate mom.
The Romney's blind trust reports show 2.5% of their investments only in highyielding funds and a Swiss Bank Accourt which is higher interest bearing than anything in the US for cash equivalents. The purpose of these investments is diversification, and to obtain higher interest income for cash equivalent investments, seeing the Federal Reserve has crippled that source of income for US savers and investors with their 0.25% low interest rate manipulation, which is meant to force savers into riskier investments, like the US Stock market at present, that looks to be divorced from all reality of the economic situation in this country. And these small cash equivalent investments in funds asnd accounts in the Cayman Islands, Bermuda, Luxombourg, and Switzerland are fully legal, and reportable, and taxable.
I obtain the same investment diversification thru combined common Mutual Funds offered by Bodston based Fidelity Corporation, that has similar small investments in the same highyielding funds, along with Stock and Bond, both Domestic and International. Augmented with The Permanent Fund of San Antonio, that has besides precious metal bullion and precious metal mining company stock, other Stock and Bond investments, and holds a good percentage of Swiss Franks, for their stability, and diversification.
Google up Gawker and Romney's Blind Trust Investments, and you will find your information there, dear.
Be sure to watch Martin Bashir's video at the bottom where there's a video clip of Romney saying, "the blind trust is an age old ruse."
http://ezkool.com/2012/07/mitt-romney-debunks-mitt-romneys-blind-trust-claims-video/
And Grandpa, you're starting to Google now? What about their spyware you heard about and told us all you were avoiding? The voices in your head aren't gonna like that...
I don't google, but I know others do, much to their loss of privacy. But I do Yahoo!
You're definitely a yahoo per the old Dean Swift bit of satire...
Do you think Romney feels "entitled" to those deductions and low tax rates? What a "taker"...
How much of it is federal income tax?
Duhhh...a federal income tax return is all federal, numbkull!
I remain incredibly puzzled that so many people are blinding following the Republicans right over the cliff! We have a man who hides his money offshore so he doesn't have to pay taxes while condemning people who "don't pay taxes" when in reality most of them do pay some form of tax, and usually more than Romney pays proportionately. Are we so uneducated that we can't see a flim flam man..and for those of you youngsters out there...that's someone who takes advantage of you because he is trickier than you can figure out! I would be very interested in knowing if Romney participated in the tax amnesty plan with Swiss bank accounts....maybe UBS should release Romney info!! That may be why McCain ran far away from Romney and into the arms of Palin...how'd that work out for you?
...with all the disproportionate tax deductions he enjoys he leaves....the middle class to makes up for the deficits....like the GOP's DRA 2005 for example...
Wake up middle class....!!!!!!
You want to get rid of those deductions? Then vote the ticket that has tax code reform on it website, and Party platform, the Republican ticket of Romney/Ryan fool!
...like the Cheney/Goldman Sachs Gregg's Deficit Reduction Act 2005..passed in reconcillation...ilegally...with two difference documents in the House and Senate....
How much of this return was done "retroactively", now that Mitt has had months to revise it to match what he claims? Did he originally claim the full deduction?
MITT, WHAT ABOUT THE OTHER YEARS, HUH??
I was wondering the same thing. Did he refile his taxes to get this result? Is that why he was stalling so long in getting them out? If so, I'd be interested in seeing the original filing. Why doesn't anyone ask him that question? Of course he'd take the full deduction originally. What would be the reason not to? Out of the "goodness" of his heart? Did he suddenly start thinking about someone other than himself? I seriously doubt it. He is really arrogant to think that people cannot see right through this.
All he has to do is send in an admended tax return and he will get it back. He thinks were all stupid.
I am a tax preparer, having worked for H&R Block for 20 years before I retired. I still do taxes for friends and family, so I am familiar with the items on Romney tax returns. I printed out the 1st 20 pages and went over it. I found a couple of things quite interesting. First of all, his adjusted gross income (after all gains and losses were combined) was $13.7 Million. After itemized deductions and exemptions, the taxable income was just over $9 Million. He paid about $1.9 Million in taxes which came out to about 14% as he stated. However, the income on his U.S. return doesn't include the foreign income he got, on which he paid only $102K in foreign taxes, which was completely credited to him as a "foreign tax credit" against his US taxes, so, in effect, he paid no tax on about $5 Million income on investments in those countries. So his US tax on over $18 Million was only about 10%, not really 14%. Even if he only made "interest income" on those investments, that is about $100 Million invested overseas. Why didn't he invest that money in our country and "create jobs" here? That's my question about this tax evasion. He could have made much more than $5 Million out of that money, off-setting any US taxes he might owe on the income. It seems penny-wise and pound foolish to me, and I'm no expert. Can anyone tell me the reason why he wouldn't want to invest in the US and help his own country? The only reason I can figure out is that he got things other than "income" from his investments in those foreign countries. His charitable deductions in cash or check were only $1.3 Million, plus "other" donations in something other than cash or check of about $900K. Not really a lot considering his entire income was over $18 Million, and his donations were mostly to the Mormon church which requires 10% "tithing." If he had taken all his charitable donations, his tax rate would have been in the single digits rather than "14%" as claimed. He can take those additional deductions by filing an amended return, in case he doesn't get elected in November. Quite a nice little consolation if he loses.
Gawker last month issued a report on their investigation into the Mitt and Ann Romney Blind Trusts income tax returns of 2010 and the preliminary return earlier released for 2011 and found only 2.5% of the Romneys fortune invested in highyielding funds in the Cayman Islands, Bermuda, Luxumbourg, and in Swiss Bank Accounts, all reportable and fully taxable investments. By you own admission that the Romney's paid just $102K in foreign taxes, obviously they don't have a significant portion of their investments in these perfectly legal, and reportable, and taxable investment vehicles.
If you are representative of the kind of tax prepayer that works for HR Block, RCinNYC, I would suggest folks take a good long look at the stupidity evident in your so called professional analysis from "printing out" 20 pages of a 387 page tax return that powerhouse financial analysis and tax attorneys had produced for the Internal Revenue Service, and take due warning.
@Keith Longey... I'm reading everyone's comments and you my friend are quite rude. I believe you can get your point across without insulting everyone who disagrees with your stance! How do we know that your analysis is correct? You could be the one who is misinformed and misleading others. Say your peace and keep the mean spirited comments to yourself. That is all I won't be reading anymore of your hateful comments again!!! Never heard the saying if you don't have anything nice to say then don't say anything at all. Heed the advice my friend! God Bless!!!
Thats not the correct return, he had time to make that 2011 tax return up....2010 was not completed. Come on Mitt, we're no fool. You can't piss in our face, and tell us it's raining...
After hearing Rev. Al pontificate, claiming that Mitt pays a lower rate than the typical worker, I thought it important to enlighten with some actual facts. Yes Romney only paid 14% in taxes. This sounds low, but recall that nearly all of his income is in the form of long term capitol gains, which are taxed at 15%.........Argue with this rate if you like, but it wasn't Mitt who set it.
More importantly, for all of you who think the average man pays a greater percentage in taxes than Mitt did (as Sharpton suggests repeatedly), check your returns. Guess what income level is required to hit 15% in Federal taxes, with the most standard of tax forms (1040EZ). Go on, guess......
Now the math. Here's the 2011 tax table: Income from 0 to 17,000 is taxed at 10%. Income from 17,000 to 69,000 is taxed at 15%. Income from 69,000 to 139,000 is taxed at 25%.
So, to reach a 15% rate, you need to be $8500 into the 25% bracket (to counteract the 17,000 taxed at 10%). So, you need an income of $77,500. But wait, even using the most basic form, you get $19,000 in deductions before any tax is calculated, so really, you need to make $96,500 just to pay a 15% efffective tax rate. And that's assuming your state tax, mortgage deduction, charitable giving, business deductions, dependents, etc........ do not justify itemization.
Bottom line, the average worker pays a much lower percentage in effective federal tax than Mitt. and Rev. Al needs to either get his facts straight or shut his mouth (I prefer the latter). In fact, using the same calculation as above, the Median income of 50k, owes a mere $3800 (5.6%) in federal taxes.
Yes, I know....FICA & Medicare taxes add to the pain, but these are supposed to be programs that we 'earn' from a lifetime of work. Add in sales taxes, excise taxes, and all the rest and the picture gets muddled. A reform of the tax system is clearly needed. This receives much lip service from politicians on both sides, but I'd be stunned if any real changes take place anytime soon.
Just to make the comparison a little less involved for the mathematically challanged, which most liberal are, of course, especially those who believe Bill Clinton doesn't lie with his special brand of "arithimetic" (how else could a poor boy from Hope, Ark what was a 12 term Governor from Arkansas making a salary of less than 40,000 a year be a millionaire when he ran for President in 1992?), the figure one might look to is that the average lower MiddleClass family of four filing a joint return with an income of $32,000 a year pay only 5,8% income tax with the current deduction schedule. Interesting that if that family decides to not purchase the mandated Obama pricey health insurance package designed in Washinton, DC with all its bells and whistles, they will be assessed an additonal $1,200 tax, or the same amount they could easily use to purchase a much cheaper catastrophic insurance policy, and accidental disability and death policy on the primary breadwinner in the family, and the necessary outof pocket cost for walk in clinic services for the run of the mill common needs like flu shots, and vacinations, etc. Annual school physicals take care of the preventive screening for the two childrens needs, and the once a year gynocological check up for wife-mom can easily be handled out of pocket. Instead, this family gets saddled with mandated purchase of family insurance with premiums up to $16,000 a year. And the subsidies that they receive from the Federal Government to help pay for that is funded by the penalty taxes paid by as estimated 6,000,000 individuals and families that will forgo the espensive health insurance policy mandate, an additional $3.8% taxes on all capital gains (which include, of course, the sale of realestate profits), and a new additional 3.2% Payroll tax to support ObamaCare over and above the FICA and Medicare payroll taxes paid (which establish the long term disability/retirement financial security, and retirement or disability health insurance accounts). Plus the $716 billion taken out of "savings" in Medicare, which includes fines on hospitals that readmit seniors within certains periods after previous treatment and discharge to home or nursing home care, bonuses to hospitals that request the cheapest reimbursement for care for Medicare recipients (surely a policy that threatens all patient care in the hospitals that go that route), and the infamous rationing 15 member commission that will decide what procedures medical practioners and hospitals may utilize in the treatment of seniors.
Without reading the rest of that, you would put a family of 4 earning 32,000 a year in the middle class? that is border poverty line.
A Missed Opportunity. Now Romney lost for sure based on his tax return. The Republican Party missed a great opportunity to win the Presidency, the Senate and the House of Representative by not nominating JonHuntsman. Huntsman would have received a more positive reaction from Democrats, Mormons and Independents. I have relatives in Salt Lake City and I am familiar with Huntsman. Regardless of what you may think of Mormons, Huntsman is truly a good Christian. He is intelligent, reasonable, truthful and ethical with a strong will power to do what is best for everyone. I talked with a number of Democrats who would have voted for him. In Huntsman the party had a conservative who comes across as being sincere and empathetic; two qualities that wins votes. Sincerity makes Huntsman’s deeds beautiful, noble and honorable. He was well known as having integrity. I almost feel that it is a tragedy that Huntsman was not nominated because I feel certain this country and the people would benefit from his leadership.
For heaven's sake, Augustus, with all that is wrong in the world today, with the Obama economy, high unemployment, run away deficit spending, the fiscal cliff ahead of tax cuts of 2001 and 2003 about to end unless Congress votes to extend them, the national debt ceiling going to be breached before the end of this free spending Presidents term of office, and the sequestration bill that will gut our nation's defense posture so drastically in the middle of one of the more dangerous periods of unrest and revitalization of Islamic fundamentalist anti-American and anit-Western Word terrorism spawned by Obama's attempt to subsitute his unique, hand out in friendship peace loving personality for strong economic, diplomatic, and military involvement in that critical portion if the world, the Middle East and Western Asia, you actully believe that the election is going to be decided on this dead horse of the Romney's tax returns that the whacked out libereral Obama lovers keep senselessly beating? You need to find another hobby than politics and political discussions, Augustus, as you are way out of your league judging by your comment above, and previous foolish comments you made on this blog in the past several months.
I encourage you to watch the weekend news and commentary shows, and tell me what is going to get the most notice and attention by our nation's talking heads (and opinion formers?), the disaster of the Obama foreign affairs policies, the resurgence of dangerous Islamic fundamentalism, Iran's continued march to obtaining nuculear weapons and the missile sytems to deliver them, and the continued economic malise in this country, or this little distraction attempt by the Harry Reids and the Lawrence O'Donnells of the looney liberal left on the Romneys' taxes.
As for John Huntsman, he will tell you himself that he was a failed candidate. And he is very much cut of the same cloth as is a Charlie Crist out of Forida, a man without a party at present, and looking for another job in an 2nd Obama administration if there is to be one, which is a question that is still to be answered, given the debate cycle to this campaign ahead, and the problems of the baggage Obama's poor record of the past 3&3/4ths years that are increasingly more evident.
If China has been instrumental in the raiding of our nations intellectual property rights, taking advantage of their Bill Clinton most favorite nation trade status with their currency manipulations, and putting up tarrifs and restrictions to our sale of products in their nation awash with our money, giving us equal access to their consumers as we give them access to ours, it was people like John Huntsman who served as US Ambassador to China under this Obama Administration that allowed that. I wouldn't give him an ambassadorship position to Timbuktu after that poor performance.
Example of MSNBC obvious bias.... Headline "Red Flag" but when you read the article its just somebodies opinion on why he decided to limit his tax deductions (in accordance with the current tax law) to bump up his tax rate by two percentage points. The man gave 30 percent of his income to charity. How many reading these words would give 30 percent of your income to charity--- answer very few. If you get your information from this website only --- you are getting a very skewed view of your world.