The Romney campaign is releasing Mitt and Ann Romney's 2011 tax return today. The campaign previews a few of the highlights here:
In 2011, the Romneys paid $1,935,708 in taxes on $13,696,951 in mostly investment income.
The Romneys’ effective tax rate for 2011 was 14.1%.
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.
Additionally, the Romney campaign is releasing a summary of 20 years of taxes, between 1990-2009, detailing their tax expenditures during those years:
Mr. Obama could release his college transcripts in reply. Now he has a job history as President maybe that's not necessary.
Mr. Obama's record of Prosperity, the low rate of unemployment and affordable gas prices, and his stellar record in the Mideast of ending America's military adventures, will all be blamed on George W Bush.
Did you all know if you depress that slide back about 1/4 inch the disconnector will block the hammer? Then all you got is an expensive club. Another fun fact from us Neanderthal Hicks in Fly Over Country.
Did you all know if you depress that slide back about 1/4 inch the disconnector will block the hammer? Then all you got is an expensive club. Another fun fact from us Neanderthal Hicks in Fly Over Country.
Did you know that your brains would be all over the next lane before your fat little fingers got anywhere near a firearm leveled at your face? Another fun fact from reality.
"I have longed for shipwrecks, for havoc and violent death.” - Havoc, T. Kristensen
Did you all know if you depress that slide back about 1/4 inch the disconnector will block the hammer? Then all you got is an expensive club. Another fun fact from us Neanderthal Hicks in Fly Over Country.
Did you know that your brains would be all over the next lane before your fat little fingers got anywhere near a firearm leveled at your face? Another fun fact from reality.
In which case I'll be dead and then it won't matter.
I can't believe the Republicans are running this guy.
Republican presidential nominee Mitt Romney on Friday announced that he will not take all the charitable deductions to which he was entitled for his 2011 taxes, in order to keep his tax return from falling below a threshold that would falsify an earlier assertion that he'd never paid lower than a 13 percent tax rate. . . .
Romney has asserted that he does not believe in paying more taxes than 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," Romney has previously said. "I'd think people would want me to follow the law and pay only what the tax code requires."
Adjust the charitable donations deduction to conform to one statement on the campaign trail, and inadvertently agree that you're not qualified to become President.
Through the use of his financial acumen Mitt Romney managed to earn almost 14 MILLION dollars in a terrible economy. Of that $14MM, he contributed almost $2MM to support the rest of us and he GAVE AWAY another $4MM to be used for the common good as he sees it.
THE MAN IS A MONSTER!!!! Satan taps his cloven hooves in glee at the thought of such a beast in the white house. Please choose the community organizer because he believes in fairness and he loves all people.
Mao wrote:Political power grows out of the barrel of a gun. Our principle is that the Party commands the gun, and the gun must never be allowed to command the Party
Everything Mittens let slide on his 2011 return can be claimed at a later date. You don't think he manipulated his reporting for 2011 to keep the outrage lower than it would have been if all of his tricks were used and made public?
Mittens should release all of his returns. After all, conservatives weren't happy until Obama released his long form birth certificate. Most still aren't.
“Attached hereto is a copy of Mr. Trump’s birth certificate, demonstrating that he is the son of Fred Trump, not an orangutan,”
protobuilder wrote:I can't believe the Republicans are running this guy.
Republican presidential nominee Mitt Romney on Friday announced that he will not take all the charitable deductions to which he was entitled for his 2011 taxes, in order to keep his tax return from falling below a threshold that would falsify an earlier assertion that he'd never paid lower than a 13 percent tax rate. . . .
Romney has asserted that he does not believe in paying more taxes than 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," Romney has previously said. "I'd think people would want me to follow the law and pay only what the tax code requires."
Adjust the charitable donations deduction to conform to one statement on the campaign trail, and inadvertently agree that you're not qualified to become President.
"He who knows only his own side of the case knows little of that." JS Mill
Just goes to show how messed up the tax code is. The average guy making 50K a year pays the same rate - not the same dollar number but still - having a big tax rate for the rich but then having a code that allows such manipulation is kind of a waste of time. The only rich people who pay the max rate have really bad accountants and advisers.
climber511 wrote:Just goes to show how messed up the tax code is. The average guy making 50K a year pays the same rate - not the same dollar number but still - having a big tax rate for the rich but then having a code that allows such manipulation is kind of a waste of time. The only rich people who pay the max rate have really bad accountants and advisers.
You're implying that if everyone paid the same rate that would be "unfair". Please explain your reasoning.
climber511 wrote:Just goes to show how messed up the tax code is. The average guy making 50K a year pays the same rate - not the same dollar number but still - having a big tax rate for the rich but then having a code that allows such manipulation is kind of a waste of time. The only rich people who pay the max rate have really bad accountants and advisers.
You're implying that if everyone paid the same rate that would be "unfair". Please explain your reasoning.
Not what I mean at all - I like the flat tax idea - but if you have the where with all to set your finances up to take advantage of all the various deductions available in the tax code - you can lower your tax rate enormously. The guy at the bottom - or even most in the middle can't do all that usually - as they have to spend most of their money just to live.
That Weekly Standard article is wrong, not surprisingly. Romney's statement says for the past years he OWED, not paid 14%. We don't know what he paid, if he was audited and had to pay more etc....
Obama Economy = FAIL
Obama Foreign Policy = FAIL
When somebody does not do the job, we gotta let him go.
It really shouldn't be much more complicated than this, but, somehow, for many people it is.
BTW, I wonder why people who are so terribly concerned with Romney's tax info, have zero curiosity about Obama's health and education records. Shouldn't we know everything possible about both candidates? Apparently not.
Mao wrote:Political power grows out of the barrel of a gun. Our principle is that the Party commands the gun, and the gun must never be allowed to command the Party
climber511 wrote:Just goes to show how messed up the tax code is. The average guy making 50K a year pays the same rate - not the same dollar number but still - having a big tax rate for the rich but then having a code that allows such manipulation is kind of a waste of time. The only rich people who pay the max rate have really bad accountants and advisers.
You're implying that if everyone paid the same rate that would be "unfair". Please explain your reasoning.
Not what I mean at all - I like the flat tax idea - but if you have the where with all to set your finances up to take advantage of all the various deductions available in the tax code - you can lower your tax rate enormously. The guy at the bottom - or even most in the middle can't do all that usually - as they have to spend most of their money just to live.
Ahh, having re-read I see your point and agree regarding the issue of "manipulation". However, I think that word is harsh and sort of implies interpretation of the law for one's own purpose, whereas I think most rich people just know how to structure their income so as to take advantage of the tax code. There's nothing wrong or illegal in what these people (read: their accountants) do.
I think the one issue that gets overlooked is the comparison of income tax rates on wages vs. investments. It's not an apples to apples comparison. But the media doesn't seem to want to recognize this.
climber511 wrote:A.Just goes to show how messed up the tax code is.
B.The average guy making 50K a year pays the same rate
A. Correct
B. Wrong. Unless the average guy is single, he isn't paying close to 14%, and if he has kids the max for EITC is over 50K in 2012, so is not only not paying any taxes, he is getting money back to boot.
"Start slowly, then ease off". Tortuga Golden Striders Running Club, Pensacola 1984.
"But even snake wrestling beats life in the cube, for me at least. In measured doses."-Lex
climber511 wrote:A.Just goes to show how messed up the tax code is.
B.The average guy making 50K a year pays the same rate
A. Correct
B. Wrong. Unless the average guy is single, he isn't paying close to 14%, and if he has kids the max for EITC is over 50K in 2012, so is not only not paying any taxes, he is getting money back to boot.
I'm retired - no kids - no mortgage - no write offs of any kind - standard deduction only. So I guess I need a better accountant - hell any accountant I guess. No real portfolio to manipulate - no real money to "donate" because I needed the deduction - no money to send offshore. I have no way to "game" the system. I invest mostly in groceries.
Look at the rates shown in the chart here - Romney's income level shows 33%. Do I blame the guy for setting up his life to avoid paying higher taxes - hell no - he'd be an idiot not to. A lot of his income is capital gains and various investment incomes etc - taxed at a lower rate than plain wages. But people in the lower brackets are mostly unable to do this. I'm not criticizing the man as much as the system. The system is really messed up.
I have no clue how to fix it of course - but it's broken for lack of a better word.
