Romney returns released

posted at 9:15 am on January 24, 2012 by Ed Morrissey

Mitt Romney has released his tax returns for 2010 and 2011 (estimated) today, fulfilling a promise made this week after fumbling the issue last week in two debates.  He gave the Washington Post an advance look at the returns yesterday, allowing the media to report the topline numbers before the debate and taking the steam out of the issue by the time Brian Williams first cleared his throat in Florida. The toplines contain no surprises at all:

Mitt Romney offered a partial snapshot of his vast personal fortune late Monday, disclosing income of $21.7 million in 2010 and $20.9 million last year — virtually all of it profits, dividends or interest from investments.

None came from wages, the primary source of income for most Americans. Instead,Romney and his wife, Ann, collected millions in capital gains from a profusion of investments, as well as stock dividends and interest payments. …

For 2011, Romney estimates that he will pay about $3.2 million, for an effective rate of 15.4 percent. That’s in line with his earlier estimates, but sharply lower than the rates paid by President Obama and Romney’s closest Republican rival, Newt Gingrich.

But as the Post reports, it still left plenty of time for some class-warfare attacks from across the aisle:

“The president believes that it is not fair — inherently not fair — that those who are millionaires and billionaires pay at a lower rate than average Americans who are struggling to get by,” White House press secretary Jay Carney told reporters Monday. “This theme about economic insecurity for the middle class . . . is what got this president into politics. So this is a foundational belief for him, and he’s happy to have that debate.”

Not only is this cheap class-warfare nonsense, it’s also flat-out false — unless Obama has proposed at some point treating capital gains differently than income.  He has talked at times of raising the cap-gains rate from 15% to 20%, but that will still put cap-gains at “a lower rate than average Americans who are struggling to get by.”  Obama’s so-called “millionaire’s tax” surcharge wouldn’t have applied to Romney either, because that was a surcharge on income, not capital gains.  If Obama wanted to have that debate with Romney, he’d shortly be exposed as either a hypocrite or an idiot.

Romney paid the exact same rate as anyone else on capital gains.  Had an average household made money on capital gains — and some might on smaller investments in portfolios — they would pay the exact same rate on cap-gains as Romney did.  We treat capital gains differently because (a) that money got taxed elsewhere at an income rate in most cases, and (b) we want to provide an incentive for risk.  Capital investment is a significant risk, much more so than income derived from sitting on capital and deriving interest.  We want people to put their capital to work instead of sitting on it.  That’s what Romney did, and he’s paying the tax rate on the reward for taking risk.

That’s really the only thing of interest in Romney’s tax returns, and it’s entirely unsurprising that this White House went out of its way to get it wrong.

Update: Allahpundit e-mails me this tidbit that will get some attention:

Mitt Romney had a Swiss bank account. You’re welcome, Democratic National Committee.

The Republican presidential contender, who released his tax forms Tuesday morning under pressure from his fellow candidates and the media, avoided some of the embarrassing pitfalls that can come with opening one’s financial portfolio for public inspection. But in doing so, Romney handed Democratic opposition researchers a trove of new data that will surely show up in attack ads this fall, if he’s lucky enough to be the GOP nominee.

He had accounts in the Caymans and Bermuda, too, but there’s one problem with the attack in this case — or actually, more than one:

And the way Romney keeps his money will help paint that picture. Romney’s tax forms show he had a bank account in Switzerland, which he closed in 2010, and accounts in Bermuda and the Cayman Islands. All three have reputations as offshore havens where the extremely wealthy keep their cash, sometimes to avoid paying taxes (Romney actually did pay taxes on those accounts, but that minor detail may be left out of any attack ads).

Still, it could have been worse. Romney donated nearly $3 million to charitable causes in 2010 and more than $4 million in 2011, including at least $4.1 million to the Mormon Church. That’s better than some politicians, whose tax forms show they didn’t bother to give money to those less fortunate than themselves (Think Vice President Joe Biden, who gave an average of just $369 a year to charity, according to ten years of tax returns the Obama campaign made public in September 2008).

Yeah, Romney didn’t shelter the money at all; he paid the taxes due.  And if the White House wants to get into attacks over stingy rich men, they’re going to find themselves outgunned.


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A lot of anger on H/A this mornng.

Stop watching the “debates” and this would stop.

Eph on January 24, 2012 at 9:18 AM

Just in time for Obama to use in the SOTU, and talk about his buddy Warren Buffett who wants so much to pay more in taxes if Congress would only let him.

Wethal on January 24, 2012 at 9:18 AM

and it’s entirely unsurprising that this White House went out of its way to get it wrong.

never let a crisis go to waste pass up an opportunity to step on your crank.

ted c on January 24, 2012 at 9:19 AM

He can never connect with the middle class.

liberal4life on January 24, 2012 at 9:19 AM

That’s really the only thing of interest in Romney’s tax returns

I’d say giving $7 million to charity is a thing of interest.

JA on January 24, 2012 at 9:20 AM

One thing is for sure…

he will NOT be winning low income folks anywhere as evident in SC. He is too rich…too out of touch

liberal4life on January 24, 2012 at 9:21 AM

I saw that and said – holy smokes that’s a lot of taxes to pay.

gophergirl on January 24, 2012 at 9:21 AM

Obama, I would suggest you pay 35% on all of your assets every year, that will convince me that you are truly upset at the tax system…simple, just 35% of your assets.

right2bright on January 24, 2012 at 9:21 AM

He can never connect with the middle class.

liberal4life on January 24, 2012 at 9:19 AM

He can always point to the Kerry/Edwards ticket and say he’s a pauper in comparison. /

changer1701 on January 24, 2012 at 9:21 AM

$4.1 million to the Mormon Church

So that’s what planets in the kolob system are going for these days?

tom daschle concerned on January 24, 2012 at 9:22 AM

He can never connect with the middle class.

liberal4life on January 24, 2012 at 9:19 AM

…and you can never connect to your brain cells!

KOOLAID2 on January 24, 2012 at 9:22 AM

Strong charity in recent years while he is running. Let’s see the last 10 years.

HopeHeFails on January 24, 2012 at 9:22 AM

The amazing thing is why he was so hesitant…that’s no big deal, literally tens of thousands of people make the same.
But it doesn’t change the fact that he is a RINO at best, or a closet liberal at worst.

right2bright on January 24, 2012 at 9:23 AM

“The president believes that it is not fair — inherently not fair — that those who are millionaires and billionaires pay at a lower rate than average Americans who are struggling to get by,” White House press secretary Jay Carney told reporters Monday.

So does Obama want to make an increase in the capital gains tax a plank of his campaign platform? Or does he just want to mislead voters into thinking “the rich” pay less income taxes than everyone else?

Nevermind, I know the answer to that.

DRayRaven on January 24, 2012 at 9:23 AM

One thing is for sure…

he will NOT be winning low income folks anywhere as evident in SC. He is too rich…too out of touch

liberal4life on January 24, 2012 at 9:21 AM

Yeah, good point. SC voters are sure to go for the guy who mocks their guns and religion and tries to keep goog paying Boeing jobs out of their state. Now there is a guy who is connecting.

Kataklysmic on January 24, 2012 at 9:23 AM

He can always point to the Kerry/Edwards ticket and say he’s a pauper in comparison. /

changer1701 on January 24, 2012 at 9:21 AM

I know you are being sarcastic but that ticket lost just to point that out

liberal4life on January 24, 2012 at 9:23 AM

Just in time for Obama to use in the SOTU, and talk about his buddy Warren Buffett who wants so much to pay more in taxes if Congress would only let him.

Wethal on January 24, 2012 at 9:18 AM

I think it a shame that all those dirty hippie wannabes in Occupy DC won’t try crashing the SOTU. It would be the only reason to watch this vile jug-eared idiot make a campaign speech that says nothing but provides vague election rhetoric designed to pander to the idiots who still support this evil human being.

Happy Nomad on January 24, 2012 at 9:24 AM

Bank Accounts in Switzerland, Bermuda, and the Caymans? Is this a James Bond villain or a candidate in the REpublican Primary Race?

kingsjester on January 24, 2012 at 9:25 AM

If the reason not to nominate Romney is because the Democrats are going to use class warfare against him, then pardon me for not being convinced? A lot of the other arguments, I can accept as meritorious but Obama was going to use class warfare no matter what.

Matthew on January 24, 2012 at 9:25 AM

One thing is for sure…

he will NOT be winning low income folks anywhere as evident in SC. He is too rich…too out of touch

liberal4life on January 24, 2012 at 9:21 AM

My girls used to have a doll like you…they would pull a string in its back…and it would say a couple of phrases over, and over, and over, and over, and over, and over…

KOOLAID2 on January 24, 2012 at 9:25 AM

No wonder why he said 370,000 in speaking fees is not much.

Gordon Gekko

liberal4life on January 24, 2012 at 9:26 AM

He can always point to the Kerry/Edwards ticket and say he’s a pauper in comparison. /

changer1701 on January 24, 2012 at 9:21 AM
I know you are being sarcastic but that ticket lost just to point that out

liberal4life on January 24, 2012 at 9:23 AM

….and you have been wearing a bib…ever since!

KOOLAID2 on January 24, 2012 at 9:27 AM

He can never connect with the middle class.

liberal4life on January 24, 2012 at 9:19 AM

His VP pick certainly could. And the comparison with a senile gasbag like Biden would be obvious. Biden the Princeton grad who lives well on a nice spread in Delaware would have to downplay that and go back to faking the poor boy from Scranton that even Scranton laughs at.

Wethal on January 24, 2012 at 9:27 AM

I’m no Romney supporter by any stretch of the imagination, but how much money he made is nobody’s damn business.

I’ve never looked at my paystub and seen a deduction for “Romney’s fat Cayman Islands bank account.”

CurtZHP on January 24, 2012 at 9:27 AM

Somebody enlighten me. I thought the only controversy having to do with a Swiss bank account was that it was a way to hide money from the IRS. What is Allahpundit saying? That Romney accidentally declared to the IRS money he was trying to hide? (Doh!) If not, is there some other moral imperative against holding money in a Swiss account?

That guy has a thing about Romney and nothing Romney can ever do will meet with the approval of AP.

What is the problem with having a Swiss bank account if everything is declared and transparent?

rogaineguy on January 24, 2012 at 9:28 AM

My girls used to have a doll like you…they would pull a string in its back…and it would say a couple of phrases over, and over, and over, and over, and over, and over…

KOOLAID2 on January 24, 2012 at 9:25 AM

Willard has off-shore accounts spread all over the world.
He closed his swiss bank account in 2010. He is another but another Gordon Gekko trying his best to increase the misery of poor.

He is too rich..too out of touch. There is no way he will get the vote of anyone who makes less than 200K as evident in SC

liberal4life on January 24, 2012 at 9:28 AM

One thing is for sure…

he will NOT be winning low income folks anywhere as evident in SC. He is too rich…too out of touch

liberal4life on January 24, 2012 at 9:21 AM

In Internet slang, a troll is someone who posts inflammatory,] extraneous, or off-topic messages in an online community, such as an online discussion forum, chat room, or blog, with the primary intent of provoking readers into an emotional response or of otherwise disrupting normal on-topic discussion

angryed on January 24, 2012 at 9:28 AM

Just in time for Obama to use in the SOTU, and talk about his buddy Warren Buffett who wants so much to pay more in taxes if Congress would only let him.

Wethal on January 24, 2012 at 9:18 AM

Wethal:Yup,the Buffet rule!!
===================================

State Of The Union To Focus On Economy
President Expected To Lay Out Series Of Proposals

POSTED: 2:58 am CST January 24, 2012
UPDATED: 5:32 am CST January 24, 2012
*************************************

WASHINGTON (CNN) — In his last State of the Union speech before the 2012 election, President Barack Obama will pitch a series of proposals and will address the topics of economic inequality and a government that should ensure “a fair shake for all.”

A Democratic source briefed on the latest draft of the speech said Obama’s proposals will include:

– Tax reform so that wealthy Americans pay more and the Bush tax cuts of 2001 and 2003 expire

– More refinancing for homeowners in trouble

– Additional tax breaks for companies that bring back jobs to the United States

– More clean energy incentives

– Enhanced education and job-training initiatives, especially for high school graduates seeking technical degrees

– Establishment of the so-called “Buffett Rule” that would set a minimum tax rate for people earning more than $1 million.

The president has proposed such steps previously as part of his administration’s efforts to spur the nation’s still sluggish recovery from the recession.

Democratic sources briefed on the draft speech say it will describe a “blueprint for an economy that’s built to last.”

That blueprint will focus on manufacturing, energy, education and middle-class values, according to a video released on the Obama’s campaign website and Democratic sources who have been briefed on the address.

Democratic sources told CNN that the bullet points of Obama’s blueprint will focus on American manufacturing, including “insourcing” — or bringing back jobs from overseas.
(More….)
==========

http://www.wapt.com/politics/30284328/detail.html

canopfor on January 24, 2012 at 7:41 AM

canopfor on January 24, 2012 at 9:29 AM

He can never connect with the middle class.

liberal4life on January 24, 2012 at 9:19 AM

He will connect well enough with the must-have suburbs in places like Philadelphia, where the burbs are the swing areas. We all understand “fairness” means paying higher taxes to support the crime-ridden, union-owned, welfare-dependent money pit know as the City of Brotherly Love.

Wethal on January 24, 2012 at 9:29 AM

don’t feed the trolls.

maineconservative on January 24, 2012 at 9:30 AM

Willard has off-shore accounts spread all over the world.
He closed his swiss bank account in 2010. He is another but another Gordon Gekko trying his best to increase the misery of poor.

liberal4life on January 24, 2012 at 9:28 AM

In Internet slang, a troll is someone who posts inflammatory, extraneous, or off-topic messages in an online community, such as an online discussion forum, chat room, or blog, with the primary intent of provoking readers into an emotional response or of otherwise disrupting normal on-topic discussion

angryed on January 24, 2012 at 9:30 AM

He can never connect with the middle class.
 
liberal4life on January 24, 2012 at 9:19 AM

 
I agree. I can only manage to give around $7000 to charity each year. God bless him for such generosity.

rogerb on January 24, 2012 at 9:31 AM

If it wasn’t for Romney I wouldn’t know people put money in Swiss bank accounts to pay taxes

social-justice on January 24, 2012 at 9:31 AM

What is wrong with having a Swiss bank account? I thought the only thing shady about it was that it was a way of hiding money from the IRS. Did that happen here?

What is Allahpundit’s problem with having a Swiss bank account that is transparent, declared and known to the IRS?

rogaineguy on January 24, 2012 at 9:31 AM

canopfor on January 24, 2012 at 9:29 AM

And it will all be paid for by taxing the rich, eliminating “waste and fraud,” a “peace dividend” and fairy dust. :)

Wethal on January 24, 2012 at 9:31 AM

No wonder why he said 370,000 in speaking fees is not much.

Gordon Gekko

liberal4life on January 24, 2012 at 9:26 AM

Pull the string! ^^^^^^^^^^^^^repeated by lobotomy4life how many times every day? Down in that that basement, you really don’t know what day it is do you? When you get out to go to OWS functions…there’s no calendars hanging on the tents?

KOOLAID2 on January 24, 2012 at 9:31 AM

Class war fare

It’s all they know, facts be damned

It will all be taken out of context

cmsinaz on January 24, 2012 at 9:31 AM

Why are we taking these tax returns at face value? Can they be verified? If so how? I don’t think the IRS is allowed to comment.

In fact Mitt’s dad George started this whole tax return charade in 1968 when he released 12 years worth of tax returns. In the subsequent 44 years do we know today if those returns were fact or fiction?

As President Reagen said ‘trust but verify’, I’m asking how.

meci on January 24, 2012 at 9:32 AM

don’t feed the trolls.

maineconservative on January 24, 2012 at 9:30 AM

HAirians are famous for feeding the trolls…

OmahaConservative on January 24, 2012 at 9:32 AM

Biden the Princeton grad who lives well on a nice spread in Delaware would have to downplay that and go back to faking the poor boy from Scranton that even Scranton laughs at.

Wethal on January 24, 2012 at 9:27 AM

Biden went to school at the University of Delaware and law school at Syracuse University.

Punchenko on January 24, 2012 at 9:32 AM

Why are we taking these tax returns at face value? Can they be verified? If so how? I don’t think the IRS is allowed to comment.

In fact Mitt’s dad George started this whole tax return charade in 1968 when he released 12 years worth of tax returns. In the subsequent 44 years do we know today if those returns were fact or fiction?

As President Reagen said ‘trust but verify’, I’m asking how.

meci on January 24, 2012 at 9:32 AM

You just knew that was coming. No matter what you do, it’s never enough.

rogaineguy on January 24, 2012 at 9:33 AM

Le Oops!
——

More:

Romney’s tax records reveal investments in Luxembourg, Ireland and the Cayman Islands
8 hours ago from http://www.washingtonpost.com

http://www.breakingnews.com/

canopfor on January 24, 2012 at 9:33 AM

So now we know. Willard, Lord Romney made over $20 million each of the last two years, just for sitting on his butt. And he paid a tax rate of about 15%, while Gingrich–who actually works for a living–paid about 31%.

It’s no wonder why Romney is in touch with the common people!

It’s all over now for Romney. He’s finished. As a candidate, he’s radioactive.

He might as well go home to . . .well, any one of his residences.

Emperor Norton on January 24, 2012 at 9:34 AM

I’m not picking on Mittens for this, since Newt did the same thing. But big deal, 2010 returns. I want to see a little more than this. I’d like to see returns from before a candidate becomes a candidate. I’d be interested to see his 1990s returns. And this goes for everyone.

angryed on January 24, 2012 at 9:34 AM

If the reason not to nominate Romney is because the Democrats are going to use class warfare against him, then pardon me for not being convinced? A lot of the other arguments, I can accept as meritorious but Obama was going to use class warfare no matter what.

Matthew on January 24, 2012 at 9:25 AM

It’s not that anybody thought he wasn’t going to use class warfare attacks. The big problem is that he has prepared the ground for these attacks at a time when most people aren’t looking out for a campaign narrative. The way to throw off a long game is to become unpredictable. 0bama can’t go back 6,9,12 months and stir up anger at lobbyists and unfaithful husbands without it looking like the usual campaign BS.

Sekhmet on January 24, 2012 at 9:34 AM

He can never connect with the middle class.

liberal4life on January 24, 2012 at 9:19 AM

Like Kennedy and Roosevelt? Stop being a bigot. Jealousy and resentment aren’t any better than racism.

Very weak sauce from the White House. I’m sure that the Newt Gingrich/Harry Reid Vegas-financed SuperPac will do a lot better than that.

joana on January 24, 2012 at 9:34 AM

The purpose of having a Swiss bank account is to hide money from the fed. I have some successful family members with multiple Swiss accounts. The primary reason for opening a Swiss account is to dodge taxes. Romney has experience in dodging. He dodged the draft as well

social-justice on January 24, 2012 at 9:35 AM

Obama’s so-called “millionaire’s tax” surcharge wouldn’t have applied to Romney either, because that was a surcharge on income, not capital gains.

Rinse and repeat.

Fallon on January 24, 2012 at 9:35 AM

joana on January 24, 2012 at 9:34 AM

When you feed trolls, they never go away.

angryed on January 24, 2012 at 9:35 AM

The guy’s a walking cliche.

RepubChica on January 24, 2012 at 9:36 AM

Mitt’s problem isn’t his personal wealth. Mitt’s problem is his history of engaging in the re-distribution of other peoples’ wealth.

Fletch54 on January 24, 2012 at 9:36 AM

Romney has experience in dodging. He dodged the draft as well

social-justice on January 24, 2012 at 9:35 AM

In Internet slang, a troll is someone who posts inflammatory, extraneous, or off-topic messages in an online community, such as an online discussion forum, chat room, or blog, with the primary intent of provoking readers into an emotional response or of otherwise disrupting normal on-topic discussion

angryed on January 24, 2012 at 9:36 AM

don’t feed the trolls.

maineconservative on January 24, 2012 at 9:30 AM

IT can’t wipe its own a$$! I’m trying to help it!
It can’t smell its own stink! Its nose is in the crack of someone who made millions…doing nothing!

KOOLAID2 on January 24, 2012 at 9:36 AM

The purpose of having a Swiss bank account is to hide money from the fed. I have some successful family members with multiple Swiss accounts. The primary reason for opening a Swiss account is to dodge taxes.

social-justice on January 24, 2012 at 9:35 AM

You have no idea what you’re talking about. And try to read the post first.

joana on January 24, 2012 at 9:37 AM

canopfor on January 24, 2012 at 9:29 AM
And it will all be paid for by taxing the rich, eliminating “waste and fraud,” a “peace dividend” and fairy dust. :)

Wethal on January 24, 2012 at 9:31 AM

Wethal:Your exactly right,and Obama is going to rev-up the
Wall street Occupationers,with Social Justice Crusade
“Income Dispairity InEquality” crap!

canopfor on January 24, 2012 at 9:37 AM

Thank you for following through on your promise to release the returns, and congratulations on your success Governor.

Now, can we PLEASE get back to what’s really important?

Taking Obama down!

Flora Duh on January 24, 2012 at 9:37 AM

The purpose of having a Swiss bank account is to hide money from the fed. I have some successful family members with multiple Swiss accounts. The primary reason for opening a Swiss account is to dodge taxes. Romney has experience in dodging. He dodged the draft as well

social-justice on January 24, 2012 at 9:35 AM

I’m not sure a Gingrich supporter should be talking about draft dodging…

changer1701 on January 24, 2012 at 9:37 AM

You have no idea what you’re talking about. And try to read the post first.

joana on January 24, 2012 at 9:37 AM

If you feed trolls, they never go away.

angryed on January 24, 2012 at 9:37 AM

I’m not sure a Gingrich supporter should be talking about draft dodging…

changer1701 on January 24, 2012 at 9:37 AM

It’s not a Gingrich supporter. It’s a lib troll. And you’re feeding it which means it will never go away.

angryed on January 24, 2012 at 9:38 AM

Now, can we PLEASE get back to what’s really important?

Taking Obama down!

Flora Duh on January 24, 2012 at 9:37 AM

Flora Duh: Hear…Hear…d*mn straight!:)

canopfor on January 24, 2012 at 9:38 AM

You have no idea what you’re talking about. And try to read the post first.

joana on January 24, 2012 at 9:37 AM

Give me a good reason why anyone who open a Swiss bank account other than to dodge taxes?

social-justice on January 24, 2012 at 9:39 AM

So now we know. Willard, Lord Romney made over $20 million each of the last two years, just for sitting on his butt. And he paid a tax rate of about 15%, while Gingrich–who actually works for a living–paid about 31%.

It’s no wonder why Romney is in touch with the common people!

It’s all over now for Romney. He’s finished. As a candidate, he’s radioactive.

He might as well go home to . . .well, any one of his residences.

Emperor Norton on January 24, 2012 at 9:34 AM

Resentment and envy got you down this morning?

changer1701 on January 24, 2012 at 9:39 AM

We want people to put their capital to work instead of sitting on it. That’s what Romney did, and he’s paying the tax rate on the reward for taking risk.

So Ed by you logic. We DON’T want people to work or have incomes since we charge them more in taxes for those things than for capital gains. The tax code is saying they vaule capital more than WORK. And people wonder why we have such a high unemployment rate. I have no problem with cutting the income tax rate down to the level of capital gains. But to place Capital gains ahead of income is a major problem for this country and one reason our economy is out of sync.

unseen on January 24, 2012 at 9:39 AM

And if the White House wants to get into attacks over stingy rich men, they’re going to find themselves outgunned.

No, in theory the Dems should find themselves outgunned on this issue by a competent candidate who knows what he believes and is unafraid to stand his ground. In reality, Obama will paint Romney as a financial-sector crony with bank accounts in Bermuda, the Cayman Islands and Switzerland and Romney will probably play right into the caricature by explaining why offshore accounts are perfectly legitimate devices for millions of Americans who, like himself, aren’t earning much income… Maybe Americans would better understand the propriety of Mitt’s finances if he described it as “self-deporting his post-tax earnings.”

Lawdawg86 on January 24, 2012 at 9:40 AM

Here’s crazy theory….the banks in Switzerland and the Caymans pay a better interest rate than American banks.

I can’t believe I’m defending Romney, but this Swiss bank thing is beyond stupid.

angryed on January 24, 2012 at 9:40 AM

If Obama wanted to have that debate with Romney, he’d shortly be exposed as either a hypocrite or an idiot.

The problem is that Mittens seems more likely to apologize for his wealth than defend it. I want someone who will give a full throated defense of free enterprise and capitalism. He made his money working within the system and paid his taxes, I don’t care about how rich he is. But defend it. Passionately.

rbj on January 24, 2012 at 9:40 AM

Give me a good reason why anyone who open a Swiss bank account other than to dodge taxes?

social-justice on January 24, 2012 at 9:39 AM

He paid taxes on the accounts, though, as Ed noted in his post.

changer1701 on January 24, 2012 at 9:40 AM

My friends, if you make $20 million in unearned income when the prevaling interest rates are around 3% for long-term paper, that means your principal could be over $600 million.

I said, $600 million! You could buy your own planet for that kind of money, right there.

The $20 million income for each of the past two years is just chump change. Romney is richer than sin, and if God forbid he’s nominated, that’s all you will hear until November.

Emperor Norton on January 24, 2012 at 9:40 AM

If Obama wanted to have that debate with Romney, he’d shortly be exposed as either a hypocrite or an idiot.

However, judging from his debate skills of late- probably not by Romney.

kg598301 on January 24, 2012 at 9:41 AM

If you feed trolls, they never go away.

angryed on January 24, 2012 at 9:37 AM

angryed:If there occupying the main deck,of the USS Hot Air,
ahem,toss’em over board,and carry on!
(snark)

canopfor on January 24, 2012 at 9:41 AM

Willard has off-shore accounts spread all over the world.
He closed his swiss bank account in 2010. He is another but another Gordon Gekko trying his best to increase the misery of poor.

He is too rich..too out of touch. There is no way he will get the vote of anyone who makes less than 200K as evident in SC

liberal4life on January 24, 2012 at 9:28 AM

Got all that information from Turbo Tax Timmy G, did you?

KOOLAID2 on January 24, 2012 at 9:41 AM

Ditto Canopfor

cmsinaz on January 24, 2012 at 9:42 AM

When you have Hollywood actors making $20 million per film, rap stars and athletes making millions (and all supporting Obama!) this just doesn’t seem like a big deal.

monalisa on January 24, 2012 at 9:42 AM

What is Allahpundit’s problem with having a Swiss bank account that is transparent, declared and known to the IRS?

rogaineguy on January 24, 2012 at 9:31 AM

I’m not sure he has one, Ed wrote the article.

kg598301 on January 24, 2012 at 9:42 AM

Here’s another wacky theory…

Dudes like Romney like to uhm…what’s that word…oh yeah DIVERSIFY. And despite what your 401k administrator tells you, diverify doesn’t mean 3 mutual funds instead of 1 mutual fund. It means having a mixture of assets including a mixture of currencies and govt debt, both foreign and domestic and that includes bank accounts in other countries.

angryed on January 24, 2012 at 9:43 AM

Mitt being rich and successful is a huge positive and should be admired. The problem is that he is just another rich liberal Democrat.

Typhonian on January 24, 2012 at 9:43 AM

He is too rich..too out of touch. There is no way he will get the vote of anyone who makes less than 200K as evident in SC

liberal4life on January 24, 2012 at 9:28 AM

I could give a f less about how much money Mitt has or makes or pays taxes on or where he has it stashed. I am more concerned about the positions that he has had in the past and all the flip flopping that he has done out of necessity to get the nomination. I think that is how most Americans feel about the issue also about his money. The one thing that people care about is having someone who is going to stand up and fight and actually be able to articulate conservative ideals and that is Mitt’s biggest liability.

jistincase on January 24, 2012 at 9:43 AM

10 Interesting Things We Learned From Barack Obama’s Tax Return
April 10 2010
**************
**************

Here are the Highlights

http://www.businessinsider.com/barack-obamas-tax-return-2010-4#barack-obama-earned-55-million-last-year-most-of-it-from-book-sales-1
==========

http://www.businessinsider.com/barack-obamas-tax-return-2010-4

canopfor on January 24, 2012 at 12:54 AM

canopfor on January 24, 2012 at 9:44 AM

They don’t make me bail out Swiss and Bermuda banks, so it’s fine with me. I don’t use a bank but I am on the hook for American banks crappy investments with other peoples’ money.

How much interest was he getting on these accounts? That would seem a more relevant question if it’s after tax money.

If I was going to attack Romney on this, I’d try to make the case that US banks invest in US enterprise whereas Romney’s money was being invested in foreign enterprises.

Buddahpundit on January 24, 2012 at 9:44 AM

Oh we’re going to need a SOTU drinking game tonight I think. Clearly Dear Leader knows that the key to prosperity is more failed green energy con jobs, squeezing the evil millionaires and billionaires, bailing out people who bought houses they couldn’t afford in the first place, blaming bush, and flaming Congress.

He has nowhere left to go except for full bore demonization. You stupid peons never understood hopey changey and stood in its way. IF YOU HAD JUST DONE WHAT YOUR WERE TOLD it would all be unicorns and rainbows.

Slightly O/T – It looks like Medicare Part B is going up 110% by 2014 to pay for O’Scare. That should be wildly popular in the geriatric ghetto that is South Florida…

CorporatePiggy on January 24, 2012 at 9:44 AM

Of course Romney wasn’t prepared for Newt Caesar to fire OWS attacks at him. Romney also didn’t anticipate GOP primary voters to be gullible enough to fall for class warfare attacks. Everyone knows that the youth vote is going to eat up the class warfare stuff because they don’t know enough about the real world yet. GOP primary voters should have known better in South Carolina. Hopefully, Floridians will see things more clearly than SC did.

OKCubsFan on January 24, 2012 at 9:44 AM

KOOLAID2 on January 24, 2012 at 9:41 AM
jistincase on January 24, 2012 at 9:43 AM

Why do you feed trolls?

angryed on January 24, 2012 at 9:45 AM

This conservative donates to Democrats. Not kidding.

Typhonian on January 24, 2012 at 9:45 AM

If Obama wanted to have that debate with Romney, he’d shortly be exposed as either a hypocrite or and an idiot.

Akzed on January 24, 2012 at 9:45 AM

When you have Hollywood actors making $20 million per film, rap stars and athletes making millions (and all supporting Obama!) this just doesn’t seem like a big deal.

monalisa on January 24, 2012 at 9:42 AM

None of those people are out there campaigning the feel the pain of the middle class and they understand how it is like to get a pink slip

liberal4life on January 24, 2012 at 9:45 AM

jistincase on January 24, 2012 at 9:43 AM

Exactly. This is still a Center-Right country. Not a Center-Center, nor a Center-Left.

kingsjester on January 24, 2012 at 9:45 AM

He is too rich…too out of touch

liberal4life on January 24, 2012 at 9:21 AM

Who did you vote for in 2004?

Del Dolemonte on January 24, 2012 at 9:45 AM

Okay, let’s try this one more time.

You invest 100,000 dollars in a business. The 100,000 was probably from income and has already been taxed at least once. You pay taxes every year on the profit made by that business and on the income you derive it. Years later, you sell that business for 150,000 dollars. You pay a capital gains tax on just the increase over your investment because the money for the original investment has already been taxed several times. So you pay tax on 50,000 at a average rate of 15%.

Dividends are treated much the same way. Like capital gains, dividends are an increase over your initial investment. REMEMBER, the money for the initial investment has already been taxed. If a business pays a dividend or bonus, that money is not deducted from the businesses gross profit and the business is taxed for it, usually at a rate of 35%.

Before we dump on Mitt for being rich, let’s remember that Newt skirted paying medicare taxes by taking most of his income in dividends and bonuses and also derived his income from TAX EXEMPT entities. While not as wealthy as Romney, Newt does take in millions a year for influence peddling which has affected legislation regarding Fannie and Freddie, the Medicare prescription drug program and subsidies for ethanol and sugar, among other things.

Mitt got his wealth through the private sector while Newt derived his from crony capitalism. Newt’s influence peddling affected YOUR life and was a factor in the crash in 2008.

Both Newt and Mitt are not representative of the middle class. Santorum and Paul are and Perry was.

Please don’t try to say that Gingrich is not wealthy or has not used the tax code and his political capital for monetary gain. His “think tanks” and 527′s are “non profits” and not taxed at all. Think about that.

fight like a girl on January 24, 2012 at 9:46 AM

Another Atheist update cometh??????????

Eph on January 24, 2012 at 9:46 AM

As far as I can see the WH intended all along to promote class warfare and devisiveness on all issues. Romney’s returns falls right into the WH wheelhouse. It’s that’s evil wealthy guys fault.

canopfor…thanks for the additional information.

CoffeeLover on January 24, 2012 at 9:46 AM

What is Allahpundit’s problem with having a Swiss bank account that is transparent, declared and known to the IRS?

rogaineguy on January 24, 2012 at 9:31 AM

Its a political problem for the reason I wrote on another post a few minutes ago:

Obama will paint Romney as a financial-sector crony with bank accounts in Bermuda, the Cayman Islands and Switzerland and Romney will play right into the caricature by explaining why offshore accounts are perfectly legitimate devices for millions of Americans who, like himself, aren’t earning much income… Maybe Americans would better understand the propriety of Mitt’s finances if he described it as “self-deporting his post-tax earnings.”

Lawdawg86 on January 24, 2012 at 9:46 AM

Ditto Canopfor

cmsinaz on January 24, 2012 at 9:42 AM

cmsinaz:)

canopfor on January 24, 2012 at 9:46 AM

My girls used to have a doll like you…they would pull a string in its back…and it would say a couple of phrases over, and over, and over, and over, and over, and over…

KOOLAID2 on January 24, 2012 at 9:25 AM

Ha. I have a Pee Wee Herman doll that does that, and the phrases it says are probably more fitting.

Night Owl on January 24, 2012 at 9:47 AM

I could give a f less about how much money Mitt has or makes or pays taxes on or where he has it stashed. I am more concerned about the positions that he has had in the past and all the flip flopping that he has done out of necessity to get the nomination. I think that is how most Americans feel about the issue also about his money. The one thing that people care about is having someone who is going to stand up and fight and actually be able to articulate conservative ideals and that is Mitt’s biggest liability.

jistincase on January 24, 2012 at 9:43 AM

I don’t care either..my problem is for him to stop pretending he can feel the pain of the middle class because clearly he doesn’t

liberal4life on January 24, 2012 at 9:48 AM

He can never connect with the middle class.

liberal4life on January 24, 2012 at 9:19 AM

But the multimillionaire Obama can.

Because SHUT UP RACIST.

Good Lt on January 24, 2012 at 9:49 AM

When you feed the troll, his idiocy just keeps getting copied and pasted, copied and pasted.

John the Libertarian on January 24, 2012 at 9:49 AM

Ya know,Obama has taken the most loot from Wall Street
in Political History!

canopfor on January 24, 2012 at 9:49 AM

Not a Willard fan, but there are significant donations in there, particularly to something called Tyler Foundation, which appears to benefit kids stricken with cancer.

Western_Civ on January 24, 2012 at 9:50 AM

I don’t care either..my problem is for him to stop pretending he can feel the pain of the middle class because clearly he doesn’t

liberal4life on January 24, 2012 at 9:48 AM

I know! Let’s raise taxes, increase spending, inflate the record Obama deficits and piss away another couple billion on hairbrained “green” projects!

Surely, that will ease the pain of the middle class.

Good Lt on January 24, 2012 at 9:50 AM

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