Revealed: Mitt Romney’s tax returns

posted at 3:31 pm on September 21, 2012 by Erika Johnsen

Mitt Romney’s campaign released his 2011 tax information this afternoon, as well as a notarized letter from PriceWaterhouseCoopers attesting to Romney’s tax rates from 1990-2009, and I must say: Well played, Romney campaign. Well played, indeed. The Democrats have been making a federal case of Romney’s supposed “tax secrecy,” with countless ads and speeches and the voice in Harry Reid’s head making Romney out to be a greedy, tax-evading corporate mastermind of epic proportions, but the Romney camp just let them huff and puff until they wore themselves out, and now they’re releasing the information on their terms. I’m sure the Democrats will find some stupid, populist way to continue to criticize Romney over this, but… BAZINGA:

Regarding the newly-filed 2011 Tax Return:

-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. …

Regarding the PWC letter covering the Romneys’ tax filings over 20 years, from 1990 – 2009:

-In each year during the entire 20-year period, the Romneys owed both state and federal income taxes.

-Over the entire 20-year period, the average annual effective federal tax rate was 20.20%.

-Over the entire 20-year period, the lowest annual effective federal personal tax rate was 13.66%.

-Over the entire 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income.

-Over the entire 20-year period, the total federal and state taxes owed plus the total charitable donations deducted represented 38.49% of total AGI.

During the 20-year period covered by the PWC letter, Gov. and Mrs. Romney paid 100 percent of the taxes that they owed.

So, let’s just take a second here to process this. Mitt Romney, who is ostensibly uncaring, out-of-touch, and disdainful of poor people, gave more than 13 percent of his income (amounting to millions and millions of dollars) over twenty years to charity, and didn’t even always take the full tax deduction. (The bastard!) By at least one count, the average effective federal tax rate for Americans is 11 percent — and Romney’s average annual rate was 20 percent, also amounting to millions and millions of dollars that went into the federal government’s coffers. He has done nothing wrong or shady, unless you consider being a wildly excellent businessman to be a vice, and the finger-pointers now look pretty darn dumb.

If this isn’t it, can somebody please explain to me exactly what it is that a “fair share” is supposed to look like? Are we supposed to detest rich people, or should we admire them? Will the real Barack Obama please stand up?


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“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.”

Silly dude.

Of course the 47% who follow that tax advice are scumbags.

tommyhawk on September 21, 2012 at 4:31 PM

Well, that’s a different debate.
I was pointing out that we still don’t have transparency on Romney’s returns going back several years – as is traditionally what gets released.

Completely untrue. Next talking point?

(Unless you’re trying to claim Hawaiian Banks should be considered ‘offshore accounts’ as well?)

verbaluce on September 21, 2012 at 4:27 PM

Well, your Messiah did mention it was in Asia…\\\

ICanSeeNovFromMyHouse on September 21, 2012 at 4:31 PM

casuist on September 21, 2012 at 4:15 PM

I disagree. I believe that Romney was always going to release his 2011 taxes, as soon as they were completed, which was done today.

What he has said he will not do, is release several years of past tax records. The PWC statement was released in lieu of those records.

esr1951 on September 21, 2012 at 4:21 PM

This.

CW on September 21, 2012 at 4:32 PM

the right = bazinga
the left = blergh

stvdog on September 21, 2012 at 4:32 PM

Democrats are so pathetic. Now when should we expect to see Obama’s college records?

magicbeans on September 21, 2012 at 4:33 PM

Maybe someone here can answer…

Can he claim charitable deductions he didn’t claim here on a later return?

What would have his rate been had he taken the full allowable deductions?

verbaluce on September 21, 2012 at 4:34 PM

It won’t be enough info. If you look at the immediate reports of the story, the charitable stuff is buried and only mentioned with an “Evil Mormon Church” context. And, we get the tax whores. professors who say, “Telling us about the past ten years as he did is only a distraction from the real issues.”

Horsehockey.

The real issues are how badly Obama has destroyed and is destroying this country.

The only way Romney would get any credit from these jerks would be if he simply conceded the race and gave all of his money to Kathleen Sibelius to administer.

FiveG on September 21, 2012 at 4:35 PM

are admirably charitable –
but pay way to low a rate.
Redistribution up is ok , it seems.

This still doesn’t offer any transparency on off shore, his IRA gazzilions, etc. – not to mention actual returns.

Ummmm, it is called.. hold on now….. two words…. here it comes.. Blind Trust

Mark

mailmars on September 21, 2012 at 4:35 PM

Desperate Trolls are desperate.

kingsjester on September 21, 2012 at 4:36 PM

the retarded anti’s can’t take it. lol!

tom daschle concerned on September 21, 2012 at 4:36 PM

Ruh-oh (via Politico)

The Republican opted to drive up his income tax rate by not claiming more than $1.75 million in deductions for charitable donations.
The decision to pay more income taxes than he is required to runs contrary to Romney’s previous statements.
“If I had paid more than are legally due, I don’t think I’d be qualified to become president,”

verbaluce on September 21, 2012 at 4:36 PM

Uh oh….Politico turns on Obama.

Romney 2011 taxes: Mitt gives more to charity than President Obama, Joe Biden

Read more: http://www.politico.com/news/stories/0912/81529.html#ixzz278f3IVEz

sentinelrules on September 21, 2012 at 4:37 PM

This is how reuters concluded its report:

A secretly recorded video was released earlier in the week showing Romney denigrating the 47 percent of Americans who would back Obama “no matter what” as government-dependent victims. That followed last week’s fumbled response to attacks on U.S. compounds in Libya and Egypt.

That followed this, and this followed that, and that followed…

F*ck you, Reuters. Can you imagine how easy it would be to string together Obama’s spectacular sequence of “this followed that” idiocies and lies and failures not just of LAST WEEK but the last FOUR YEARS?

The media is obscene. I despise them.

rrpjr on September 21, 2012 at 4:38 PM

Unlike Warren Buffett, Mitt Romney Overpaid His Taxes.

http://taxprof.typepad.com/taxprof_blog/2012/09/mitt-romney.html

sentinelrules on September 21, 2012 at 4:38 PM

In previous years, little Bammie gave money to the church of the racist knuckledragger Jeremiah Wright. Should giving money to racists have counted as a charitable donation?

slickwillie2001 on September 21, 2012 at 4:39 PM

Hmmmmm…..I’m thinking I should reward Mitt with another campaign contribution. Thanks!

EA_MAN on September 21, 2012 at 4:40 PM

Unlike Warren Buffett, Mitt Romney Overpaid His Taxes.

sentinelrules on September 21, 2012 at 4:38 PM

I have to think that Mitt is playing some Alinsky on the Left with this.

They will chase their tales and spin themselves in knots.

faraway on September 21, 2012 at 4:40 PM

In other news, Romney has strapped poor Representative Ryan to the roof of his car.

casuist on September 21, 2012 at 4:15 PM

In other other news, NBC reports doctors have found a new abscess inside the President’s anus, and it is called a “casuist”.

Nutstuyu on September 21, 2012 at 4:41 PM

mailmars on September 21, 2012 at 4:35 PM

So?

verbaluce on September 21, 2012 at 4:41 PM

Let’s be clear. A 10% tithe went to the Mormon church as is required by this organization. To the extent their leaders engage charity, all well and good. To the extent they enrich themselves and expend toward organizational glorification and growth, not so well and good.

The Mormon church is no better or worse than any other organism (sic) of men IMO BTW. These may be legally recognized as “charity”, but this does not alone make it so.

exdeadhead on September 21, 2012 at 4:42 PM

Maybe someone here can answer…

Can he claim charitable deductions he didn’t claim here on a later return?

What would have his rate been had he taken the full allowable deductions?

verbaluce on September 21, 2012 at 4:34 PM

Direct your question to the certified accounting firm Price-Waterhouse. They have liability for accuracy and compliance.

BTW, what was the rate of charitable giving for the Obamas back when Michelle was being paid 350k per year to keep the impoverished out of the University of Chicago Hospital?

M240H on September 21, 2012 at 4:42 PM

In other other news, NBC reports doctors have found a new abscess inside the President’s anus, and it is called a “casuist”.

Nutstuyu on September 21, 2012 at 4:41 PM

Smack!

Rio Linda Refugee on September 21, 2012 at 4:42 PM

I was pointing out that we still don’t have transparency on Romney’s returns going back several years – as is traditionally what gets released.
(Unless you’re trying to claim Hawaiian Banks should be considered ‘offshore accounts’ as well?)

verbaluce on September 21, 2012 at 4:27 PM

If he were trying to hide his offshore accounts, you wouldn’t know about them. The reason that you do is because he reported income from them in hi 2010 return and disclosed them for the last decade in his financial disclosure forms.

Resist We Much on September 21, 2012 at 4:44 PM

Who wants to take bets that you’re going to see a slew of desperate polls coming out with Obama ahead by ridiculous numbers.

rollthedice on September 21, 2012 at 4:45 PM

Ruh-oh (via Politico)

The Republican opted to drive up his income tax rate by not claiming more than $1.75 million in deductions for charitable donations.
The decision to pay more income taxes than he is required to runs contrary to Romney’s previous statements.
“If I had paid more than are legally due, I don’t think I’d be qualified to become president,”

verbaluce on September 21, 2012 at 4:36 PM

“You can’t change Washington from the inside”

-Barack Hussein Urkel

Double rut-roh!!!

And by the way, you can carry excess charitable contributionns forward to future tax years.

Now go back & get your shinebox from Axelfraud & Co.

ICanSeeNovFromMyHouse on September 21, 2012 at 4:45 PM

I mean it’s almost predictable.

rollthedice on September 21, 2012 at 4:45 PM

I like Mitt and will vote for him, but I am mainly voting for Ann.

She’s gonna be a sensation. And what a First Family.

matthew8787 on September 21, 2012 at 4:46 PM

“You can’t change Washington from the inside”

-Barack Hussein Urkel

Double rut-roh!!!

And by the way, you can carry excess charitable contributionns forward to future tax years.

Now go back & get your shinebox from Axelfraud & Co.

ICanSeeNovFromMyHouse on September 21, 2012 at 4:45 PM

Dude, you are gonna make yourself dizzy.

verbaluce on September 21, 2012 at 4:47 PM

Some people here and many people I meet just do not understand why it is fair for people that earn money from investments to be taxed at a lower rate than people that work and have higher income taxes.

People who have worked and payed their taxes on their income, then saved money and put that money at risk in investments should be taxed at a lower rate for two reasons;
1) Government needs to encourage investments in order to spur job creation and employment.

2) The money invested could all be lost. So not only may you realize no profit you may lose money. Wheras when you work you will make money and there is no chance that you will lose money.

Natebo on September 21, 2012 at 4:48 PM

“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.”

Silly dude.

Of course the 47% who follow that tax advice are scumbags.

tommyhawk on September 21, 2012 at 4:31 PM

The silly one is you. The tax code/system need changing.

Schadenfreude on September 21, 2012 at 4:48 PM

Let’s be clear. A 10% tithe went to the Mormon church as is required by this organization.

exdeadhead on September 21, 2012 at 4:42 PM

Let’s be clear. I’m glad you brought up tithing.

Obama has not tithed 10% to his church. Why not?

faraway on September 21, 2012 at 4:48 PM

BTW, what was the rate of charitable giving for the Obamas back when Michelle was being paid 350k per year to keep the impoverished out of the University of Chicago Hospital?

M240H on September 21, 2012 at 4:42 PM

Well we don’t know since they haven’t released those returns, right?
I think Michelle said “We’ve given all you people need’ and to forget about seeing any more returns.
So…we’ll never know.

verbaluce on September 21, 2012 at 4:50 PM

But after savoring a lot of local media commentary, I’m concluding that this isn’t doing Obama any favors at all. Reminds us too much of what we were.

de rigueur on September 21, 2012 at 4:17 PM

Wait until NASA starts fully functioning as a lobbyist for
alqaeda/muslime brotherhood . We Americans will be made to feel ashamed of all our achievements in space and aeronautics.
NASA will send ” scientists ” to schools and colleges to lecture about the technological advances of muslims in the 8th century .
It is coming …..

burrata on September 21, 2012 at 4:50 PM

Obama a half breed

Not okay. Knock it off.

acasilaco on September 21, 2012 at 4:51 PM

If you had to sign your real name to these comments, that would be one thing – all opinions welcome. But I think different rules should apply when a person can comment anonymously, because it just doesn’t seem right the way it is.

Paddington on September 21, 2012 at 4:51 PM

Dude, you are gonna make yourself dizzy.

verbaluce on September 21, 2012 at 4:47 PM

Merely witnessing the spin you toddlers are employing to make great charitable kindness a character defect will do that to a man.

M240H on September 21, 2012 at 4:52 PM

Let’s be clear. I’m glad you brought up tithing.

Obama has not tithed 10% to his church. Why not?

faraway on September 21, 2012 at 4:48 PM

Ha.
Now he wasn’t connected enough to Jeremiah Wright’s church.
That is some awesomeness.

verbaluce on September 21, 2012 at 4:52 PM

Merely witnessing the spin you toddlers are employing to make great charitable kindness a character defect will do that to a man.

M240H on September 21, 2012 at 4:52 PM

The Romney’s charitable giving is admirable.
Biden could take a lesson there.

verbaluce on September 21, 2012 at 4:53 PM

Who wants to take bets that you’re going to see a slew of desperate polls coming out with Obama ahead by ridiculous numbers.

rollthedice on September 21, 2012 at 4:45 PM

this!!!! too true!!

Romney needs to take half of his remaining money and commission polls that are all +6 Republican due to the enthusiasm of the Republicans to vote out Obama. then let’s see the RCP average turn around and the Electoral Map change colors. Fight fire with fire!

Natebo on September 21, 2012 at 4:53 PM

verbaluce on September 21, 2012 at 4:36 PM

Dude, do you need to borrow a loaded pistol or sumpthin’?

antipc on September 21, 2012 at 4:54 PM

verbaluce on September 21, 2012 at 4:50 PM

Deflection: Not an answer.

M240H on September 21, 2012 at 4:54 PM

Maybe someone here can answer…

Can he claim charitable deductions he didn’t claim here on a later return?

What would have his rate been had he taken the full allowable deductions?

verbaluce on September 21, 2012 at 4:34 PM

http://www.irs.gov

You’re welcome

kim roy on September 21, 2012 at 4:55 PM

…Obama a half breed, bastard child…
Marco on September 21, 2012 at 4:24 PM

Consider your resume rejected.

verbaluce on September 21, 2012 at 4:56 PM

The left can’t even get its own spin straight on this.

One lib thinks Mitt is crazy for not taking all his deductions.

Another says he told the truth only to keep from being caught lying.

And yet another, here on this thread, is wondering if Mitt can claim those deductions later–an obvious left-handed accusation he ultimately will.

Then are the accusations he ‘caved’, which implies he shouldn’t have given in when it has been demanded for months he damned well better–or else.

Some liblets are also questioning the timing, like wondering why on a Friday afternoon in time for MSNBC types to melt down on-air instead of on a Monday.

With all the disarray Mitt caused among the left today, I hope he’s laughing all the way to bank. And later to the White House.

Liam on September 21, 2012 at 4:56 PM

Ann Romney’s plane just reported emergency landing – smoke throughout cabin. Landed safely.

Sounds just like Jarrett, Axlegrease and Cutter.

matthew8787 on September 21, 2012 at 4:56 PM

Does anyone know how much Harry Reid paid? How’s about how much Joe Biden donated?

COgirl on September 21, 2012 at 4:57 PM

verbaluce on September 21, 2012 at 4:36 PM

Dude, do you need to borrow a loaded pistol or sumpthin’?

antipc on September 21, 2012 at 4:54 PM

I bet he’s the kind who thinks you play Russian Roulette with a shotgun…

SWalker on September 21, 2012 at 4:57 PM

Now, the loons are screaming “flip-flopper” because Romney released info on 20 years’ of returns when he said that he wouldn’t!

Primary Mitt: “I will not release more tax returns”

General Election Mitt: “Here are more of my tax returns”

Flip, meet Flop

They are in full meltdown mode.

Resist We Much on September 21, 2012 at 4:57 PM

Obama a half breed

Not okay. Knock it off.

acasilaco on September 21, 2012 at 4:51 PM

+1000000

Let’s leave that sort of thing out of the discussion folks.

Chip on September 21, 2012 at 4:57 PM

Wow! I am humbled by this story.

A part of the Federal Government with the ability to keep a secret?

This suggests that the top ranking Democrats did NOT have access to the 2011 tax returns.

IlikedAUH2O on September 21, 2012 at 4:58 PM

verbaluce on September 21, 2012 at 4:50 PM

Deflection: Not an answer.

M240H on September 21, 2012 at 4:54 PM

I really don’t know.
Was it, ummmm, 0%?

verbaluce on September 21, 2012 at 4:58 PM

And yet another, here on this thread, is wondering if Mitt can claim those deductions later–an obvious left-handed accusation he ultimately will.

He won’t and never would, win or lose, because he’s a man of integrity.

I would, though, and then I’d give the entire MSM the finger in public.

matthew8787 on September 21, 2012 at 4:58 PM

verbaluce on September 21, 2012

#Romney’sTaxReturnsTrutherBirther

Resist We Much on September 21, 2012 at 5:00 PM

The Mormon church is no better or worse than any other organism (sic) of men IMO BTW. These may be legally recognized as “charity”, but this does not alone make it so.

exdeadhead on September 21, 2012 at 4:42 PM

Well I can’t speak for the CJCLDS, but I know that my church’s organization, UMCOR, does far more and better work than anything in the U.S. government. And it somehow survives and thrives on peoples’ tithing as opposed to forced taxation.

Nutstuyu on September 21, 2012 at 5:00 PM

I’m gonna take a wildly unfounded guess that the reason the Romneys didn’t take the full charitable donations deduction is that some of it was non-cash, and they didn’t want to deal with some sort of lefty shitstorm because of that. Doesn’t mean the donations couldn’t have been taken.

The Reasonable Man on September 21, 2012 at 5:01 PM

Maybe someone here can answer…

Can he claim charitable deductions he didn’t claim here on a later return?

No, all charitable contributions must be declared in the year they were made. What he could do is amend this return later to claim a refund based on the full deduction of his 2011 contributions. I doubt seriously he would.

What would have his rate been had he taken the full allowable deductions?

verbaluce on September 21, 2012 at 4:34 PM

I don’t have a calculator, but you could figure it out. Probably only slightly lower.

rockmom on September 21, 2012 at 5:02 PM

Obama a half breed
Not okay. Knock it off.

acasilaco on September 21, 2012 at 4:51 PM
+1000000

Let’s leave that sort of thing out of the discussion folks.

Chip on September 21, 2012 at 4:57 PM

Why? Afraid half white/half black folks are going to burn down your embassy?

Nutstuyu on September 21, 2012 at 5:02 PM

mailmars on September 21, 2012 at 4:35 PM

So?

verbaluce on September 21, 2012 at 4:41 PM

That was about about the lamest response that I have seen all day. Since you do not know what a blind trust is, either you are not all that bright or just a troll.

Mark

mailmars on September 21, 2012 at 5:02 PM

Apparently Gov. Romney knows how to hand out rope to those asking for it.

Now the floor has dropped out from under those asking for the rope.

They dangle by their necks.

Hear how they complain.

Delicious.

ajacksonian on September 21, 2012 at 5:04 PM

Wow! I am humbled by this story.

A part of the Federal Government with the ability to keep a secret?

This suggests that the top ranking Democrats did NOT have access to the 2011 tax returns.

IlikedAUH2O on September 21, 2012 at 4:58 PM

Do not be too humbled..he filed an extension and was not required to file his 2011 taxes until October 15, 2012 (so IRS did not have them)

Natebo on September 21, 2012 at 5:04 PM

Liam on September 21, 2012 at 4:56 PM

You really think Mitt just fixed all of this today…really?
He’s been getting as much grief from Repubs on all this – and my guess is he’ll get more.
That he gamed the returns isn’t some ‘liberal accusation’ – it’s what his campaign just admitted was done.
He and the campaign have been mucking around with this since the primaries.
You think he’s handled it well – and to say otherwise is just ‘liberal’ thinking.
Ok. Noted.

verbaluce on September 21, 2012 at 5:04 PM

Ya, BUT,,,,

King Obama is gonna give away to the dole, $2 Trillon a year.

Romney is a piker says the commie DNC.

///s,,, well not exactly, they will give all they can hijack from U.S. .

APACHEWHOKNOWS on September 21, 2012 at 5:04 PM

Some people here and many people I meet just do not understand why it is fair for people that earn money from investments to be taxed at a lower rate than people that work and have higher income taxes.

People who have worked and payed their taxes on their income, then saved money and put that money at risk in investments should be taxed at a lower rate for two reasons;
1) Government needs to encourage investments in order to spur job creation and employment.

2) The money invested could all be lost. So not only may you realize no profit you may lose money. Wheras when you work you will make money and there is no chance that you will lose money.

Natebo on September 21, 2012 at 4:48 PM

You are trying to use logic to dissuade the progs from feeling envy. Logic is not going to work on people like that, and that’s what drives the proggies nonsense about ‘fair share’.

slickwillie2001 on September 21, 2012 at 5:04 PM

Ha.
Now he wasn’t connected enough to Jeremiah Wright’s church.
That is some awesomeness.

verbaluce on September 21, 2012 at 4:52 PM

Or maybe the Obamas are just cheap and just used Wright’s church for free sermons of bigotry….oh, and of course, eternal friendship.

sentinelrules on September 21, 2012 at 5:05 PM

by the bye bye,

badverbalunce

How much did you give to Pine River Reservation of late?

APACHEWHOKNOWS on September 21, 2012 at 5:06 PM

The Republican opted to drive up his income tax rate by not claiming more than $1.75 million in deductions for charitable donations.
The decision to pay more income taxes than he is required to runs contrary to Romney’s previous statements.
“If I had paid more than are legally due, I don’t think I’d be qualified to become president,”

verbaluce on September 21, 2012 at 4:36 PM

Really? That’s all you’ve got? That’s it? Please. If he had taken that deduction and driven down the rate, you’d be out shouting, “See! See! He pays the same rate as that good guy Warren Buffet who pays less than his secretary!”

AZfederalist on September 21, 2012 at 5:06 PM

Uh oh….Politico turns on Obama.

Romney 2011 taxes: Mitt gives more to charity than President Obama, Joe Biden

Read more: http://www.politico.com/news/stories/0912/81529.html#ixzz278f3IVEz

sentinelrules on September 21, 2012 at 4:37 PM

No they did not turn on Obama. Liberals would never turn on Obama or any other liberal socialist President… Those people only obsession is power and they would do anything to obtain power and keep power…

mnjg on September 21, 2012 at 5:06 PM

Wow! I am humbled by this story.

A part of the Federal Government with the ability to keep a secret?

This suggests that the top ranking Democrats did NOT have access to the 2011 tax returns.

IlikedAUH2O on September 21, 2012 at 4:58 PM

Wrong. I’m absolutely certain that A$$holerod and a complete team of accountants have had access to twenty years of Governor Romney’s tax returns. Had they found something there, it would have been leaked to al New York Times.

Since they didn’t they decided all they could do was lie and insinuate something illegal was going on.

slickwillie2001 on September 21, 2012 at 5:07 PM

Romney has played this beautifully and his timing in this campaign has been impeccable. He understands the art of the campaign.

Buckle up. Its only going to get better until November 6th.

thatsafactjack on September 21, 2012 at 5:09 PM

Really? That’s all you’ve got? That’s it? Please. If he had taken that deduction and driven down the rate, you’d be out shouting, “See! See! He pays the same rate as that good guy Warren Buffet who pays less than his secretary!”

AZfederalist on September 21, 2012 at 5:06 PM

I’m not really a shouter – but your point is a fair one.
Regardless, this is messy from any angle.
The campaign is literally playing catch up here.
He’s now got a few conflicting positions and arguments going on here.

verbaluce on September 21, 2012 at 5:11 PM

The Republican opted to drive up his income tax rate by not claiming more than $1.75 million in deductions for charitable donations.
The decision to pay more income taxes than he is required to runs contrary to Romney’s previous statements.
“If I had paid more than are legally due, I don’t think I’d be qualified to become president,”

verbaluce on September 21, 2012 at 4:36 PM

It’s obvious what’s going on here verbaldouche. Governor Romney decided it would be prudent to carry forward some charitable deductions because in future years he foresees earning an annual salary of around $400,000 and the brought-forward charitable deductions would reduce the taxes due on that income.

slickwillie2001 on September 21, 2012 at 5:11 PM

Natebo on September 21, 2012 at 4:48 PM
You are trying to use logic to dissuade the progs from feeling envy. Logic is not going to work on people like that, and that’s what drives the proggies nonsense about ‘fair share’.

slickwillie2001 on September 21, 2012 at 5:04 PM

Your right. I’m sorry

Natebo on September 21, 2012 at 5:12 PM

Are the secret Swiss and Cayman accounts included? What about his account in the Underwater Bank of Atlantis? Release the tax returns like everyone else has done. Obey your daddy.

Hmmm…Effective tax Rate?

The popular press, Congressional Budget Office, and various think tanks have used the term to mean varying measures of tax divided by varying measures of income, with little consistency in definition. An effective tax rate may incorporate econometric, estimated, or assumed adjustments to actual data, or may be based entirely on assumptions or simulations.

Show me the money! On second thought, maybe having a sneaky President is what we need.

ZippyZ on September 21, 2012 at 5:12 PM

Ruh-oh (via Politico)

The Republican opted to drive up his income tax rate by not claiming more than $1.75 million in deductions for charitable donations.
The decision to pay more income taxes than he is required to runs contrary to Romney’s previous statements.
“If I had paid more than are legally due, I don’t think I’d be qualified to become president,”

verbaluce on September 21, 2012 at 4:36 PM

Yeah that is it folks… Romney is finished because he contradicted himself by paying more taxes than he should… Maybe the welfare queens agitator Obama should make an ad about this, I am sure it will be the most powerful ad ever made (super extreme sarcasm)…

mnjg on September 21, 2012 at 5:13 PM

Dear desperate leftist obama drones… investment income is taxed at a lower rate because it is money that has already been taxed. In some countries the rate is 0%.

Not that facts can overcome your brainwashing, but we can sstill hope for change.

mankai on September 21, 2012 at 5:13 PM

verbaluce on September 21, 2012 at 5:04 PM

Are you claiming that Romney failed to pay any taxes at all and also failed to even file a tax return?

blink on September 21, 2012 at 5:06 PM

No, not at all.
How’d you get that from what I wrote?

verbaluce on September 21, 2012 at 5:14 PM

Some people here and many people I meet just do not understand why it is fair for people that earn money from investments to be taxed at a lower rate than people that work and have higher income taxes.

It’s because the actual amounts are taxed twice, once as corporate taxes, and a second time as individual taxes on dividends and capital gains from stock sales. If you combine corporate taxes and end-user taxes, the amounts aren’t that different from what would be paid as ordinary income taxes.

Frankly, our economy would be much better off if we got rid of corporate taxes, which behave taxwise a lot like sales taxes, and cause corps to spend vast amounts of energy avoiding them, and simply taxed dividends as ordinary income. Stock capital gains are a bit different, but something like inflation-indexed ordinary income may make sense.

foobarista on September 21, 2012 at 5:16 PM

verbsgonewrong

Because your communications skills are verbalanced poorly.

APACHEWHOKNOWS on September 21, 2012 at 5:16 PM

acasilaco on September 21, 2012 at 4:51 PM

and

verbaluce on September 21, 2012 at 4:56 PM

Applauds to you two.

Marco on September 21, 2012 at 4:24 PM

Moby??

New_Jersey_Buckeye on September 21, 2012 at 5:17 PM

FLASH: ANN ROMNEY’S PLANE MAKES EMERGENCY LANDING AFTER CABIN FILLED WITH SMOKE

Progs claim that it was a “Romney false-flag operation” in combination with his earlier released tax information, which showed that unlike progressive “Patriotic ‘President Obama, Please Raise My Taxes’ Millionaires,” he didn’t need a law to force him to pay more than he owed in taxes, to get generate sympathy for his wife and “humanise” him.

Michael Moore in discussions with Miramax to produce documentary to be titled “AnnRomney’sFlight 9/12″ and released before the election to “really blow the lid off of this whole thing!”

News at 11.

Resist We Much on September 21, 2012 at 5:18 PM

Well we don’t know since they haven’t released those returns, right?
I think Michelle said “We’ve given all you people need’ and to forget about seeing any more returns.
So…we’ll never know.

verbaluce on September 21, 2012 at 4:50 PM

How do you manage to even function? Excoriate the Romneys for their tax returns, then denigrate them when they release tax information and then turn around and be totally cool and total apologist for the Obamas not releasing information. Especially when there is a very high probability that Michelle’s income from that no-show job was highly questionable. Are you totally incapable of seeing the complete hypocrisy of your position? Especially when you later took Romney to task for having not claimed all of his allowable deductions? But the fact you don’t even know what deductions the Obamas took or any other details is totally fine.

Wow, just wow.

/You’d think the dems would be so thoroughly embarrassed by libs like the trolls we have here that they would issue an apology or at least disavow any agreement with what these trolls post.

AZfederalist on September 21, 2012 at 5:18 PM

Really? That’s all you’ve got? That’s it? Please. If he had taken that deduction and driven down the rate, you’d be out shouting, “See! See! He pays the same rate as that good guy Warren Buffet who pays less than his secretary!”

AZfederalist on September 21, 2012 at 5:06 PM

It is actually a good point he is making and Romney made. If you pay more in income taxes than you need to, then you are not a very wise person. You are saying the government can spend that money better than you can. That your family does not deserve that money more than the government does. Romney himself, in his own words explained that.

It is really disgusting how low Republicans have become. I really hope they go the way of the Whigs and maybe we can have a Tea Party or Constitution Party that has some level of dignity left in it.

You can disagree with a person’s conclusion, but when you are moaning about facts which are evidently true, you look pretty stupid.

Romney should have taken the deduction to remain true to his statement, and true to the conservative ideal, that the government does not spend your money as well as you the earner would.

astonerii on September 21, 2012 at 5:19 PM

…Are we supposed to detest rich people…?

Yes.

Proggies fervently believe that no person should make more money than any other person (except for the nomenklatura, who of course can handle it better), and no one should be making enough money to be able to donate to the charity of their choice, “choice” being the operative word here.

In Progtopia, no one will be able to choose how to spend their own money — the nomenklatura, being so much smarter and wiser, will make those choices for the proletariat, for the proletariat’s own good.

Mary in LA on September 21, 2012 at 5:22 PM

Best of the week is the weak O getting a word work over by his new lateeno’s of Univision. Now he will walk out into the debates total unsure now as to if his msm hacks will not turn on him too and ask him real questions for a change.

May end up known as Pres. WeeWee.

APACHEWHOKNOWS on September 21, 2012 at 5:23 PM

Just watched the local news. They led with this, telling us that Mitt paid less than the average American. They stated the average American pays 35% tax rate and how was Mitt able to pay so much less.

Seriously.

This was the CBS affiliate out of Richmond.

Unbelievable.

ButterflyDragon on September 21, 2012 at 5:26 PM

Ruh-oh (via Politico)

The Republican opted to drive up his income tax rate by not claiming more than $1.75 million in deductions for charitable donations.
The decision to pay more income taxes than he is required to runs contrary to Romney’s previous statements.
“If I had paid more than are legally due, I don’t think I’d be qualified to become president,”

verbaluce on September 21, 2012 at 4:36 PM

You are legally required to pay income taxes. You are not legally required to take deductions.

Based on their complete & utter ignorance of the Tax Code, I’m forced to conclude that Romney is right — the people who support Obama don’t pay income taxes.

Dark Star on September 21, 2012 at 5:26 PM

Maybe someone here can answer…

Can he claim charitable deductions he didn’t claim here on a later return?

What would have his rate been had he taken the full allowable deductions?

verbaluce on September 21, 2012 at 4:34 PM

no. individual taxpayers are on the cash basis; meaning you deduct when something is paid, rather than incurred. and you include income that is received, rather than earned. therefore if you actually pay a charitable contribution in one year it cannot be deducted later, as it would be dissallowed on the cash basis. contributions are limited however, based on your AGI, depdning on the type of contrib. most at 50%ers. some are 30% (romney had some, assume its a private fndn). meaning the max you can deduct is 50% of your total adjusted gross income. anything over that is carried forward. but thats not the case here with romney. he didnt even report the other 2.5MM contribs. so they are not being limited by AGI or carried forward. assuming the rest were 50%ers, they would not have been lmiterd anyway and would have deducted. he’s lost them as a deduction in other words. forever. unless of course he fiels an amended return later and includes them. he’s got 3 years.

t8stlikchkn on September 21, 2012 at 5:26 PM

Romney probably didnt even show all of his charity donations

Conservative4ev on September 21, 2012 at 5:26 PM

AZfederalist on September 21, 2012 at 5:18 PM

Gee, thanks for the attack and rant.
But you missed my point – perhaps I should have been clearer with my sarcasm.
I assume whoever asked what the Obamas paid that year referenced knew exactly what that was…that they were building to a point.
So…I was not suggesting that the Obamas didn’t or shouldn’t release their returns.

verbaluce on September 21, 2012 at 5:28 PM

You are legally required to pay income taxes. You are not legally required to take deductions.

Based on their complete & utter ignorance of the Tax Code, I’m forced to conclude that Romney is right — the people who support Obama don’t pay income taxes.

Dark Star on September 21, 2012 at 5:26 PM

You are only legally required to pay taxes that your situation and the law of your situation dictates. But if you voluntarily chose to not take a deduction you are legally allowed to take you must be paying MORE than legally required.

You really need to get a refund on your education.

astonerii on September 21, 2012 at 5:29 PM

…I could never run for President…if I were Romney I would have pulled down my pants and showed them my azz instead of my returns!

KOOLAID2 on September 21, 2012 at 5:29 PM

well goodness, romney also drove up his taxes by not having any mortgages!! see line 10 on his schedule A, mortgage interest – ZERO! IF he had not paid cash for the houses and acquired a mortgage he WOULD have deducted the mortgage interest and therefore he has driven UP his taxes by NOT taking out a mortgage and deducting the interest!! he is truly a fiend.

t8stlikchkn on September 21, 2012 at 5:29 PM

Let’s be clear. A 10% tithe went to the Mormon church as is required by this organization. To the extent their leaders engage charity, all well and good. To the extent they enrich themselves and expend toward organizational glorification and growth, not so well and good.

exdeadhead on September 21, 2012 at 4:42 PM

Fortunately, we know something of that from 60 Minutes. See here.

Mormon clergy are not professionals. They are not paid; their church work is in addition to their regular jobs outside the church.

Whatever their jobs, just being a Mormon is expensive: Mormons are expected to give 10 percent of their salary to the church.

The church reportedly takes in several billion dollars a year and has never had a major financial scandal. Most of the money, they say, is spent building 375 chapels a year all around the world.

There are only a handful in the leadership who receive any remuneration at all, and they do not receive anything like CEO pay. Many took a financial step down to serve where they do. None of them could be considered to be “in it for the money”.

Just in case you were wondering.

Prufrock on September 21, 2012 at 5:31 PM

What would have his rate been had he taken the full allowable deductions?

verbaluce on September 21, 2012 at 4:34 PM

what would you like? effective rate? top marginal, or AMT rate? how much mortgage interest should i include that he didnt pay because he paid cash for his houses?

t8stlikchkn on September 21, 2012 at 5:31 PM

So…I was not suggesting that the Obamas didn’t or shouldn’t release their returns.

verbaluce on September 21, 2012 at 5:28 PM

you can look at all the potus’ returns back to FDR here, its fun. for some of us anyway:

http://www.taxhistory.org/www/website.nsf/web/presidentialtaxreturns

t8stlikchkn on September 21, 2012 at 5:32 PM

well goodness, romney also drove up his taxes by not having any mortgages!! see line 10 on his schedule A, mortgage interest – ZERO! IF he had not paid cash for the houses and acquired a mortgage he WOULD have deducted the mortgage interest and therefore he has driven UP his taxes by NOT taking out a mortgage and deducting the interest!! he is truly a fiend.

t8stlikchkn on September 21, 2012 at 5:29 PM

That is a pretty stupid statement. The interest deduction is not a one for one dollar exchange. It only lowers the amount that is taxed at less than 100%. Then he also would pay origination fees and so forth, to later find out that only mortgages of certain amounts, much lower than his, are even eligible. Then he truly would not be a good pick as president. Neither are you…

astonerii on September 21, 2012 at 5:33 PM

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