09-21-2012, 02:01 PM
The 23rd Pillar
Join Date: Sep 2002
Casino cash: $5000
Romney goes above and beyond by releasing 2011 tax returns and 20 years of tax data
Release of Romney's 2011 tax returns is imminent and the campaign has offered a preview of that return plus a summary of 20 years worth of relevant tax data:
- 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:
- 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.
A few observations:
- Romney paid more, both in terms of dollars and effective tax rate, than any of you who are secretaries.
- In fact, he paid more, both in terms of dollars and effective tax rate, than most of the people who will read this post.
- Romney is one charitable son of a gun.