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Old 09-21-2012, 01:01 PM  
patteeu patteeu is offline
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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:

Quote:
2011 Highlights:
  • 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.
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Old 09-21-2012, 01:22 PM   #16
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Originally Posted by Saul Badguy View Post
Yeah, because THEN, you'll consider voting for him.
It's not about voting. It's just about exposing him for the disengenous prick he is.
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Old 09-21-2012, 01:23 PM   #17
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Originally Posted by KC native View Post
It's not about voting. It's just about exposing him for the disengenous prick he is.
It's about bitching about everything there is to possibly bitch about before bitching about the fact that there's nothing left to bitch about.
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Old 09-21-2012, 01:27 PM   #18
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Originally Posted by Saul Badguy View Post
It's about bitching about everything there is to possibly bitch about before bitching about the fact that there's nothing left to bitch about.
I'm not bitching. I'm pointing out a summary written by his campaign is nothing other than propaganda.
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Old 09-21-2012, 02:23 PM   #19
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So, when will they prosecute him for tax fraud?
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Old 09-21-2012, 02:27 PM   #20
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Romney's charitable donations don't count because some of that was probably to a church. So, that doesn't count, because, like, churches and stuff.
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Old 09-21-2012, 02:49 PM   #21
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I'm gonna need to see his long form tax returns. This looks totally fake. Why won't he release his long form? That's all he has to do to prove it....
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Old 09-21-2012, 02:59 PM   #22
Amnorix Amnorix is offline
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I haven't seen Kotter's thread yet, but it would seem at first blush that this removes the taxes thing from the table. Not that it was a game-changer either way of course.

As for those stating that Obama's charitable giving was much less, in percentage terms -- it's far easier to give a higher percentage of a given year's income when you have a relatively massive wealth base behind you. I don't think there's much argument about that, or about Romney being far, far wealthier than Obama.
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Old 09-21-2012, 03:56 PM   #23
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Quote:
Originally Posted by Amnorix View Post
I haven't seen Kotter's thread yet, but it would seem at first blush that this removes the taxes thing from the table. Not that it was a game-changer either way of course.

As for those stating that Obama's charitable giving was much less, in percentage terms -- it's far easier to give a higher percentage of a given year's income when you have a relatively massive wealth base behind you. I don't think there's much argument about that, or about Romney being far, far wealthier than Obama.
No this puts his taxes back into the game.

The "summary" is a letter from PWC. It will raise more questions than it answers.
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Old 09-21-2012, 04:05 PM   #24
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This isn't going to stop the crazies, as much as "Obama team provides summary of birth certificate" would have stopped sportsshrink.
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Old 09-21-2012, 04:05 PM   #25
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Since when does above and beyond mean transparently cynical?
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Old 09-21-2012, 04:10 PM   #26
suzzer99 suzzer99 is offline
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Alex Castellanos (Mitt '08 consultant):

Quote:

"At first I thought this was an April Fool's Joke," said Castellanos, who tweeted something to that effect at me earlier. "But it isn't April. I can't imagine that David Axelrod will now say, I'm glad Mitt put this issue behind him. This will drag Mitt's taxes back into the debate. And there's not many days left. I just can't imagine why they would do this. There are 40 days left and you have now made more of them about Mitt's taxes....you don't serve a life sentence and then confess afterward. They've taken their beating on this (already) ... I just don't understand how a (being) 'little pregnant' strategy (works)."
Also it looks like Mitt purposely paid more in taxes than he could have just to keep himself above magic 13.9% mark that he had claimed.

http://www.tnr.com/blog/plank/107606...-romney-260000

Quote:
Why would anyone pay more taxes than they had to? The memo explains it thus:
Quote:
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 [emphasis added].
The August statement the memo refers to is, of course, Romney’s response to Harry Reid’s (now demonstrably false) accusation that he hadn’t paid any taxes for a decade some time before 2010. “I never paid less than 13 percent,” Romney said at the August press conference. “I think the most recent year is 13.6 percent.” He went on to say that he had specifically checked this in response to Reid’s accusation.

By my calculations, Romney could have saved another $262,500 (15 percent of $1.75 million) had he deducted the full amount of his charitable contributions. But that would have left him with an effective tax rate of 12.2%--which is to say, more than a percentage point below what he said he’d paid when responding to Reid's allegations. I think the least the majority leader could do is buy him a nice dinner.
Best. Campaign. Ever.
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Old 09-21-2012, 04:16 PM   #27
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Quote:
Originally Posted by suzzer99 View Post
Alex Castellanos (Mitt '08 consultant):



Also it looks like Mitt purposely paid more in taxes than he could have just to keep himself above magic 13.9% mark that he had claimed.

http://www.tnr.com/blog/plank/107606...-romney-260000



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I think the Romney camp bugged the White House, and they heard that Obama Camp was about to go on the offensive with the tax return issue.

That's my theory. Someone needs to prove to me it didn't happen. Otherwise, it definitely happened.
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Old 09-21-2012, 04:25 PM   #28
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Originally Posted by KC native View Post
I'm not bitching. I'm pointing out a summary written by his campaign is nothing other than propaganda.
I dont want to hear another ****ing word about my partisan titles....evah.

Above and beyond? Heres a summary. Trust us, its real. Just like they will find $5,000,000,000,000.00 in loopholes to close on the rich to fund their tax cut for the rich

This is typical BS propaganda from the campaign.
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Old 09-21-2012, 04:25 PM   #29
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- the responses are very typical of what I expected from you knuckleheads.
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Old 09-21-2012, 04:28 PM   #30
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Who gives a shit.

Where's his birth certificate? And I mean the ORIGINAL birth certificate?
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