Romney goes above and beyond by releasing 2011 tax returns and 20 years of tax data

[patteeu]

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:

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.

[BigRedChief]

Originally Posted by J Diddy

You've been here for 10 years and have posted less than 2000 times and you're going to call out someone for not posting enough to have an opinion?

They have to tear others down to provide their own self esteem boost. Personal attacks instead of defending their indefinsible positions. It's become rather sad and pathetic.

[qabbaan]

Probably a Q

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…

...

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?

[Saul Good]

Originally Posted by KC native

No this puts his taxes back into the game.

The "summary" is a letter from PWC. It will raise more questions than it answers.

Okay, taxshrink. The Taxers are born.

[J Diddy]

Originally Posted by qabbaan

Probably a Q

I imagine alot of which was to his church. Not exactly feeding the poor.

Nonetheless, good for him.

[J Diddy]

Originally Posted by Saul Badguy

Okay, taxshrink. The Taxers are born.

[BigRedChief]

Originally Posted by Saul Badguy

Okay, taxshrink. The Taxers are born.

He did say in July "I pay every $ that I'm legally obligated to pay and not a dime more. If I pay more than I legally have to pay, then I wouldn't be qualified to be president".

wellll Mr. Romney you just disqualified yourself.

[BigRedChief]

Originally Posted by J Diddy

I imagine alot of which was to his church. Not exactly feeding the poor.

Nonetheless, good for him.

Still............... the average millionaire in the USA pays a 25% tax rate. Not a big deal to me but if he was thinking this would make this issue go away he's mistaken.

[Saul Good]

Originally Posted by BigRedChief

He did say in July "I pay every $ that I'm legally obligated to pay and not a dime more. If I pay more than I legally have to pay, then I wouldn't be qualified to be president".

wellll Mr. Romney you just disqualified yourself.

Oh snerp.

[BigRedChief]

Originally Posted by Saul Badguy

Oh snerp.

just pointing out the hypocrisy as a public service.

[HonestChieffan]

Yuck yuck. Another example of the left scumbags



Republican presidential nominee Mitt Romney was far more generous to charities than President Barack Obama or Vice President Joe Biden last year, both in dollar terms and as a percentage of income, tax return data Romney’s campaign released Friday indicate.

Romney and his wife, Ann, gave 29.4 percent of their income to charity in 2011, donating $4,020,772 out of the $13,696,951 they took in.

Obama and first lady Michelle Obama gave 21.8 percent of their income to charitable organizations last year, donating $172,130 out of the $789,674 they made.

Biden and his wife, Jill, gave 1.5 percent of their income away in 2011, with charitable donations totaling $5,540 out of $379,035.

Republicans have mocked Obama and especially Biden for being unusually tight-fisted when it comes to making charitable gifts.

When the Obama campaign released past tax returns for Biden in 2008, it was revealed that the Bidens donated just $3,690 to charity over 10 years — an average of $369 a year.

Keep reading…

[Saul Good]

Originally Posted by BigRedChief

just pointing out the hypocrisy as a public service.

Tell us more about the level of discourse around here. Try to mix in a few asides about your high salary if you get a chance.

[BigRedChief]

Originally Posted by Saul Badguy

Tell us more about the level of discourse around here.

Okay, I'll admit that I'm poking the bear in the cage with a stick. But, I did say rather clearly that I didn't really care about the whole tax issue with Romney. I'll put my stick down now.

[NewChief]

Originally Posted by Saul Badguy

Okay, taxshrink. The Taxers are born.

Yes! Death match!














Ummm. Seriously. Can we have them fight to the death?

[J Diddy]

Originally Posted by NewChief

Yes! Death match!














Ummm. Seriously. Can we have them fight to the death?

Donald Trump vs. KC Native


IN A STEEL CAGE!!!!

[KC native]

Originally Posted by Saul Badguy

Okay, taxshrink. The Taxers are born.

No. I don't think there's anything in there that we don't already have a good idea about. I'm not saying he's a felon and the other nonsense that some liberals are.

IMO his campaign knows it will show how different he is from the electorate. So they'd rather not release it. It would be kind of hard to counter an ad about the several million dollar Swiss bank account that you brought back to the US during the amnesty in 2009.