U.S. Issues Romney's Effective Tax Rate in 2011: 14%

**Mr. Kotter** · 09-21-2012, 01:03 PM

http://money.cnn.com/2012/09/21/pf/taxes/romney-tax-return/index.html?hpt=hp_t1

And, BTW, 4,000 millionaires are AMONG the 47% moochers Romney demonized the other day....

http://money.cnn.com/2012/09/18/pf/t...ex.html?iid=EL

Can't wait for the spin on this....

Romney paid 14% effective tax rate in 2011

By Jeanne Sahadi @CNNMoneySeptember 21, 2012: 2:24 PM ET

NEW YORK (CNNMoney) -- Mitt Romney made $13.7 million last year and paid $1.94 million in federal income taxes, giving him an effective tax rate of 14.1%, his campaign said Friday.

His effective tax rate was up slightly from the 13.9% rate he paid in 2010.

Quiz: What the rich really pay in taxes

The majority of the candidate's income came from his investments, said Brad Malt, a lawyer who presides over Romney's blind trust, in a blog post.
The couple gave just over $4 million to charity. (Related: How much should the rich pay?)

In addition, the Romney campaign said Romney's tax filings from 1990 to 2009 show that the couple paid 100% of the federal and state income taxes they owed and that their overall average annual effective federal tax rate was 20.2%. Annually they never paid an effective rate below 13.66%.
More documents related to Romney's 2011 tax return and his taxes over the 20-year period will be released at 3 p.m ET.

Related: 4,000 millionaires in Romney's '47%'

Romney has been criticized by both Democrats and even some Republicans for not releasing more than two years' worth of tax returns. Criticism reached a crescendo when Senate Majority Leader Harry Reid, repeatedly claimed, without identifying the source of his information, that Romney hadn't paid federal income taxes for a decade.

In response, Romney has said he never paid less than a 13% effective tax rate in any year over the past decade. He further said the obsession over his tax returns is "small minded."

And the GOP presidential nominee has often gotten flak for having paid a low effective tax rate given his outsized income.

But contrary to popular perception, Romney's effective federal income tax rate is still higher than that of most Americans -- 80% of whom have an effective rate below 15%. That number, however, does not include other federal taxes such as the payroll tax.

Romney's running mate, Paul Ryan, released his final 2011 tax return this summer. He paid $65,000 on $323,416 in income, giving him an effective tax rate of 20%. (Related: Romney vs. Obama on tax policy)

The reason Romney's rate is so low -- despite having one of the highest incomes in the country -- is because his income was derived almost entirely from capital gains and dividends from his extensive portfolio of investments. And that form of investment income is typically taxed at just 15%, well below the 35% top tax rate for high earners.

**Saul Good** · 09-21-2012, 01:04 PM

Good for him as long as he did it legally. Let's simplify the tax code, and we won't have to worry about this shit.

**patteeu** · 09-21-2012, 01:05 PM

Repost, but I'll give you a break because it was close and you had a bigger article to cut and paste than I did.

KC_Lee · 09-21-2012, 01:05 PM

So he took advantange of tax deductions to reduce his tax rate? And the problem with this is?

**Saul Good** · 09-21-2012, 01:05 PM

What percent of the deductions under the code should he tell his accountants to take? Should he have told them not to take any deductions? Half of the deductions? What makes sense to you?

I have to assume that you don't take advantage of legal tax deductions available to you, or you'd just be another hypocritical shill...

vailpass · 09-21-2012, 01:06 PM

Quote:

Originally Posted by Saul Badguy

Good for him as long as he did it legally. Let's simplify the tax code, and we won't have to worry about this shit.

X2.

There isn't a single person amongst those that bitch about someone that does all they can to legally minimize their income tax burden that wouldn't do the exact same thing were they in a position to do so.

**Mr. Kotter** · 09-21-2012, 01:07 PM

Quote:

Originally Posted by KC_Lee

So he took advantange of tax deductions to reduce his tax rate? And the problem with this is?

The problem? A tax code that has been bought and sold to their lapdogs in Congress by those who are paying among the lowest rates....but who garner the lion's share of wealth.

Just may be note-worthy to middle class and working class types.

**patteeu** · 09-21-2012, 01:07 PM

I'm not sure what kind of spin you're waiting for here.

stonedstooge · 09-21-2012, 01:07 PM

Cheap ass ****er could have had his accountant increase his percentage like most wealthy people do.

**Saul Good** · 09-21-2012, 01:08 PM

Quote:

Originally Posted by Mr. Kotter

The problem? A tax code that has been bought and sold to their lapdogs in Congress by those who are paying among the lowest rates....but who garner the lion's share of wealth.

Just may be note-worthy to middle class and working class types.

That thieving son of a bitch only paid $2,000,000 in taxes last year? Grab the pitchforks!

KC_Lee · 09-21-2012, 01:08 PM

Quote:

Originally Posted by Mr. Kotter

The problem? A tax code that has been bought and sold to their lapdogs in Congress by those who are paying among the lowest rates....but who garner the lion's share of wealth.

Just may be note-worthy to middle class and working class types.

So are you upset that President Obama itemized his return as well to lower his tax rate?

Donger · 09-21-2012, 01:09 PM

Quote:

Originally Posted by Mr. Kotter

The problem? A tax code that has been bought and sold to their lapdogs in Congress by those who are paying among the lowest rates....but who garner the lion's share of wealth.

You forgot to mention that those people also pay the vast majority of taxes taken in this country.

Does that fact bother you or something?

vailpass · 09-21-2012, 01:10 PM

Quote:

Originally Posted by KC_Lee

So are you upset that President Obama itemized his return as well to lower his tax rate?

That's half racist.

**Mr. Kotter** · 09-21-2012, 01:10 PM

Quote:

Originally Posted by patteeu

I'm not sure what kind of spin you're waiting for here.

14%....when many middle class and working class folks pay a higher percent? I think they'll try to find some way to spin that so it won't piss too many more people off...than it already has. Guess we'll see though.

KC native · 09-21-2012, 01:10 PM

If it's even worse when you see that his income has been mischaracterized due to fee conversions over the course of his career.

09-21-2012, 01:03 PM
Mr. Kotter Lookin' for the answers... Join Date: Apr 2001 Location: Somewhere else Casino cash: $11239122	Romney's Effective Tax Rate in 2011: 14% http://money.cnn.com/2012/09/21/pf/taxes/romney-tax-return/index.html?hpt=hp_t1 And, BTW, 4,000 millionaires are AMONG the 47% moochers Romney demonized the other day.... http://money.cnn.com/2012/09/18/pf/t...ex.html?iid=EL Can't wait for the spin on this.... Romney paid 14% effective tax rate in 2011 By Jeanne Sahadi @CNNMoneySeptember 21, 2012: 2:24 PM ET NEW YORK (CNNMoney) -- Mitt Romney made $13.7 million last year and paid $1.94 million in federal income taxes, giving him an effective tax rate of 14.1%, his campaign said Friday. His effective tax rate was up slightly from the 13.9% rate he paid in 2010. Quiz: What the rich really pay in taxes The majority of the candidate's income came from his investments, said Brad Malt, a lawyer who presides over Romney's blind trust, in a blog post. The couple gave just over $4 million to charity. (Related: How much should the rich pay?) In addition, the Romney campaign said Romney's tax filings from 1990 to 2009 show that the couple paid 100% of the federal and state income taxes they owed and that their overall average annual effective federal tax rate was 20.2%. Annually they never paid an effective rate below 13.66%. More documents related to Romney's 2011 tax return and his taxes over the 20-year period will be released at 3 p.m ET. Related: 4,000 millionaires in Romney's '47%' Romney has been criticized by both Democrats and even some Republicans for not releasing more than two years' worth of tax returns. Criticism reached a crescendo when Senate Majority Leader Harry Reid, repeatedly claimed, without identifying the source of his information, that Romney hadn't paid federal income taxes for a decade. In response, Romney has said he never paid less than a 13% effective tax rate in any year over the past decade. He further said the obsession over his tax returns is "small minded." And the GOP presidential nominee has often gotten flak for having paid a low effective tax rate given his outsized income. But contrary to popular perception, Romney's effective federal income tax rate is still higher than that of most Americans -- 80% of whom have an effective rate below 15%. That number, however, does not include other federal taxes such as the payroll tax. Romney's running mate, Paul Ryan, released his final 2011 tax return this summer. He paid $65,000 on $323,416 in income, giving him an effective tax rate of 20%. (Related: Romney vs. Obama on tax policy) The reason Romney's rate is so low -- despite having one of the highest incomes in the country -- is because his income was derived almost entirely from capital gains and dividends from his extensive portfolio of investments. And that form of investment income is typically taxed at just 15%, well below the 35% top tax rate for high earners.
Posts: 39,411

09-21-2012, 01:05 PM	#3
patteeu The 23rd Pillar Join Date: Sep 2002 Casino cash: $416401	Repost, but I'll give you a break because it was close and you had a bigger article to cut and paste than I did. __________________ "After voters re-elected an administration that added five trillion dollars to the nation’s debt, left 23 million Americans unemployed, surrendered Iraq to America’s enemy Iran, and enabled the Muslim Brotherhood to gain control of the largest country in the Middle East, the one lesson Republicans should agree on is that elections are driven by emotions, not reason." - David Horowitz
Posts: 67,097

09-21-2012, 01:05 PM	#4
KC_Lee The answer to our Brayers!! Join Date: Sep 2006 Location: Madison, TN Casino cash: $50376	So he took advantange of tax deductions to reduce his tax rate? And the problem with this is?
Posts: 1,785

09-21-2012, 01:07 PM	#8
patteeu The 23rd Pillar Join Date: Sep 2002 Casino cash: $416401	I'm not sure what kind of spin you're waiting for here. __________________ "After voters re-elected an administration that added five trillion dollars to the nation’s debt, left 23 million Americans unemployed, surrendered Iraq to America’s enemy Iran, and enabled the Muslim Brotherhood to gain control of the largest country in the Middle East, the one lesson Republicans should agree on is that elections are driven by emotions, not reason." - David Horowitz
Posts: 67,097

09-21-2012, 01:07 PM	#9
stonedstooge Arf! Arf! Arf! Join Date: Dec 2007 Location: North Casino cash: $378724	Cheap ass ****er could have had his accountant increase his percentage like most wealthy people do. __________________ "Often is a word I seldom use"--JP
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