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Old 09-21-2012, 01:03 PM  
Mr. Kotter Mr. Kotter is offline
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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.
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Old 09-21-2012, 02:04 PM   #46
qabbaan qabbaan is offline
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BTW, When is Harry Reid going to hold his apology press conference? I don't want to miss it.
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Old 09-21-2012, 02:05 PM   #47
dirk digler dirk digler is offline
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Mittens can't even keep things straight in regards to his taxes. This guy is probably one of the most incompetent candidates to ever run for POTUS.

I guess she should drop out now since she is not qualified now.
Quote:
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,” Romney said in an interview in July.

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Old 09-21-2012, 02:07 PM   #48
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Originally Posted by dirk digler View Post
Mittens can't even keep things straight in regards to his taxes. This guy is probably one of the most incompetent candidates to ever run for POTUS.

I guess she should drop out now since she is not qualified now.

Pretty disappointed that this "issue" fizzled, huh?
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Old 09-21-2012, 02:09 PM   #49
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Originally Posted by qabbaan View Post
Pretty disappointed that this "issue" fizzled, huh?
I know releasing a summary that no one will believe will settle it.
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Alex Castellanos, the former Mitt Romney strategist from 2008 who has alternately been critical and praising of the current campaign, left no doubt where he stands on the decision to release a summary of the candidate's tax rates over 20 years.

"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)."

Other Republican operatives have emailed in with a similar reaction - that the summary is going to revive, instead of settle, questions on an issue where what had seemed to be the worst was already behind Romney.
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Old 09-21-2012, 02:11 PM   #50
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I sense you are being TIC here
Yes, I was just joking.

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Old 09-21-2012, 02:18 PM   #51
qabbaan qabbaan is offline
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I think this shows that there is nothing to see, and that they were just waiting for the moment they judged most opportune to drop the tax information. They chose the moment right before the debate on domestic policy, so it takes away the debate issue unless Obama wants to give Romney an opportunity to highlight how generous his family is to charitable organizations.
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Old 09-21-2012, 02:19 PM   #52
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It's funny how often liberals say that Mitt is a complete disaster. Barry is only barely ahead. The actual disaster would be if Obama lost. It would be a gigantic embarrassment of a Presidency. To come in claiming you replaced the worst President ever and then lose to Mitt, who you say is running a disaster of a campaign? I hope Mitt wins if for nothing more than comedic effect.
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Old 09-21-2012, 02:26 PM   #53
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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?
No. There life style reflects their success very well. But it is a bit gamed when their burden doesn't reflect the rate a majority of Americans pay in Federal Income Taxes and ever so less when all taxes are taken into account.
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Old 09-21-2012, 02:26 PM   #54
Mr. Kotter Mr. Kotter is offline
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Originally Posted by blaise View Post
It's funny how often liberals say that Mitt is a complete disaster. Barry is only barely ahead. The actual disaster would be if Obama lost. It would be a gigantic embarrassment of a Presidency. To come in claiming you replaced the worst President ever and then lose to Mitt, who you say is running a disaster of a campaign? I hope Mitt wins if for nothing more than comedic effect.
Are you really THIS dumb? Historically, Romney ought to have a 4-6% lead. Instead he's going to lose his home state, his birth state, and probably Ryan's home state. Talk about disaster, and embarrasment....
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Old 09-21-2012, 02:28 PM   #55
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Originally Posted by Mr. Kotter View Post
Are you really THIS dumb? Historically, Romney ought to have a 4-6% lead. Instead he's going to lose his home state, his birth state, and probably Ryan's home state. Talk about disaster, and embarrasment....
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Old 09-21-2012, 02:28 PM   #56
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Originally Posted by Mr. Kotter View Post
Are you really THIS dumb? Historically, Romney ought to have a 4-6% lead. Instead he's going to lose his home state, his birth state, and probably Ryan's home state. Talk about disaster, and embarrasment....
No, you're a moron. And people dislike you. Most people really dislike you.

And you forgot, "heh" and a bunch of stupid emoticons.
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Old 09-21-2012, 02:28 PM   #57
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Originally Posted by Mr. Kotter View Post
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.
What part of that article says he pays the lowest rates. Do you know what the average effective tax rate is? I'll give you a hint. It's lower than what he paid.
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Old 09-21-2012, 02:28 PM   #58
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Originally Posted by tiptap View Post
No. There life style reflects their success very well. But it is a bit gamed when their burden doesn't reflect the rate a majority of Americans pay in Federal Income Taxes and ever so less when all taxes are taken into account.
Yeah, I know that I pay my mortgage every month in percentages and not dollars.
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Old 09-21-2012, 02:38 PM   #59
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Look Donger I have had to pay AMT every year (my mortgage interest counts for nothing in the tax rate I end up paying) and the Clinton surtax since 1994. I am pissed that the system is gamed. I am not hurting but that doesn't change that it pisses me off. But if you already OWN outright 10 million or more I can see your wish to do even better on avoiding progressive taxes on the dividends and stock gain.
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Old 09-21-2012, 02:50 PM   #60
dirk digler dirk digler is offline
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Quote:
Originally Posted by qabbaan View Post
I think this shows that there is nothing to see, and that they were just waiting for the moment they judged most opportune to drop the tax information. They chose the moment right before the debate on domestic policy, so it takes away the debate issue unless Obama wants to give Romney an opportunity to highlight how generous his family is to charitable organizations.
I agree with you they waited until the most opportune time in their minds to release them but it wasn't for the reasons you listed. They are trying to change the subject from the 47% tape.

Of course what they should have done is just release what they promised to do which was just the 2011 taxes and never release a summary. All that does is invite more scrutiny and questions as Castellanos said.
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