Romney's tax returns show he's one rich guy
Yael T. AbouhalkahMitt Romney’s tax return for 2011 is out and it shows - no surprise - that he’s one rich guy making lots of money on investments.
And his rate of taxes? It was 14.1 percent.
Yea, he wins: Romney has always said his effective tax rate was 13 percent or higher for the last few decades.
Yet as critics are pointing out, Romney’s advisers had to manipulate his return - reducing the amount of charitable deductions by a few million dollars - to make sure the rate didn’t fall below 10 percent.
Indeed, it might have been as low as 9 percent.
That could have been a devastating development (not moneywise, but pr wise) because of Romney’s previous 13 percent or higher claims.
Along those lines, Romney’s campaign didn’t release his tax returns from before 2010, but did release a notarized letter from his preparer, PricewaterhouseCoopers.
This Atlantic article has a good summation of the findings, as well as an overview of the PricewaterhouseCoopers info.
Steve Alleman
Kansas City
8 months agoThe Mormons are a business, not a charity in the usual sense.
Phil Cardarella
7 months, 4 weeks agoThere is a giant difference between releasing a summery of hand-picked factiods and releasing the returns themselves. The returns tell us exactly what ways the Romneys managed to avoid taxes, not the “trust me and my CPAs” versions. Remember, Ann Romney told us that the reason that they would not release the returns is because ctirics would point out embarrrassing details.
Bluntly, the issue is NOT whether Mitt gives a lot of money to his Church. Let us assume that he does so from the best of motives. He probably also got deductions for contributions to Planned Parenthood a few years back — when he was still moderate Good Mitt.
WHERE Mitt’s money comes from, lives and finances jobs IS a very important issue. The guy wants to set economic policy.
WHY Mitt pays so little in taxes — what he PAYS, not what a “rate” is or was — IS important. The guy wants to set tax policy and he is upset that the “little people” don’t pay enough in taxes.
HOW does he pay so little? How does anyone get $100 Million into an IRA? How does he get to ship $100 Million EACH to his FIVE sons without paying a tremendous gift tax?
Where, Why, How? That is what returns show — and why Mitt keeps them hidden from the 99.9% who should not vote for him.
George Hunsucker
Northland
7 months, 4 weeks agoSo tell us yt, what is the dividend and capital gains tax rate? I will answer that question for you since you “conveniently left that fact out—15%.
So, since he doesn’t draw a salary, it makes sense his LEGAL tax rate would be near 15%.
You also left-out the charitable contribtutions of Joe Biden—5K for the record…
I assume the card-shark will detail all these dastardly ways Romney avoided paying taxes—over to you phil… Prove your assertion