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 Ok Romney released tax returns |
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Romney Taxes ******************************************************************* Republican presidential candidate Mitt Romney paid $1.9 million in taxes on more than $13 million in income in 2011 for an effective tax rate of 14.1 percent, his campaign said on Friday ahead of the promised release of the full return later in the day. Fighting back against Democratic claims he paid little or no taxes in earlier years, the Romney campaign also plans to release a letter from accountants saying he paid an average effective federal tax rate of 20.2 percent over the 20-year period ending in 2009. Democrats led by Senate Democratic Leader Harry Reid have questioned whether Romney paid taxes in at least some of those earlier years. Despite heavy political pressure, Romney has refused to release his earlier returns. President Barack Obama and his Democratic allies have used Romney's refusal to release more returns as evidence that he is an out-of-touch millionaire. Romney, who faces Obama in the Nov. 6 election, earns the majority of his income from investment profits, dividends and interest, which is taxed at a lower rate than wage income, which is taxed at a top rate of 35 percent. Romney released his 2010 return in January, which showed he paid an effective tax rate of 13.9 percent, and promised to release his 2011 return before the election. A summary of the 2011 return said Romney donated about $4 million to charity in 2011, amounting to nearly 30 percent of their income. The release on Friday, traditionally a day when politicians release information they hope will not attract heavy news coverage, comes after a brutal week for Romney's campaign. A secretly recorded video was released earlier in the week showing Romney denigrating the 47 percent of Americans who would back Obama "no matter what" as government-dependent victims. That followed last week's fumbled response to attacks on U.S. compounds in Libya and Egypt. Romney's campaign said the lowest annual effective federal personal tax rate Romney paid over the 20 years was 13.66 percent, and over the entire 20-year period he and his wife Ann gave to charity an average of 13.45 percent of their adjusted gross income. In refusing to release the full returns from earlier years, Romney said it would just give Democrats "hundreds or thousands of more pages to pick through, distort and lie about." The Obama campaign released an ad earlier in the year questioning the decision and noting Romney's accounting techniques and tax havens to minimize his tax burden.Romney Paid $1.9 Million in Taxes in 2011 The review of 20 years of Romney’s tax situation sought to silence Democrats, particularly Reid, that Mitt and Ann Romney paid no taxes for 10 years. In August, Reid said in an interview with the left-leaning Huffington Post that he had heard the information from an investor with Romney’s private-equity company, Bain Capital. Reid steadfastly refused to identify the source or to offer any evidence. Romney at the time specifically denied the charge. Romney earlier released his 2010 return which showed that for that year, he paid a 14 percent effective income tax rate, paying $3 million in federal taxes on a $21.7 million income. He donated about $3 million to charity. In the interview, Reid told the Huffington Post that he had received a phone call a month earlier from a person who had invested with Bain. "Harry, he didn't pay any taxes for 10 years," he claimed the individual said. Reid admitted at the time that he had no idea about the veracity of the claim. “Now, do I know that that's true? Well, I'm not certain," he said in the interview. "But obviously he can't release those tax returns. How would it look?” Reid said that, based on the no-taxes allegation, Romney’s fortune was likely to be far higher than the $250 million that is regularly cited. “It's a lot more than that,” he said. “I mean, you do pretty well if you don't pay taxes for 10 years when you're making millions and millions of dollars." Reid even brought Romney’s father George into the interview. George Romney started the now-common practice of releasing multiple years of returns when he published 12 years’ worth during his 1968 run for the Republican White House nomination. “His poor father must be so embarrassed about his son,” Reid told the Huffington Post. Romney’s campaign responded by telling the Huffington Post that he had “gone above and beyond the disclosure requirements by releasing two years of personal tax returns in addition to the hundreds of pages of financial disclosure documents he has provided to the Federal Elections Commission and made public.” Reid’s accusation immediately rallied the GOP, with former presidential candidate Pat Buchanan being among the first to call him out. Buchanan told Fox News’ Greta Van Susteren that Reid’s comments were “beneath the dignity of the office of the Senate majority leader.” Van Susteren pointed out that Reid, an attorney, would know that such an anonymous allegation would never be allowed in court. “The Democrats are trying to change the subject,” Buchanan responded. “They cannot win on Barack Obama's record. They know that. And so what you have to do is they have got to get material on Romney to damage him and make him utterly unacceptable.” “That shows a measure of desperation.” Republicans soon demanded that Reid release his own returns – something the Nevada Democrat has steadily refused to do – sparking charges of hypocrisy. |
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stinky "The Romneys also donated an average of 13.45 percent to charity over that 20-year period." so... not really. he did that last year. why? could it be because he was running for president? nah! how cynical of me. also, he has still not released his tax forms other than 2011 and 2010. only summaries. and he still has paid a FAR lower rate than most americans who pay income tax. also, i find this tidbit interesting; "For political reasons, Romney claimed a charitable deduction of $1.75 million less than he could have – claiming $2.25 million from contributions of $4 million. The reason, according to his accountant, was so that he could still abide by a pledge he made in August that he paid at least 13 percent in income taxes in each of the last 10 years." he took less deductions than he could have for political reasons. wow! that makes me think much more highly of him Mitt Romney releases 2011 tax returns, paid $1.9m in taxes on $13.7m in income WASHINGTON – Mitt Romney released a wealth of new information on Friday afternoon about his personal health and his financial holdings, capping a politically difficult week by returning the campaign to a topic that has dogged the candidacy of the Republican presidential nominee. In addition to releasing his 2011 tax returns, Romney also provided a 20-year snapshot of his tax returns, an attempt to provide a deeper view of his wealth and to try and illustrate to voters that he has been paying taxes during most of his adult life. Romney’s updated tax returns show that he paid $1.9 million in taxes on $13.7 million in income, most of which came from his investments. It means his effective tax rate for 2011 was 14.1 percent, which is slightly higher than it was in 2010. For political reasons, Romney claimed a charitable deduction of $1.75 million less than he could have – claiming $2.25 million from contributions of $4 million. The reason, according to his accountant, was so that he could still abide by a pledge he made in August that he paid at least 13 percent in income taxes in each of the last 10 years. Had he taken the full $4 million in charitable deductions, his effective tax rate would have been about 9 percent. In a July interview with ABC News, Romney essentially said he’d be a fool to pay more taxes than he owed. “I don't pay more than are legally due and frankly if I had paid more than are legally due I don't think I'd be qualified to become president,” Romney told ABC News’ David Muir. “I'd think people would want me to follow the law and pay only what the tax code requires.” Perhaps more significantly, Romney on Friday also released a summary of his tax returns over a 20-year period, covering the years from 1990 to 2009. That summary, which was done by PricewaterhouseCoopers, says that in each of the last 20 years he owed both federal and state income taxes. Over that period, the summary says, the average annual effective federal tax rate was 20.2 percent. The lowest annual effective federal tax rate he paid was 13.7 percent. The Romneys also donated an average of 13.45 percent to charity over that 20-year period. Romney is still not releasing the actual tax forms from that period, however, meaning he will have released a total of two years worth of tax returns and far less than his political opponents have called for. The snapshot of what Romney paid over the last 20 years seems to be a direct rebuttal of some of the comments made by Senate Majority Leader Harry Reid, who has claimed several times that he was told by an unnamed Bain investor that Romney didn’t pay any federal taxes over a 10 year period. Romney on Friday also released a two-page letter from his personal physician, following a frequent practice of presidential candidates releasing detailed information about their physical health. His physician, Randall D. Gaz at Massachusetts General Hospital, gave Romney glowing reviews following a physical on Aug. 9, when Romney had a resting heart rate of 40, extremely low for a 65-year-old male. “He has shown the ability to be engaged in multiple, varied, simultaneous activities requiring complex mental, social, emotional, and leadership skills,” wrote Gaz, who has been Romney’s personal physician since June 1989. “He is a vigorous man who takes excellent care of his personal physical health.” “There are no physical impairments that should interfere with his rigorous and demanding political career as the next President of the United States,” Gaz added. The physician’s letter noted several notable aspects of Romney’s medical history. He had a concussion and fractures from the car accident Romney was in while serving his Mormon mission in France in 1968. He underwent an appendectomy in 1965, a back lipoma excision in 1985, and right hand surgery for a laceration suture repair in 1987. Romney also takes low dose aspirin and Lipitor daily. “He totally abstains from drinking any alcoholic beverages, and does not use any tobacco products or illicit drugs,” Gaz wrote. “He eats a high fiber diet with abundant fruits and vegetables and minimizes intake of high cholesterol foods and concentrated sweets.” In tax returns Romney released in January, he paid an effective tax rate of 13.9 percent in 2010 on more than $21.7 million in income. At that time, he released an estimate on what he would pay in 2011, putting that estimate at 15.4 percent on $20.9 million. He filed for an extension in April, and only released the final tax returns on Friday. Both the amount of income, and the tax rate, turned out to be lower than his earlier estimates. Romney’s running mate, Paul Ryan, paid an effective rate of 20 percent in 2011 on $323,416 of adjusted gross income. President Obama paid an effective tax rate of 20.5 percent in 2011 on adjusted gross income of $789,674. Vice President Joe Biden and his wife paid an effective rate of 23.2 percent on income of $379,035. |
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softy no hate there. just pure fact based reason. uh-huh. as for reid, he should also release his tax returns... but has no reason to do so until he is up for re-election. at that time, if he refuses, the voters should, and probably will, punish him for it. unless his constituents don't care. as for charity: In 2010, for instance, the president’s taxable income was a little over $1.7 million, much of it from book sales. Line 19 of his itemized deductions shows that he gave $245,075 in gifts to charity. That would be a rate of more than 14 percent. In 2009, the president’s taxable income was about $5.5 million. He listed $329,100 in charitable contributions on his tax return and also directed the Nobel Prize Committee to give his $1.4 million prize directly to 10 charities (which meant he could not take a tax deduction for donating the prize). This adds up to a rate of 31.4 percent of taxable income, again easily surpassing Huckabee’s standard. (Update: a reader correctly notes the percentage would be 25.1 percent if you added Obama’s Nobel Prize money to his taxable income.) Former Massachusetts governor Mitt Romney's 2010 tax return shows that he contributed nearly $3 million to charitable causes out of taxable income of $21.6 million. That’s 13.8 percent, just about equal to Obama’s percentage in that year. so... i dunno about obama's whole administration (biden has been particularly stingy, that i know). but romney and obama gave about the same amount as a %. of course, it is hard to give the same amount away when you make a quarter as much. |
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Jeff When you have to shift the facts around that much to make it fit your argument you lose me. He paid a lot to charity. Good on him. |
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stinky get a friggin' clue. you post a biased view, and when i discuss it, I am the one who is 'so unaware of your on bias its funny?' dude. look in the bloody mirror!!! as for his taxes, i do think that is serious. and it is fine that he released a summary of his past taxes. it shows he is still hiding something, doesn't it. |
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i mean <He paid a 14.1% tax rate, the Obamas paid 20.5 percent. zThe Obamas donnated 21.8 percent of their income to charity Romney donated 30 percent. Seems Obama doesnt share the wealth as much as the greedy rich boy.> bias? oh no... never... not mr stinky pants. so am i to just let you say it and not respond? is that the thread you want. it is fine if i ignore it, or agree with you. but god forbid i should disagree with your bias. then i am blindly biased and you are pure as driven snow. just to clarify. i NEVER said romney has not donated generously to charity. you were the one who said he gave more than obama. which, as a percentage, is not true. you said he gave 30% w/o saying over what time frame. i clarified - 13+% average over 20 years. how is that bias? |
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Jeff I think they both did good by donating. |
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stinky go play in the sandbox. adults are here to discuss things. bait. gimme a break. |
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Jeff Same sh** over and over, I consider it fun to present a story and watch you and other liberals struggle to make it bad if its about Romney or struggle to make it good if its about Obama. You are dishonest with yourself. Jeff In the future if you address me in a private message please don't curse me that way. I don't care for it. We can talk here in the forum. Typical liberal mannerism. Liberals are good for causes but individually about as rude a person as you will find. Chaz, will answer your post before you post it. I don't know why we cant work together for the common good. I don't know why we are all biased based on preconceived notions, I don't know why I brought you into a thread where you had not posted either. Thank you for respecting me right to have this opinion. Romney at least volunteered his tax returns, what has Obama volunteered? Nothing. I will make note to self, this is the 21st and Jeff is moody. I suspect it will happen this time each month. |
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zorroloco 21-Sep-12, 18:48 |
Deleted by zorroloco on 21-Sep-12, 18:49.
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stinky sorry about swearing at you. i was angry. |
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I was under the impression that Romney had already released the last two years of tax returns. Turns out he just released his 2011 tax returns today. Does anyone know if he, in fact, really did release a 2010 return already? |
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illinawek 21-Sep-12, 19:40 |
Deleted by illinawek on 22-Sep-12, 06:53.
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Stinky ... |
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We have a fiscal cliff coming and the community organizer cannot hold a meeting with either of the parties and tell them to get busy to resolve the upcoming problem. We have a Democrat controlled Senate that has not allowed discussion of a budget in over three years. We are still dependent on Middle East and Venezuelan oil. And, you still think it more important to talk about MR taxes? |
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dmaestro 21-Sep-12, 23:50 |
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Softie We shouldn't have the temerity to even ask him for two years worth of tax returns. He will dribble those two out in a scattershot untimely fashon anyway. The election is what, 50 days away. It will just cause a lot of frustration and bother on our behalf because; Mitt Romeny is entitled to this job. Its not like he is asking We the people for our approval, and especially not 47% of you. You folks know who you are, or if you didn't before, you know now. |
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dm |
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Jeff You guys go ahead and vote for Obama if you want doesnt matter to me. On my level I actually dont think it matters in my life. Overall I think Obama has really hurt this country but what do I know? He doenst need four more years. This does NOT make ROmney better it just makes him not Obama. The fact that you think you are so honest is laughable. Im sure there are lots of honest criminals. I will kill but will not life, I will sell drugs to your children but I will not lie. I will talk about you for two days and send you private messages that say f*** you but I will not lie. so what! Smoke another joint honest abe. I was actually gonna come back and say something good to you Jeff. I am not here to piss people off. Then I keep reading these message and DM has another private message for me then I think to myself. This guys are like guys I know. They really are different. So in the end I dont care anymore. |
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stinky my feeling are not hurt. i was pretty heated yesterday. i apologized for swearing at you. but i stand by what i said. you are just another troll. go play in the sandbox with thumper. i will try to remember not to take you seriously anymore. but it is hard for me because i am a trusting soul, and trolls find me easy to bait. |
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BooHOO |
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fair enough your own words label you a troll. but if you do not care how you are perceived, that is your look out. for me, i am disappointed, not angry any more. |
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