Romney pegs his tax rate at around 15 percent

FLORENCE, S.C. -- Mitt Romney estimated Tuesday that he pays about a 15 percent effective tax rate on his earnings, a much lower rate than many middle-class Americans pay.

Facing increasing pressure from his GOP rivals, particularly former House Speaker Newt Gingrich and Texas Gov. Rick Perry, to release his tax records, Romney seemed to commit to release some returns after having been somewhat cagey on the topic at last night's presidential debate.

If and when those records are released, Romney suggested they would show he pays about 15 percent of his earnings to the government.

firstread.msnbc.msn.com...

Not too bad, for a country with 300 million people.

In Canada, I only take home about 69% of my income.

reply to post by capone1


15%....

The "effective" tax rate for the average American (after deductions) is 20.4%

I wonder what Romney's "effective" tax rate is after his team of tax lawyers get done with the 15%?

I am sure we will never know.

What he has said he might do is release this years returns..."Might" means if the issue doesn't go away in the debates...and "this years return" means that he has the chance to mock up the return for 2011 to suit. We won't see 2010/2009...and certainly not 2008 which will show him making hundreds of Millions and paying little to no tax, while the average Joe was getting forelclosed on.

reply to post by capone1


Seems he's really desperate now? Why would he want to share this? Other than to make a last ditch effort to look like a good guy who will try to "Fix" the tax loopholes and what not. This is something he probably thinks will get him up to par with Ron Paul and he beleives he'll steal some of Paul's votes away.

And this bit of news...wow..

Jay Carney pointing out that it was Mitt Romney's father, George Romney, who started the tradition of releasing his tax returns during a presidential campaign.

United Press International reported in 1967 that "Republican president contender George W. Romney, in a move believed without precedent in American politics, Saturday made public his income tax returns for the last 12 years. Look magazine said an examination of the Michigan governor's standard "1040 forms" filed with the Internal Revenue Service since 1955 showed he made $2,972,023.58 over the period."

www.politico.com...

And this bit of news...wow..

Jay Carney pointing out that it was Mitt Romney's father, George Romney, who started the tradition of releasing his tax returns during a presidential campaign.

United Press International reported in 1967 that "Republican president contender George W. Romney, in a move believed without precedent in American politics, Saturday made public his income tax returns for the last 12 years. Look magazine said an examination of the Michigan governor's standard "1040 forms" filed with the Internal Revenue Service since 1955 showed he made $2,972,023.58 over the period."

www.politico.com...

Originally posted by ldyserenity
reply to post by capone1

 

Seems he's really desperate now? Why would he want to share this? Other than to make a last ditch effort to look like a good guy who will try to "Fix" the tax loopholes and what not. This is something he probably thinks will get him up to par with Ron Paul and he beleives he'll steal some of Paul's votes away.

edit on 17-1-2012 by ldyserenity because: spelling

I don't see how this would help Mitt?

"around %15" yea right he probably rounded up from %12.6 and had his accountants bring it down even more w smoke and mirrors! i wonder how much he pays those accountants in comparison to how much they saved him in taxes?

What are you people trying to make out of this?

The capital gains tax rate is 15%. It's not a loophole.

Most rich folks live off capital gains. Big deal.

This would be a non issue if people did their own taxes and understood capital gains. It's easy enough.

Originally posted by wookiee

The capital gains tax rate is 15%. It's not a loophole.

Most rich folks live off capital gains. Big deal.

Most Middle Class "folks" work for a living and pay 20%...That is a big deal..

More so when this particular "rich" guy spends his days denouncing how the "rich" are overtaxed.

Ron Paul would like to see 0% income tax and so would I. The current income tax is unconstitutional, the only income that should be taxed is the corporate income. Lets break it down shall we? You are taxed for the money that you earn as a worker, your corporation has to pay a payroll tax, stuff you purchase is taxed, stuff you sell is taxed. Why do they need all that tax money? Thats right, to send money overseas...

All our tax money goes right to the private Federal Reserve anyway...

What does the IRS take in a year 2.5 to 3 trillion year? How much money has the Fed loaned out to foreign banks & countries since '08?

Who knows they won't tell us...ive heard up to 30 trillion.

Think about it.

reply to post by capone1

Me either, but there is def. an agenda behind him even doing this.

Originally posted by ldyserenity
reply to post by capone1

 

Me either, but there is def. an agenda behind him even doing this.

why? because he does what hundreds of thousands of people LEGALLY do? if rp did it you'd be defending the practice.

most people here have no concept of capital gains and the tax code.

wake me when he does something illegal.