Romney Releases Tax Returns...

In 2011, the Romneys donated $4,020,772 to charity, which was 30% of their income. The Romneys also paid $1,935,708 in taxes on $13,696,951 in income, which is an effective 2011 tax rate of 14.1%. In total, they gave 44.1% of their income to others.

In 2011, the Obamas paid $162,000 in income tax in 2011. They donated $172,000 to charity. Their effective tax rate was 20.5% and they gave roughly 22% of their income to charity, which means the Obamas gave about 42.% of their income to others.

Tax Returns: Romneys Gave More than Obamas

What would the tax "rates" be without the charity donations ?

......Additionally, the Romney campaign is releasing a summary of 20 years of taxes, between 1990-2009, detailing their tax expenditures during those years:


* In each year during the entire 20-year period, the Romneys owed both state and federal income taxes.

* Over the entire 20-year period, the average annual effective federal tax rate was 20.20%.

* Over the entire 20-year period, the lowest annual effective federal personal tax rate was 13.66%.

* Over the entire 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income.

* Over the entire 20-year period, the total federal and state taxes owed plus the total charitable donations deducted represented 38.49% of total AGI.

The source also has some pdf's of the returns.

Weekly Standard article

Are we happy now ?

Originally posted by RancorXXX
This has to be a joke... Romney's tax records in question are from prior to 2009, when he is accused of using spurious tax loopholes and blocker corporations in the Cayman Islands to get away with paying an effective tax rate of 0%.

I don't think we will ever see those tax returns. Likely the information is so damning that he would lose the election if they are released.

So enjoy the pony show with the 2011 tax return that is meant to distract us from those older returns.

Originally posted by xuenchen

Are we happy now ?

No, not at all. A summary is not a legal document like a tax return. A summary could still be hiding questionable activity. The dirt or lack of is in the details missing from the summary.

reply to post by xuenchen


it's hard to determine the tax rates without seeing the tax returns. For starters, Romney probably has a lot of long term capital gains that are taxed at a lower rate than the ordinary income tax rate.


It's important to note that the reporters aren't giving you detailed information on the actual taxes or the expenses, other than the charity.

Romney, for example, has 13 million in income but some of that could be income earned, and taxed, from overseas activity (investments). So, let's say he has 10 million in foreign income that is taxed by that country and, for argument's sake, let's say that the foreign country has a 30% tax. So he pays 3 million to the foreign goverment and he gets a tax credit for the 3 million here. Now, let's say that the income he was taxed on was all long term capital gains rate income. So the tax here, on ten million, at 15%, would be 1.5 million. He gets credit for the 3 million paid, up to but not more than, the taxes he owes here. So, on the ten million, he'd pay no tax because it was already paid elsewhere and the US government has a tax treaty with the other nation so that Romney doesn't get double taxed.

The reporters now tell you Romney made ten million dollars and paid no tax, the people grab their pitchforks and go berserk when, in reality, Romney paid plenty.

This was not based on my seeing the tax returns and there's always the possibility that he doesn't have foreign tax credits or other tax credits that would reduce his total tax bill but it's something that the reporters don't tell you that helps paint the picture they are looking to paint.


Until I see the returns, I don't care what's reported about them. They're meaningless. You can't judge the numbers without seeing them and understanding them. Much like you wouldn't look at someone's surgically repaired knee and discuss how the doctor screwed up the joint by looking at the scar, you can't judge a guy's tax returns just be hearing he made X, paid Y and donated Z.

Actually, I take that back. The income and donation numbers show that both men give a healthy portion of their income to charity but I'd be curious to see how generous they were before they had their eyes on the white house.

Romney is damned if he does and damned if he don't so no sense talking about him.

does this include all the hidden over seas money ?

lol

Obama could care less if Romney shows his old tax reforms. The damage has already been done. Many already believe Romney is hiding something and a summary from his own people isn't going to clear that up.

Obama wins again.

He has everybody focused on tax returns and other issues instead of the economy.

Guess Obama isn't as dumb as some of you think.

a quick glance at the returns:


1. $ 2.2 million of his dividends are qualified which means they're taxed at 15%
2. long term capital gains, also 15% tax rate - $6,800,000

that's 9 million of his income that's taxed at a lower rate. Now take his deductions, which include over $1,000,000 in taxed paid to the state, along with his donations, real estate taxes and investment interest and you're looking at a taxable income that is less than the 9 million above.


thus, he pays a lower rate.

it's not shenanigans or anything shady or loop hole happy. it's normal for a wealthy guy who's got everything stashed in trusts and investments.

Remember this?

Reid on Romney deciding to release 2011 returns: "He's hiding something. He's hiding something! It is so evident he's hiding something!"

"This might not be true, but some Bain investor who I won’t name told me Romney didn’t pay income taxes for 10 years"
Harry Reid

Harry, "he's hiding something, he's hiding something," Reid.

See, get the lie out there first because the truth will never make prime time.

hotair.com... or-10-years/

How you guys can fall for the same old spiel, day after day, year after year is beyond me.

reply to post by randomname


Wow he paid 2 million in taxes in one year. That's more than you will pay your entire life he must be a true patriot!!

Word has it that Romney actually paid MORE taxes in 2011 then he was required to pay. He didn't claim about $500,000 of charitable contributions. Had he actually taken all of his legal deductions his tax rate would have been around 10%. And in an ABC interview given when the issue first came up he said that he never paid MORE than his legally required tax liabilities and if he did he 'wouldn't be qualified to be President'. Right from the horse's mouth.

ABC News

yea, yea, yea... media bias... liberal-lefty tax analysts... Obama [fill in your favorite anti Obama rant here]

Originally posted by paxnatus
reply to post by LeatherNLace

 

Are you talking about the birth certificate that was proved fraudulent?

It was? Who examined it, and which court was it declared fraudulent in?

How about his college transcripts?

How about them? They are in the same place as all previous presidents college transcripts.

So he paid 1.9 million for the same crappy roads, lame police, sub standard public education, slow mail service, and lazy govt workers? Sounds like he got the short end, I paid significantly less.

reply to post by navy_vet_stg3


The accountant Romney pays for isn't even in the same paygrade as one I could afford....the cost of the accountant alone would offset any money I would save.

How many years worth of taxes has he released???

Uh- huh....

I'm just glad they we were at least able to see how he and his great account was able to rip the people off!

Romney is a rich elitist scum bag. I do taxes for a living, he has about 50 docs in his tax return with foreign investments, he is still getting credits for foreign taxes paid in 2008 and earlier. This guy has moved a good portion of his income offshore to avoid taxes, we know during his time at Bain, he moved jobs offshore. He has no desire to support America, he just wants to grow richer.

The tax returns are irrelevant. If anything, more proof he is a better choice than BO.....

We need a successful businessman in charge of the US, not a "community organizer".

This is class warfare at its' finest folks.

Romney is obviously, with anybody with HALF a brain, a better choice than BO.

Do they serve the same master? Maybe. But I'll take my strong hand, any day, over my weak.

Originally posted by BubbaJoe
Romney is a rich elitist scum bag. I do taxes for a living, he has about 50 docs in his tax return with foreign investments, he is still getting credits for foreign taxes paid in 2008 and earlier. This guy has moved a good portion of his income offshore to avoid taxes, we know during his time at Bain, he moved jobs offshore. He has no desire to support America, he just wants to grow richer.

I wonder why Sch B, Part III, Lines 7 - 8 (Foreign Accounts and Trusts) is "NO" ?

Romney 2011 1040

Originally posted by xuenchen

Originally posted by BubbaJoe
Romney is a rich elitist scum bag. I do taxes for a living, he has about 50 docs in his tax return with foreign investments, he is still getting credits for foreign taxes paid in 2008 and earlier. This guy has moved a good portion of his income offshore to avoid taxes, we know during his time at Bain, he moved jobs offshore. He has no desire to support America, he just wants to grow richer.

I wonder why Sch B, Part III, Lines 7 - 8 (Foreign Accounts and Trusts) is "NO" ?

Romney 2011 1040

Look deeper into the return, the thing is almost 400 pages. There is lots of foreign accounts in his blind trust, he doesn't have signing authority over them.