Romney releases tax return details

[brotherplanet]

Romney releases tax return details

By Anna Fifield in Washington and Richard McGregor in Woodbridge, Virginia
UNITED STATES, Indianapolis :


US Republican presidential candidate Mitt Romney speaks at the American Legion 94th national convention in Indianapois, Indiana, on August 29, 2012. Romney lies neck-and-neck with Obama in national polls 10 weeks before an election that should be his for the taking, given the sour economy and an unemployment rate that is lingering stubbornly above eight percent.

Mitt Romney has released details of 20 years’ worth of tax payments in an effort to rebut claims of secrecy over his personal income and steady his stuttering presidential bid after weeks of campaign mishaps.

The Republican presidential candidate also released his full tax return for 2011, which showed that he voluntarily paid more tax than required by reducing allowable deductions for charitable contributions.

The document drop came at the end of a week that also started with drama for the Republican challenger, who is slipping behind Barack Obama in the race for the White House.

Mr Romney was thrown off course on Monday by a leaked video showing him criticising poorer Americans as “victims”, while on Friday his wife’s campaign aeroplane was forced to make an emergency landing in Colorado after its cabin filled with smoke.

Mr Romney had previously refused to go beyond his promise to release two years of full tax returns, a limit which Mr Obama had used to portray him as rich and out of touch.

The Republican’s 2011 tax return showed that the candidate – and his wife, Ann – paid $1.9m in taxes on $13.7m in income, derived mostly from investments. That put their effective tax rate at 14.1 per cent, according to a blog post by Brad Malt, the trustee who manages Mr Romney’s wealth.

The Romneys donated $4m to charity last year, nearly 30 per cent of their income but claimed a tax deduction for only $2.25m of this, pushing the candidate’s effective tax rate higher. While I don't think he would be a good president I have to give him props for this.

“The Romneys’ generous charitable donations in 2011 would have significantly reduced their tax obligation for the year,” Mr Malt wrote.

Under questioning about his taxes this year, Mr Romney had said he would not be qualified to be president if he paid more taxes than were required.

“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,” he told ABC News in July.

Mr Romney pays a relatively low rate because most of his income comes in the form of dividends and capital gains, which are taxed at a lower rate then ordinary income.

After intense pressure from Democrats, the campaign also released a letter from PwC, the professional services firm, covering the Romneys’ tax filings from 1990 to 2009 and backing up the candidate’s claim on the campaign trail that he had never paid less than 13 per cent in tax. It said the Romneys’ average annual effective federal tax rate was 20.2 per cent over the 20-year period, with the lowest rate being 13.66 per cent.


http://www.ft.com/intl/cms/s/0/8fc4288e ... z27CUvET67


Reid avoids prior claims, blasts Romney's 'accounting wizards'
http://politicalticker.blogs.cnn.com/20 ... g-wizards/

[DEATH ROW JOE]

The Romneys donated $4m to charity last year, nearly 30 per cent of their income but claimed a tax deduction for only $2.25m of this, pushing the candidate’s effective tax rate higher. While I don't think he would be a good president I have to give him props for this.

In July 2012, Mitt said anyone who pays more taxes than they owe is unqualified to be president. In August 2012, Mitt said he never paid a lower effective tax rate than 13%. Yesterday, he released his tax returns and he avoided paying a lower effective rate than 13% by taking a smaller charitable deduction than he was allowed. He was allowed 4 million, he took 2.25. With a 4 million charitable deduction, his effective tax rate is 10.5%. With a 2.25 million, his effective tax rate is 14.1%

July 29: He does not know his effective tax rate but he would be unqualified for president if he paid more than legally required.

Aug 17: He checked and he's never paid less than 13%

Sept 21: He paid more than required to avoid paying less than 13%

====================
July 29th, 2012
====================
Transcript: ABC News' David Muir Interviews Mitt Romney
http://abcnews.go.com/Politics/transcri ... F2Kma6W2mR

Muir: Can we clear this up by asking a simple yes or no question? Was there ever any year when you paid lower than 13.9%?

Romney: I haven't calculated that. I'm happy to go back and look but my view is I've paid all the taxes required by law. From time to time I've been audited as happens I think to other citizens as well and the accounting firm which prepares y taxes has done a very thorough and complete job pay taxes as legally due. 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. I'd think people would want me to follow the law and pay only what the tax code requires.

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August 17, 2012 10:29 AM
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Romney: I never paid less than 13 percent in taxes
http://www.cbsnews.com/8301-503544_162- ... in-taxes-/

"I did go back and look at my taxes, and over the past 10 years I never paid less than 13 percent," Romney told reporters at the Greenville-Spartanburg International airport in South Carolina. "I think the most recent year is 13.6 or something like that. So I paid taxes every single year."

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Sat Sep 22, 2012 5:14am IST
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Romney skipped full write-off for charitable giving in 2011
http://in.reuters.com/article/2012/09/2 ... DG20120921
"Kautter estimated that if Romney had taken the full charitable tax break, his effective tax rate would have been about 10.5 percent. The return showed Romney paid an effective rate of 14.1 percent last year."

[brotherplanet]

Dude, we already saw this in your other post. It's sort of a moot point doing it twice. It also doesn't negate the fact that he deserves props for the way he filed.

[DEATH ROW JOE]

You fucking imbecile. You obviously did not see it because if you did you would realize that he took a smaller charitable deduction for political purposes. He claimed in August that he never paid less than 13% so he was forced to keep his effective rate above 13%.

You're too financially illiterate to know this but he can simply amend his return after the election and take the full charitable deduction. You can be sure he will amend his return since it will make him an easy 500K.

So go ahead and give him "props" dude. Stupid fuck.

Amended Returns
Generally, to claim a refund, Form 1040X must be filed within 3 years from the date of your original return or within 2 years from the date you paid the tax, whichever is later.

http://www.irs.gov/taxtopics/tc308.html

[tylamonroe]

You fucking imbecile. You obviously did not see it because if you did you would realize that he took a smaller charitable deduction for political purposes. He claimed in August that he never paid less than 13% so he was forced to keep his effective rate above 13%.

You're too financially illiterate to know this but he can simply amend his return after the election and take the full charitable deduction. You can be sure he will amend his return since it will make him an easy 500K.

So go ahead and give him "props" dude. Stupid fuck.

Amended Returns
Generally, to claim a refund, Form 1040X must be filed within 3 years from the date of your original return or within 2 years from the date you paid the tax, whichever is later.

http://www.irs.gov/taxtopics/tc308.html

You mad, bro?

[FullMetalWhackit]

I had heard that Harry Reid had heard that Romney hadn't paid any taxes in 10 years.

[brotherplanet]

Joey,

You're a very sad and angry man.

Your blind loyalty to one political party that screws you while despising another political party that screws you is also quite sad. If only you could harness your enraged hate beyond a message board and perhaps redirect that seemingly unlimited wasted energy towards something positive you could cure cancer or figure out a way to break the speed of light.

Unfortunately, it's all twisted, and most unfortunately, accomplishes little to nothing.

[tylamonroe]

Joey,

You're a very sad and angry man.

Your blind loyalty to one political party that screws you while despising another political party that screws you is also quite sad. If only you could harness your enraged hate beyond a message board and perhaps redirect that seemingly unlimited wasted energy towards something positive you could cure cancer or figure out a way to break the speed of light.

Unfortunately, it's all twisted, and most unfortunately, accomplishes little to nothing.

Bullshit. He's the cutest blonde at the TOP of the pyramid! GO LIBERALS!!!!

Charts and Farts He's got it all! Team Romney gonna fucking fall!!!!!!!

[DEATH ROW JOE]

Your blind loyalty to one political party that screws you while despising another political party that screws you is also quite sad. If only you could harness your enraged hate beyond a message board and perhaps redirect that seemingly unlimited wasted energy towards something positive you could cure cancer or figure out a way to break the speed of light.

LMFAO, you delusional child. Sounds like you sit around fantasizing about me. Too bad for you it's all fantasy. You can start with the claim that I'm blindly loyal to one political party. Fact is I've voted Republican more often than Democrat over the years. The rest of the rubbish you spewed is equally as inaccurate. No real need to address it.

I had heard that Harry Reid had heard that Romney hadn't paid any taxes in 10 years.

Harry Reid did hear that. His 10 year window did not include 2011 since Romney had already released 2010 when Reid made that claim. Given Romney's refusal to release his tax returns in years prior to 2010, it's not unlikely that Mitt had zero tax liability for several years if not all the years following the dot com bust. About 6- 7% of wealthy households paid an effective tax rate between 0 and 10% between 2001 and 2009. Someone in Romney's position can borrow from themselves and pay no taxes. Only when they pay the loan back will they recognize the tax.

top 400 - look at page 12
http://www.irs.gov/file_source/pub/irs- ... top400.pdf

[brotherplanet]

joey, no one who reacts like you isn't a bitter, angry person. At least you finally stopped following me around to other threads. Your fingers must be tired.

So, who asked you if you were mad on this thread? Not me. Hmmm.... Other people notice.

[DEATH ROW JOE]

joey, no one who reacts like you isn't a bitter, angry person. At least you finally stopped following me around to other threads. Your fingers must be tired.

So, who asked you if you were mad on this thread? Not me. Hmmm.... Other people notice.

Nobody followed your silly ass around you delusional child.

Your problem is that you're new to this board. I've been posting here since 1999. My posting style had been the same all that time.

You don't even know me dumb ass. Stop fantasizing about me for your own sake.

[Danzig in the Dark]

joey, no one who reacts like you isn't a bitter, angry person. At least you finally stopped following me around to other threads. Your fingers must be tired.

So, who asked you if you were mad on this thread? Not me. Hmmm.... Other people notice.

Other people, like this assclown?

I think the most butt hurt thing I ever threatened was to start killing everyone with an Obama sticker on their car. Not anything crazy like moving.

Good thing he's not doing anything crazy, right?

[tylamonroe]

127 and countng. I go after the ones that don't get sarcasm first. Your days are numberd Joey.

Wanna see my necklace? It's made of ears that can only hear MSNBC.

Bwahhaaaaaa!!!!!!