Skip to comments.Mitt Romney Paid More Taxes Than Required, Raising Rate to 14.1 Percent
Posted on 09/21/2012 9:57:50 PM PDT by 2ndDivisionVet
After being criticized for months over a lack of transparency when it came to his taxes, Mitt Romney has revealed his 2011 returns, which show the candidate paid $1.9 million in taxes on $13.7 million in income, an effective rate of 14.1 percent.
That figure falls in line with Romney's estimate in August that he paid "13.6 [percent] or something like that."
But Romney only reached the 14.1 percent mark by limiting deductions taken from his considerable charitable giving. Had the Romneys taken all of the deductions made available by their $4.02 million in 2011 donations, his effective tax rate could have been as low as 10.4 percent.
By not using all the available deductions, he paid an additional $500,000 to the federal government....
(Excerpt) Read more at abcnews.go.com ...
how much was already taxed when he paid taxes on it?
So he’s a bad guy for... paying too much in taxes?
Heads they win; tails he loses.
Typical MSM spin.
I'll bet there's a huge difference in the type of charities that the Romneys give to and the Obamas. Shhhhhh...the Dems probably don't want us to notice that.
Better than 90% of it was taxed twice. It was mostly capital gains taxes.
He not Joe Biden that's for sure
Harry lets see your taxes?
OK I will bite. How does it imply he paid taxes twice. You invest say 1 million and sell later for 1.5 million. Only the 500K is taxes as capital gains.
A lot of people dont realize that Mitt Romneys father didnt really help him get started in business and that when he passed away Mitt was already successful and gave the inheritence to his church.
Ask Ingtar, he answered my question after all. ;)
Somewhere back on page 26 of the food section of the paper there will be a retraction saying that charitable deductions are limited based on type of income and that carry forwards may be required for up to 5 years (I think that is correct) after which, if said carry forwards are not used they are lost.
Wanna bet the correction will never be remembered by anyone?
Exactly. This is the reaction from libturds on the comment section of these news stories.
“So he DID pay less than 13%, but he just paid more so he wouldn’t break his promise! The cheat!”
What the hell do they want him to do? Magically change the capital gains tax rate? Liberals are so dumb, it defies belief. The way they twist their own arguments to suit any scenario is enough to warrant a punch in the face. I really want Romney to humiliate Obama in the debate. If Zero says something like, “You’re a rich guy. How do you know what Americans are going through? Your tax rate is lower than poor people, so you don’t care about them!”
“Mr. President, I gave more dollars to charity last year than you have in your entire life, so go f*** yourself.”
Can someone tell me how they know he limited his Charitable deductions?? I say it’s impossible unless they hacked some info.
It only takes about 30 pages in the IRS publication to summarize the deductions terms and conditions.
Try to read it and fry your brain.
Anybody think the tax code is too complex?
We are not free.
I pay taxes on my dividends and/or any interest on my bank assets every year...year after year after year...
Now, let’s now see the 0bamas and Mr-Romney-didnt-pay-tax-for-10-yrs-Reid fare in their respective tax returns.
I must be missing something here. Capital Gains is the profit you made on the investment, it is taxed once. The basis of the investment is not taxed again. Tell me how 90% taxed twice.
We know that a sizable chunk of the money from his inheritance that was shared with his siblings, was put back into the cult's University in Salt Lake city, but we have never see any other figures than that.
I don't think we know how much was inherited, nor how it was used, kept, or dispersed.
If people call your religion a cult, do you bristle?
Mormonism , Scientology, Hare Krishnas, Moonies, Children of God, are all widely recognized cults.
Islam considers you (if you're a Christian) to be a misguided Infidel who hasn't come to the realization that Mohammad is the great prophet. Atheists think you believe in fairy tales. Etc, etc.
I don’t know how far down this anti-Christian road you plan on going, but personally, I would prefer to stay on the subject of my post correcting you about Mitt Romney and his inheritance from his father, Governor George Romney.
Unless something has changed, we don’t actually know the details of that inheritance, Romney’s devotees claim that he gave it all away, but they have never shown what “it” was, nor what happened to it, except for the portion given to the Mormon owned university.
His money was taxed once when he earned it, then again when he used it to gain more money. I know. That is not strictly twice as the profit is not the same money, but the overall stifling effect can be the same.
We aren’t in religion, if you got a comment removed in religion, it wasn’t from my doing, it would have been the moderator doing it to you for some personal attack or something, I sure wasn’t addressed, but yes, you were, and please don’t drag baggage and personal anger and attacks from thread to thread.
I corrected you by pointing out that you do not know the facts of the inheritance, although you presented the supposed facts.
To quote my post to you.
“”Unless something has changed, we dont actually know the details of that inheritance, Romneys devotees claim that he gave it all away, but they have never shown what it was, nor what happened to it, except for the portion given to the Mormon owned university.””
Romney Rejects Obamas Silver Spoon Comment
Mitt Romney says he didn’t inherit money from his parents
In a Kindness Competition, Romney Wins over Obama by a Landslide http://www.americanthinker.com/2012/09/in_a_kindness_competition_romney_wins_over_obama_by_a_landslide.html#ixzz27B7oHXVy
Don’t post a bunch of links, post the quotes that give us the financial details of the inheritance and it’s dispersal.
How much was it, how was it split, do the figures given to the Mormons equal the father’s and mother’s estate?
Do you own this site?
If you can’t find the figures just say so, don’t put up smoke by posting a bunch of links to send people off on a wild goose chase, as though it is their duty to prove your claims.
Mitt was 31 years old when he got his first job. His parents supported him and his wife and family till then. It was their money and they had a right to do what they wanted with it. He did not pull himself up by his bootstraps. As far as him not inheriting from his parents I am sure like many wealthy people their estate was planned to limit their tax liability. There is nothing wrong with doing that. Mitt says he was not handed his success but he was handed the money to attain his success. But many people are given the same financial support and do not succeed.
I read on Forbes that Romney donated the entire inheritance to the Brigham Young University Marriott School of Management which now bears his father name.
it was taxed once when he earned the money (income tax) he used what he had left after taxes and invested it. Where it was taxed again when he sold said investments or it paid dividends via the capital gains tax.
The money was taxed twice.
As with most things with Mitt Romney, it is not the whole story. Romney’s parents, and there’s nothing wrong with this, bought their home and supported them. When Mitt Romney says he gave away his inheritance and that he did everything on his own... Well, it’s a lie. It’s a truth mixed with a lie. And I suspect a lot of these charity or personal stories are the same way.
I read one a week or so ago about some couple that purchased Romney’s house, which they described as a 3 bedroom, modest home with no fancy silverware or things of that nature. Blah blah blah, no nanny quarter’s or things like that. They even found a photo of Jesus in the bedroom, and whisky set aside for non-Mormon guests. One of the libs on the comments section was bleating about some other article written by the same couple that contradicted the story.
So since I hate Romney’s guts, I checked on it, and turns out it was true. The same couple in some vacation magazine were talking about the 10,000 square foot house they purchased from Mitt, complete with stunning “wood and stone work,” hand carved door knobs, which was evidently one of Romney’s vacation homes. It was basically a lodge of some sort. Didn’t have a pool though, they had to add the pool.
So why is it that there is a need to fudge the truth? Why couldn’t the couple just say, hey, nice house, normal acting guy, portrait of Jesus. But isntead they said, ‘average house, above average character”?
Because it’s all a myth. Every bit of it. Just like Obama. He’s the Republican Hope and Change candidate. Everything about him is manufactured. Everything he says about himself is either a lie, or a lie mixed with a little bit of truth. From his past, to his present, even about his future, you never get the full story with this guy. It’s always politically nuanced. Words are vague. But catch him on a lie, and he gets very specific, because the letter of his word was technically true, even if the message as a whole was deceptive.
And this is the guy you are expecting to save the country? This is the guy you turn to?
I’ve come to the horrible conclusion that Christians in this country, and non-Christians who think they are Christians, have gone around seeking political salvation over spiritual salvation. They look to the government and to our “leaders” to solve the problems with the country, but utterly ignoring the One who actually has the power to heal the country. As a result, we’ve been given over to two wicked men with the most depraved of characters, because we went to men for help before we went to God.
“You mean by mainline Christians, right?
Islam considers you (if you’re a Christian) to be a misguided Infidel who hasn’t come to the realization that Mohammad is the great prophet. Atheists think you believe in fairy tales. Etc, etc.”
Hmmm, an interesting reaction from a Veteran, as you are fond to remind me. It is so utterly relativistic I cannot fathom from what war or military training you might have learned it from. I always figured vets were concerned with hard truths, painful consequences and realistic rewards.
One thing I’ve never asked you though. Are you, yourself, actually a Christian? Do you believe you are a sinner in need of a savior? And, if so, exactly what part of that reality, not merely a faith, possesses you to defend Mormonism being called a cult by saying “Oh, atheists hate you in turn”?
Great observations. My tagline refers to our choice in presidents this year.
WTH? I was there when you were zotted! Am I losing my mind?
Enjoy Obama’s 2nd term. Your stance is so counter-intuiative that it is astounding.
“WTH? I was there when you were zotted! Am I losing my mind?”
Yes, the trick is to cover your ears, crouch low and stand on your toes with your feet touching. The bolt, in theory, just passes through you from one foot through the other. I wouldn’t recommend practicing out in a storm, though.
Goodbye, late great Free Republic.
Read here since 1995, joined 1998. Going to part-time observer 2012.
By the way, weren’t you convinced me and Ansell were the same person? From your perspective, I never actually left.
Well, since he belonged to Rev. Jeremiah Wright’s United Church of Christ congregation, he’s a “real Christian” and Gov. Mitt Romney is a Mormon cultist, so of course Mr. Obama is the favorite among that crowd.
“Well, since he belonged to Rev. Jeremiah Wrights United Church of Christ congregation, hes a real Christian and Gov. Mitt Romney is a Mormon cultist, so of course Mr. Obama is the favorite among that crowd.”
I’m pretty sure that’s nobody’s actual opinion. The real opinion is a cold, hard look at our situation. Here’s the truth: We have two, depraved, confirmed liars. We all saw the primaries. We all saw their records. We see them lie all the bloody time.
I totally get the whole “Well, at least Romney won’t ram the ship INTO the iceberg, he might just accidentally hit it.” But it’s a different animal than basically lying for the guy and pretending he is something he isn’t. And THEN you even take the time to defend Mormonism with a weird relativistic argument and accuse everybody of supporting Obama.
I say, death to the GOPe cult of personality. Better you are mad as hell than just a slave to the party machine with their party and clueless leaders. Especially when most of you guys tell us you’re going to hold Saint Romney’s feet to the fire, which you don’t actually tolerate when it is done.
How do people say “Go the f*** away up there in Chicago?”
“It was mostly capital gains taxes.”
So Romney paid 14% on an income of 13.5 million bucks. Somehow that doesn’t seem right. During my peak earning years in the 80’s and 90’s I was paying about one third of my income to Uncle Sam, and I wasn’t making near what Romney is raking in.
And I keep hearing that we need to eliminate taxes on capital gains entirely, which would reduce Romney’s tax rate down to near zero.
I remember when it was a radical idea to have a flat tax so that the rich did not pay a higher tax rate than the middle class. Now that seems they deserve to be taxed less.
Do you think obama pays more tax than the law requires him to pay?
Would you be more likely to vote for Romney for President if he overpaid his income tax because he was too stupid to hire competent tax accountants? Are you going to vote for obama because he pays a higher tax rate? Are you sure he does? If so, is he really as stupid as you are?
Not to change the subject, but I remember then Senator Obama telling a Interviewer that he wanted Capital Gains Taxes Raised to 25%. When he was informed by the Interviewer that Tax Revenue to the United States Treasury would decrease if that was done, Obama replied “it's all about fairness”.
Kind of reminds me of the Will Smith Interview in France earlier this year. After Will Smith told the French Journalist that he thought the American “Rich” should be Taxed at a much higher Rate, the Journalist told him that the “Rich” in France will be taxed at a 75% Rate.
Good old Will looked shocked and said “God Bless America”. A real principled Liberal we got there.