http://www.youtube.com/watch?feature=player_embedded&v=7OQoBxZZPqU
Posted on 01/17/2012 9:20:27 AM PST by dennisw
Romney said that his effective tax rate was about 15 percent.
“It’s probably closer to the 15 percent rate than anything,” Mr. Romney said. “Because my last 10 years, I’ve — my income comes overwhelmingly from some investments made in the past, whether ordinary income or earned annually. I got a little bit of income from my book, but I gave that all away.”
Mr. Romney added: “And then I get speaker’s fees from time to time, but not very much.”
In fact, in the most recent year, Mr. Romney made $374,327.62 in speaker’s fees, at an average of $41,592 per speech, according to his public financial disclosure reports.
The vast majority of Mr. Romney’s income this year came in the form of investment income, whether dividends or capital gains on mutual funds and retirement accounts, or his post-retirement share of profits and investment returns from Bain Capital, which would be subject to the same 15 percent tax rate.
This disclosure may fuel the continuing debate about Mr. Romney’s leadership at Bain Capital, a private equity firm. Democrats and his Republican rivals have sought to cast him as a corporate raider and, in the words of Gov. Rick Perry of Texas, a “vulture” capitalist.
In Monday night’s Republican debate, Mr. Romney was pressed about releasing his income tax returns, which he has not yet done, and he hinted that he would release them closer to April. On Tuesday, Mr. Romney again said that April’s tax season seemed to be the appropriate month for such a disclosure, and that he was following “tradition” from previous presidential races.
(Excerpt) Read more at thecaucus.blogs.nytimes.com ...
When Romney was working at Bain...was he also paying at only 15% the way the hedge fund guys do? Lots of speculation on this. That Bain partners structured their buy out deals so their tax rate is the infamous “carried interest rate” of 15% that the hedgies pay
Jug Ears and Axelrod will like this.
This is starting to look like the Watergate tapes.
1) First Nixon said there was nothing worth mentioning on them.
2) Then he gave some specifics and said you could trust him that they were accurate.
3) Then he claimed some had been inadvertently erased.
4) Then he released transcripts of the tapes that were high redacted, again saying we could trust him and that the redacted portions contained nothing of importance.
5) Finally, he released the actual tapes.
Romney seems to be up to step #2. I’m not sure he will be able to credibly claim some portion of his tax returns were erased, so the next step seems to be to release a redacted version of his tax returns.
Trickle the information out over 3 or 4 months. Really great strategy.
EAT THE RICH!!!!!
(rolling eyes)
Exactly right, it is a political battle we are going to be dealing with.
Of course most people’s tax rates are less than 15%, but most don’t know what they actually pay. They think they pay higher, and that ignorance goes a long way.
haha 15% nice country!!
My income tax rate all total is < 10%, but if you add in the rest of the taxes easily >45%.
If you are a wage earner your total Federal taxes are north of 15%. You start with over 7% (really over 14% since the so-called “employer” portion a worker pays for through lower wages) for FICA and Medicare that Romney never had to paid.
“Mr. Romney added: “And then I get speaker’s fees from time to time, but not very much.”
In fact, in the most recent year, Mr. Romney made $374,327.62 in speaker’s fees, at an average of $41,592 per speech, according to his public financial disclosure reports”
Poor thing. I guess 300 grand just doesn’t pay the bills when one is a gazillionaire.
About the same as Warren Buffet. Little earned income and much in capital gains.
Pelosi: “We have to pass the bill so you can find out what is in it”.
Romney: essentially said the same thing about his tax records. First you need to give him the nomination, then he may show America the details of what’s in it.
Both are libs and both are liars.
http://www.youtube.com/watch?feature=player_embedded&v=7OQoBxZZPqU
We want the tax returns ! We want to know what you are hiding....Obama released his, think he'll give Romney a pass during the general ?
I lived in abject poverty most of my life, and never took a penny in welfare. Through hard work, suffering and determination, I was able to prosper in what remains of the free country God has blessed us with. I make over $100k, AND CONSIDER MYSELF VERY WEALTHY as I have no needs, and few wants. I also have an effective tax rate of 16% this year. Nothing grinds the face of the working poor more than this kind of statement from folks like Romney. Those without the restraining and forgiving spirit of the Lord learn to hate enough to become communists.
$375K "Not very much"....FUMR, you are not one of the people !!!
Please note. Romney does not pay FICA! This is his rate including marginal rate.
Even when he’s defending something perfectly reasonable, he makes it sound sleazy. It can’t be good for him to call a $347,000 income “not much”. We know he is rich, but that will rub people the wrong way.
This is a stupid issue. I don’t care how much money Romney has or how much he has earned or what his tax rate is. I say whoooray he is rich.
I want more rich people not fewer rich people.
If Romney had to pay 40% in taxes he would still be rich beyond belief. I want to see the returns especially since the Won has shown his.
"...Mr. Romney said. “Because my last 10 years, I’ve — my income comes overwhelmingly from some investments made in the past, whether ordinary income or earned annually. I got a little bit of income from my book, but I gave that all away.”. Mr. Romney added: “And then I get speaker’s fees from time to time, but not very much.”
- This isn't going to cut it. I've seen reports that his 2010 average income* was over $26 Million. I have no problem with him being successful and making whatever money he wants... but for him to go up there and pass this off like he's this guy making "a little bit of income" from his book and speaker fees is ridiculous.
*(Max Net Worth + Min Net Worth) / 2 Includes Salary, Doesn't Include Deductions
I do not care how much money he has. It is not my business.
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