Skip to comments.Romney: I've Paid at Least 13% Taxes During Decade
Posted on 08/16/2012 1:31:01 PM PDT by RobinMasters
Mitt Romney says he's never paid less than 13 percent of his income in taxes during the past decade, the most complete explanation of his tax returns to date.
Romney told reporters Thursday in South Carolina that Democratic Senate Majority Leader Harry Reid's claim that Romney paid no taxes in some years is, quote, "totally false." Reid had claimed it was possible Romney was refusing to release more than two years of returns was because Romney didn't want to reveal that he had paid no taxes.
I did go back and look at my taxes and over the past 10 years I never paid less than 13 percent. I think the most recent year is 13.6 or something like that. So I paid taxes every single year, he told reporters Thursday.
He says he's also given generously to charity and that, including those contributions, he's given up more than 20 percent of his income each year.
Romney has released his 2010 tax return and says he'll release his 2011 return before the Nov. 6 election.
Democrats particularly Senate Majority Leader Harry Reid, D-Nev. have pounced on Romney over how much he has paid in taxes beyond the two years he released early in his campaign. Reid has been the most vocal, accusing Romney, without giving any proof, of failing to pay taxes.
Team Obama has pointed to the secrecy surrounding the taxes as evidence that he would provide a tax scheme that would benefit the wealthy, like himself, over the average American.
(Excerpt) Read more at newsmax.com ...
how does someone get away with paying (at least 13%)?
What about the AMT?
how does someone get away with paying (at least 13%)?
What about the AMT?
how does someone get away with paying (at least 13%)?
What about the AMT?
harry reid is a lowlife commie liar. nobody likes him. tell him i said so
He shouldn’t have done this. Now the calls will get louder - “well, what are you hiding, then?” I think he was past this, or at least it wasn’t on anyone’s front burner anymore. Now it will come back.
I’m not sure if the AMT applies to capital gains.
He should have said nothing except he complied with all laws, paid taxes, and gave generously to charity.
I don't blame Romney - he would be a fool to pay more than he has to (don't hate the player - hate the game).
Currently we could meet all Federal obligations with all of us paying a flat tax rate of something around 19%. While this would fund a massive bloated government well beyond the bounds envisioned by our Constitution - why do I have to pay so much MORE than that %?
Mitt’s one of them guys... been runnin’ president since he was 9 years old. Does anybody really think a guy like that doesn’t pay taxes?
He should have told Reid, 'either put up or shut up! Where is all the documentation missing from Barry - be concerned about you own side and what you 'allowed' through the cracks. What about his CT SS number? SO MUCH ammo and he's not using it! Why would that be?
The Democrats have moles inside of the IRS. I would not be suprised if parts of his tax returns or audit files are selectively leaked in late October.
My guess is that he pays more in taxes per year than most of us will pay in our entire lifetimes. I don't begrudge him his low tax rate. The real question is this - what Federal government service does he use that I don't, that he has to pay this much money?
Invest in muni bonds. No taxes. Wow, I “made” $xx,xxx and paid no taxes.
People are stupid, Dems take advantage of their stupidity. We let them.
Mitt.. QUIT TALKING ABOUT IT!! SHUT UP! Nobody relevant cares about it.
I hope there's a punch line coming, because as of this moment, this looks like a blunder.
Mitt should have never talked about his tax rate because there are so many people, like you, who do not understand why he is paying 13-15%. He has already paid income tax on all this money once, when he earned it and it was taxed as income. Now he is paying capital gains taxes of 13-15% again. So he is being double taxed. Of course you won’t hear that from the main stream news or politicians.
“Is it any surprise that the system has a thousand and one loopholes that allow a very very wealthy man like Romney to pay only 13% of his income in taxes while most of the rest of us pay more than twice that?”
Whoa there....just because you are in a certain bracket, it doesn’t mean you pay that.
I make $75k, and pay 6.6% to Federal taxes. Yes I also pay social security on all my income (unlike people who make over $105k); but, that is different, and certainly not in the mix as far as a flat tax is concerned.
I am open to the flat tax and fair tax....but please don’t get sucked in to believing the rhetoric that Romney pays less taxes than the rest of us. Maybe after my kids leave home, I get the house paid off and quit itemizing, and my income goes up 25% , I’ll get up to the 13% level. For now though, Romney pays more taxes than me.
Yep. And it doubly looks like he's hiding something because of how long it took the campaign to respond.
He's in no-man's land on this.
I believe Romney pays Capital Gains, not income taxes.
Some one please correct me if I am wrong.
Romney paid tax on his income when he earned it. He pays cap gain taxes as he earns cap gains. He pays corporate taxes before his cap gains are distributed. How much of Romneys money do you think the government deserves?
See my post #17
No kidding. This issue was dead and 0bama was on the defensive about his medicare cuts.
People who don’t have to work for a living and who earn all of their income from dividends and capital gains never have to pay more than 15% in taxes, no matter how much they earn. The higher tax rates are only for people who have to work for a living.
Why did he throw this out there? For the past week he has picked up traction and set the agenda with the Ryan pick and the MediCare discussion, and of course the Biden gaffes have been big news. Stupid of him to bring the focus back on his taxes this way.
People who have already paid taxes on the money they earned should not have to pay taxes again on the same money. The liberals always have to have their hands in somebody pocket.
Shiite! I need a new accountant. I want to pay 13% too.
Good for Mitt! He doesn't pay $1 more in taxes than is legally required.
I have over 30 years of tax prep experience. The tax code is designed for the uber wealthy to minimize their tax burden. The uber wealthy derive the majority of their income from investments, i.e. money that has already been taxed.
Has Romney broken the law in his tax affairs?
If the answer is no, there is nothing to answer for......god knows if I could find away to avoid less of my money being wasted by government I’d jump at the chance.....
only the socialists kick up a fuss about these issues.....how low the west has fallen.
How is it the “same money” if you invest $5,000 and when you sell your property you get $7,500, a capital gain of $2,500? The capital gains tax is on your GAINS, not a double tax on your initial investment.
The rationale for a lower capital gains tax that I’ve always heard is that it spurs investment which stimulates the economy. Makes sense, but does that mean doing a job that nets you a paycheck doesn’t stimulate the economy?
I’m for a flat tax on whatever income anyone makes. I don’t see the wisdom in the government socially engineering so that people who make money certain ways pay less tax and other people pay more tax. So I would lower the income tax to be the same as the capital gains tax for everybody.
I agree, he should spin it and say, “those purchases of those municipal bonds with my money made that new hospital or new school possible. I helped build that.”
Nobody ever has to pay taxes on earnings that they’ve already paid taxes on. Taxes are based only on new earnings. If your taxman has been advising you to pay taxes again on earnings or money for which you have already paid taxes, then you should fire your taxman and hire a competent one.
“The capital gains tax is on your GAINS, not a double tax on your initial investment.”
I don’t think there should be any, same for the death tax.
If I save some of my money after being taxed then invest it, save it or whatever, why the hell should they get a piece of that when I collect interest or turn a profit?
It really irritates me that I am taxed on the interest I receive from my savings acct. OR that I must claim as income the refund I received the prior year for overpayment to the state. The government sucks butt.
The initial investment has already been taxed. This way of thinking is why businesses are fleeing California and leaving behind the bottom feeders.
I’m just not in to the class envy thing either.
No background on what the 13% applies to. Romney keeps moving three steps forward and two back.
He should have just said Harry Reid is senile and drop the issue.
As orchestrated by the elite puppet masters, Romney capitulates and continues to go along with the game of distraction. Hey Romney, just do these few things; challenge obozo to produce his real birth certificate because the one he did produce is a confirmed forgery, unseal and produce all of his college records, produce the passport he used when he went to Pakistan, explain how he has a Connecticut social security number when he never lived or worked in that state and demand an answer as to why he holds a forged draft card. Because Romney will never pursue any of that and continues to play the game of distraction tag, it is easy to conclude that Romney is nothing but a straw dog candidate put up by the corrupt elites. Romeny does not deserve to get the republican nomination and the obozo needs to be behind bars.
I saw it, good post and thanks ;)
Yeah, Like the debate moderators are not going to bring it up. You newbies need to look to the big picture.
Well, it would be a mistake for you to pay more taxes than you owe for political reasons. Just pay taxes on earnings that you received during the tax year for which you are filing a return.
If, for example, you worked and received wages of 100,000 dollars in 2011, just pay taxes on that amount for the tax year 2011. Don’t pay more taxes on those 2011 earnings when you file your return for the tax year 2012.
Similarly, if you earned dividends of 200,000 dollars in 2011, just pay the 15% tax on that amount for the tax year 2012. Don’t pay more taxes on those 2011 earnings when you file your return for the tax year 2012. Same for capital gains.
You should never pay taxes more than once for the same earnings, whether they be earnings from work or earnings from investments.
Romney pays a low rate because his earned income is low and most of his taxes are paid of dividends and capital gains from investments. But the 13% or 13.9% figures are bogus, anyway, for two reasons: (1) when he was criticized for 13.9% originally by the almighyt Washington Post, they used his AGI, not his taxable income, from the 1040. Per his taxable income it was more like 17%; and (2) capital gains and dividends are taxed at the corporate level first, and so to get an idea of whatever anyone really pays on those, one should double the figure. Bottom line, Romney has paid millions and millions and millions of dollars in taxes, given just as much away in charity, and meanwhile, where is his money? Switzerland? Cayman Islands? No. Most of it is invested in American companies that, because of such investment, are creating millions of jobs.
He should have said it in DOLLARS not PERCENTAGES.
Tax free municipal bonds, capital gains, dividends, losses, charitable contributions, gifts, additional deductions, ad infinitum ...
The question you should be asking is how nearly 50% of the population pays no federal income tax at all.
Your argument falls apart, as do others here, when you try and discuss gains as new income. To treat taxing of gains on already taxed money as new money forces logic to allow a tax rebate on money already taxed that is lost.
Thus, it’s an unfair tax. I defer to Thomas Jefferson on this idea.
Your comment about only paying 15% on cap gains is incorrect. Long term cap gains are taxes at 15% where short term cap gains is taxed at the same marginal tax rate of the tax bracket you are in. sO IF YOU ARE IN THE 25% TAX BRACKET AND SELL YOUR STOCKS.....AFTER ONLY HOLDING THEM FOR LESS THAN A YEAR YOU WOULD PAY 25% TAX ON THAT SHORT TERM CAPITAL GAIN. iF YOU HELD IF FOR MORE than a year and sold it and made money your tax would be 15% as this is considered a long term cap gain. Sorry about the caps:)
You could just as easily ask why the government should get a cut of the money I earned from my labor. The answer is the same. Because as long as we have a government, the funding has to come from somewhere and it should be done as fairly as possible among the citizens.
I'd love to cut government waste and welfare and get the tax rate down to 10% or lower for everybody. But I see no reason why my salary should be taxed at a different rate from my investment income or interest. Everybody has the same motivation to earn money however they can. But if you tax one type of income less or more than another, suddenly you introduce artificial incentives and disincentives for behavior. You introduce an element of central planning into people's everyday decisions.
The fairest tax to me seems to be to have everyone contribute the same flat percentage of their income, regardless of the source of their income. I simply don't get what's fair, right or preferable about saying I don't have the right to keep all of my earnings from my labor but if I receive income from an investment or from an inheritance, then maybe I can keep all of that. Income is income. No matter where you receive it from, each dollar has the exact same value and the exact same impact on your life. That is why someone who receives a large inheritance or capital gain may not have to work at all afterwards. If they aren't taxed the same as laborers, then the burden of supporting the military, infrastructure, paying off the debt, etc., is simply shifted to the laborer and away from people who earn their money other ways. And the taxes on people collecting a paycheck will naturally have to remain higher to compensate, contributing to an unfair system of taxation.
He does not have a job. He invests his money for long term. The long term capital gains tax is 15%. After writing off charities (probably millions) he is left with a rate of 13%. That is how it works. These are laws Dingy Harry voted in.