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 ...
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.
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