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Mitt Romney Releases Tax Return for 2011, Showing He Paid 14.1 Percent Tax Rate
Washington Post ^ | September 21, 2012 | Philip Rucker and Jia Lynn Yang,

Posted on 09/21/2012 4:52:26 PM PDT by lbryce

Republican presidential nominee Mitt Romney earned $13.69 million in 2011, mostly income from his investments, and paid $1.9 million in taxes for an effective tax rate of 14.1 percent, his campaign announced Friday.

Following months of political pressure on him to reveal more information about his large personal fortune, Romney released his 2011 tax returns Friday afternoon, as well as a summary of his effective tax rates dating back to 1990.

Romney earned $6.8 million from capital gains and another $3.6 million in interest, according to his tax return. None of his income came from wages, the primary source of income for most Americans. Capital gains are taxed at a substantially lower rate than wages and salaries for high-earners.

Romney earned about $190,000 in author and speaking fees, as well as $260,390 for sitting on the board of Marriott International, according to the tax return.

Romney and his wife, Ann, donated $4.02 million to charity in 2011, nearly 30 percent of their income, helping to reduce their tax obligation, the campaign said.

The Romneys only claimed a tax deduction for $2.25 million of those charitable contributions to engineer a higher tax rate than they otherwise would have paid. This move was to “conform” to the candidate’s statement in August that he paid a federal income tax rate of at least 13 percent of his income in each of the last 10 years, R. Bradford Malt, Romney’s trustee, said in a statement released by the campaign.

At a Republican presidential debate in January, on the same night he released his 2010 tax returns, Romney scoffed at the notion that he would pay more taxes than he is legally required.

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Extended News; Government; News/Current Events
KEYWORDS: 2012election; election2012; kenyanbornmuzzie; mittromney; romney; romneytaxes; taxreturns
My take on the release of his tax returns, the tax rate he paid, from the perspective of most Americans is one that impacts on his electability to a negative, slightly negative degree.
1 posted on 09/21/2012 4:52:31 PM PDT by lbryce
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To: lbryce

i think the fact the criminal liberal media is forced to report he voluntarily gave 30% of his income to charity, and only wrote of 50% of the $4million, could be a winner...


2 posted on 09/21/2012 4:54:24 PM PDT by God luvs America (63.5 million pay no income tax and vote for DemoKrats...)
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To: lbryce
Interesting take. What could he have possible done that would have impressed you.
3 posted on 09/21/2012 5:00:34 PM PDT by JIM O
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To: God luvs America

Harry Reid proven to lie part of this story?

Actually saw an ABC report saying Romney paid extra taxes for “political reasons.”


4 posted on 09/21/2012 5:00:50 PM PDT by TigerClaws
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To: lbryce

His tax rate is so low becuase he gave so much to charity. Contrast the Dems who talk big about giving away other people’s money and give so little of it out of their own pockets.


5 posted on 09/21/2012 5:20:22 PM PDT by laconic
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To: lbryce

The media is now trying to downplay this and also trying to change the subject.


6 posted on 09/21/2012 5:21:24 PM PDT by Banjoguy (The U.S. population are now the slaves of all taxing bodies in the country.)
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To: lbryce

If you add his government tax to his charitable donations, he’s directed a lot of money to places other than his own pockets. Adding the two numbers to get to 30% overall, is a rather high tax—many well-off people pay marginal rates this high, but not overall rates this high.

Should Romney be dissed for deciding to arrange his affairs so he decides how his charitable money is directed rather than the government? I think he should be congratulated—first for his cleverness in using the tax laws to minimize what goes to the US government, and second, for his generosity and for his selective giving to causes he favors and whose efficiency he can gauge.


7 posted on 09/21/2012 5:26:17 PM PDT by Pearls Before Swine
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To: laconic
EXACTLY RIGHT - (re charity) and this is Mitt's proverbial "Ace in the hole" which he and will use to his benefit at the most strategic time - probably when he gets confronted about this low rate during the first debate.

The most fair comparison is to calculate and adjusted rate Tax Paid divided by (AGI - Charitable Deductions). This, I'm sure, would result in a rate that would not only result in a much more favorable comparisons to others, but would also be a way for Romney to draw attention to his generous charitable giving without sounding like he was bragging about this.
8 posted on 09/21/2012 5:33:09 PM PDT by zencycler
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To: laconic
His tax rate is so low becuase(sic) he gave so much to charity.

Only in part. Romney derives most of his income from dividends and capital gains - just like Warren Buffet - which are taxed at a much lower rate than regular income - a weekly paycheck - which is the way it should be. One could argue that dividends and capital gains shouldn't be taxed at all since the original capital was already taxed.

9 posted on 09/21/2012 5:37:14 PM PDT by A.A. Cunningham (Barry Soetoro is a Kenyan communist)
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To: lbryce; SunkenCiv; smoothsailing; Just A Nobody; theothercheek; jazminerose; Red Steel; AJFavish; ..
When the 'Rats were in Romney's face a few months ago demanding that he release his tax returns, hinting that there had to be something in them he was hiding, it didn't take a rocket scientist to figure out that there was nothing shady in them.

You can bet that if there was anything in the returns even remotely suspicious of impropriety, the Obama IRS would have him audited as quickly as you could say "Mitt," and the details of the audit would have been leaked (illegally) to their MSM pals. That's just "politics as usual" in the current Regime, part of their SOP.

10 posted on 09/21/2012 5:37:28 PM PDT by justiceseeker93
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To: lbryce
from the perspective of most Americans

who are economic illiterates and most likely have their taxes prepared by someone sitting in a kiosk at Wal-Mart.

11 posted on 09/21/2012 5:39:23 PM PDT by A.A. Cunningham (Barry Soetoro is a Kenyan communist)
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To: A.A. Cunningham

Precisely. I am glad you wrote that.....now I don’t have to. :-)


12 posted on 09/21/2012 5:45:12 PM PDT by Puppage (You may disagree with what I have to say, but I shall defend to your death my right to say it)
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To: lbryce

I would say that about 70% of the working public in the US pay a lower rate. Maybe more than 70%.


13 posted on 09/21/2012 5:49:23 PM PDT by meyer (It's 1860 all over again - the taxpayer is the new "N" word)
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To: lbryce

Romney should have paid hardly any tax.

It is sickening that the government can tax ANYTHING that has been purchased with money or labor that has already been taxed. There should be zero capital gains tax. Hell, there should be no income tax period! Just a flat tax that everyone pays or a national sales tax.

We are doomed anyway:

http://www.youtube.com/watch?v=jboTeS9Okak


14 posted on 09/21/2012 5:50:13 PM PDT by isthisnickcool (Sharia? No thanks!)
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To: lbryce
My take on the release of his tax returns, the tax rate he paid, from the perspective of most Americans is one that impacts on his electability to a negative, slightly negative degree

My take on your post is that you number yourself among those who really aren't paying attention.

15 posted on 09/21/2012 5:50:31 PM PDT by tx_eggman (Liberalism is only possible in that moment when a man chooses Barabas over Christ.)
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To: A.A. Cunningham

3.6 million in interest? WOW Banks are only paying .25 percent.


16 posted on 09/21/2012 5:54:57 PM PDT by Orange1998
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To: lbryce
I suspect anything Romney does is worrisome or of concern or troubling for you ????

Keep the phony concern to yourself !

17 posted on 09/21/2012 6:22:34 PM PDT by ncalburt (NO MORE WIMPS need to apply to fight the Soros Funded Puppet !H)
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To: ncalburt

BINGO


18 posted on 09/21/2012 6:30:58 PM PDT by maine-iac7 (Christian is as Christian does....)
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To: JIM O
from the perspective of most Americans

My own feelings about Romney's tax return is that what he paid, what he did was done exactly as he should have, exactly the I way would and exactly the way I would hope he would run the country.

I knew my comments would be misinterpreted, get some snarky remark from some political unsophisticate in knee-jerk, pavlovian reaction, ready to pounce without thinking, putting any thought into it, only reacting. I said from the perspective of most Americans the amount Romney paid, being a billionaire and all, being envious of him, most Americans want billionaires to pay up to 30% while he paid only 14%. So when compared to the populist attitude that resonates with most Americans who want to see billionaires paying a higher rate, the 30% paid by Buffet and Obama , the 14% paid by Romney would not resonate very positively, as a candidate paying only 14%, it would register among most Americans in a manner that would be considered in a negative light.

19 posted on 09/21/2012 6:31:16 PM PDT by lbryce (BHO-"Now, I am become Death, the Destroyer of Worlds" by way of Oppenheimer at Trinity, NM)
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To: A.A. Cunningham
EXACTLY MY POINT! Thank You!
20 posted on 09/21/2012 6:34:41 PM PDT by lbryce (BHO-"Now, I am become Death, the Destroyer of Worlds" by way of Oppenheimer at Trinity, NM)
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To: lbryce

I have one question about Romney’s taxes.

Did he commit any crimes? No? End of discussion. If people do not like it, then hire politicians who will change it.

You get what you pay for. Or in the case of the 47%, you get what someone else pays for.


21 posted on 09/21/2012 6:36:22 PM PDT by EQAndyBuzz
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To: Orange1998

I get 3.5% on a fixed income 401K account and I don’t have anywhere near the money Romney has.


22 posted on 09/21/2012 6:36:32 PM PDT by jwalsh07 (.)
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To: jwalsh07

Consider yourself lucky.


23 posted on 09/21/2012 7:06:15 PM PDT by Orange1998
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To: ncalburt; maine-iac7

Please see post #19,20 Applies to the both of you as well.


24 posted on 09/21/2012 7:20:56 PM PDT by lbryce (BHO-"Now, I am become Death, the Destroyer of Worlds" by way of Oppenheimer at Trinity, NM)
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To: lbryce

If Mitt walked on water, tomorrow’s headlines would be, “Mitt Can’t Swim.”


25 posted on 09/21/2012 7:22:11 PM PDT by dfwgator (I'm voting for Ryan and that other guy.)
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To: lbryce
My take on the release of his tax returns, the tax rate he paid, from the perspective of most Americans is one that impacts on his electability to a negative, slightly negative degree.

That's been true of everything this campaign has done. They're making it too easy for the Obama camp and inviting the possibility, however slim, that they might actually lose against Obama in this economy.

26 posted on 09/21/2012 7:26:17 PM PDT by Kleon
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To: tx_eggman

Post #19, 20 applying to you emphatically shows that you are the one not paying attention or are just merely incapable.


27 posted on 09/21/2012 7:40:51 PM PDT by lbryce (BHO-"Now, I am become Death, the Destroyer of Worlds" by way of Oppenheimer at Trinity, NM)
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To: Orange1998
3.6 million in interest? WOW Banks are only paying .25 percent.

30 year corporate bonds were yielding in the 5% range. If interest rates spike though, bond investors lose money should they decide to sell, because interest rate hikes result in lower bond prices.

28 posted on 09/21/2012 8:52:22 PM PDT by Zhang Fei (Let us pray that peace be now restored to the world and that God will preserve it always.)
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To: justiceseeker93

Indeed. Thanks for sharing your insights, dear justiceseeker93!


29 posted on 09/21/2012 9:33:30 PM PDT by Alamo-Girl
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To: isthisnickcool

About the already been taxed thing, I don’t feel people fully understand the double tax laid on corporate profits. They tax it through the VAT the second before it gets into your hands, then through capital gains the second it falls in your hands. But somehow you’re said only to be paying the second part, and it is scandalously low to the ignorant (and tamely scandalous to Warren Buffet). The VAT tax generally lowers income for the righteous working man, too, less directly by removing the impetus for production. But upon capital gains it works directly, and the imps in Washington with all their wheels and pullies and gears within gears do so love our ignorance.


30 posted on 09/21/2012 9:34:57 PM PDT by Tublecane
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To: A.A. Cunningham

“the original capital was already taxed”

True, and so was the profit, through the national VAT tax known as the corporate tax. Then it is taxed as “unearned income” (because surely minimum wage employees earn their keep whereas Romney loafed around all hus life/s). Then, of all the unmitigated gall, they tax it again when you die. Plus probably several times inbetween. As many times as they can get away with, and they can get away with it all.


31 posted on 09/21/2012 9:39:11 PM PDT by Tublecane
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To: lbryce

Apparently I’m supposed to be more angry about what Romney does with his money than what Obama does with mine.


32 posted on 09/22/2012 8:03:42 AM PDT by 2ndDivisionVet (You cannot invade the mainland United States. There would be a rifle behind every blade of grass.)
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To: lbryce; ncalburt; maine-iac7
Post #19, 20 applying to you emphatically shows that you are the one not paying attention or are just merely incapable.

You mean the post where you said:

I said from the perspective of most Americans

OK, I'll grant you that ... you did say most Americans. What I won't grant you is that you're actually paying attention ... as is evidenced by the very next words from that post ...

the amount Romney paid, being a billionaire and all

Mitt Romney, while being a very successful businessman, isn't anywhere near to being billionaire - although that's how Bambi and the MSM characterize him with their non-stop demonization of Billionaires and Millionaires. His net worth is in the neighborhood of $200 million - that's with an M, not a B.

So, Bryce, whether you like or not, I'll still be counting you among those I don't think are really paying attention.

33 posted on 09/22/2012 9:39:41 PM PDT by tx_eggman (Liberalism is only possible in that moment when a man chooses Barabas over Christ.)
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To: justiceseeker93

” You can bet that if there was anything in the returns even remotely suspicious of impropriety, the Obama IRS would have him audited as quickly as you could say “Mitt,” and the details of the audit would have been leaked (illegally) to their MSM pals. That’s just “politics as usual” in the current Regime, part of their SOP. “

When you can’t run on your record, toss innuendo to the leftist press.


34 posted on 09/24/2012 7:48:29 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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