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Posted on 01/23/2012 9:51:35 PM PST by CaptainK
Reuters) - Republican presidential candidate Mitt Romney released tax records on Tuesday indicating he will pay $6.2 million in taxes on a total of $42.5 million in income over the years 2010 and 2011.
Bowing to increasing political pressure to provide more detail about his vast wealth, the former private equity executive released tax returns indicating he and his wife, Ann, paid an effective tax rate of 13.9 percent in 2010. They expect to pay a 15.4 percent rate when they file their returns for 2011.
Romney's tax rate is below that of most wage-earning Americans because most of his income, as outlined in more than 500 pages of tax documents, flows
Under the U.S. tax code, capital gains are taxed at 15 percent, compared with a top tax rate of 35 percent for wage earners.
(Excerpt) Read more at reuters.com ...
I hope releasing his tax returns starts the ball rolling on a full fledged overhaul of our grossly unfair tax system.
Turn out the lights, the party’s over.... -:)
oh. my. gosh.
Any additional Planned Parenthood donations listed?
Ah yes... the TAX system is corrupt and favors those that make all the money and can buy their Representatives. What’s new there?
Our whole government system has been corrupt for ages...
What we now need is to quit blaming those running for office and get on with correcting the system.
And NO, Romney is not the one to do that... Has anyone been noticing the corruption within our system of elections?
It seems that either the Media or the establishment Republicans seems to elect our representatives. It seems high time to ignore the Republican know-it-all folks and the Media and think for ourselves.
Yes, Romney was a recipient of monies from his job. Isn’t that the idea of capitalism? I’m have absolutely NO doubt that Gingrich did the same! So what is the problem here?
The major problem is that we are following the MEDIA and the Establishment Republicans instead of following our own decisions. I’m NOT taking sides as such, but for goodness sakes, leave the Media and especially the DC Establishment Republicans out of the equation when you make your election decisions.
What is the difference between going to work everyday to manage and research your investments and going to work everyday to manage and research for your business or job?
I'm trying to figure out why only 15% on the former and 35% on the later.
How about a flat tax no matter what your income source and no deductions and under a certain income and there is no income tax payable?
Romney’s tax bill will overshadow the 1.6 million Newt consulting contract. Too, Gingrich paid “income tax” on his earned income and Romney paid “capital gains” on is dividend and interest money. Smart of Gingrich to make the contrast.
Waving both hands in the air wildly and yelling, I agree, I agree with you.
I completely agree. The only fair tax would be a sales tax in which all pay tax based on their consumption. A flat tax would even be a better alternative to what we have. This kind of reform would widen the tax net and bring in the 48 percent that do not currently pay tax and not concentrate the burden on the w2 wage earners who do not have trusts, investment properties and off shore accounts to minimize their taxable income.
Hopefully Romney’s TR will illustrate the unfairness of the current tax code that picks winners and losers in our current system. We need a complete overhaul.
More taxes on capital gains! Did I accidentally log into an OWS website? Why is everybody channeling Elizabeth Warren?
Closer to 6.4 million in taxes
How do I get 13.9%?
We all want lower taxes, but this guy is obviously fudging the numbers for public consumption.
13.9% averaged with and “estimated” 15.4%?
Capital gains and dividend are taxed at a lower rate to encourage investments, which creates jobs. Newt wants to lower the tax from 15% to 0 for that reason.
Romney paid $6.2 million in income taxes (capital gains) and gave $7 million to his church.
OK then. Lets tax profit on home sales at the marginal income tax rate. I didn’t think so. Once it hits closer to home maybe people will start to shy away from taxing capital gains.
Okay, Okay...put your hands down! No sense in making a nuisance of yourself...heh. Thank you for that - made me actually laugh a bit...ha.
REMEMBER...folks....Capital Gains have already been TAXED PRIOR to the 15% tax....at the time the money was EARNED and then invested.....
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