Romney's Tax Return
 

After going through 32 of the 203 pages of Romney's 2010 federal income tax return and getting a headache, there were a few interesting things.

He had an adjusted gross income of $21.6 million.
He had a taxable income of $17.1 million.
He had itemized deductions of $4.5 million.
He had $4.9 million taxed as ordinary income (35% tax rate).
He had $3 million in charitable donations.
He paid an alternate minimum tax of $262,000.
He paid $3 million in federal income taxes.
He had an effective federal income tax rate of 13.9% including self employment tax.
He has foreign bank accounts in Switzerland.
He paid $652,000 in state income taxes.
He had an effective state income tax rate of 3.0% (probably not MA since that rate appears too low).

Now you may ask, how did he have an effective income tax rate of 13.9% but he had $4.9 million taxed at 35% which should be a tax bill of about $1.7 million leaving an effective tax rate of 10.1% or $1.3 million of taxes paid on the remainder of his $16.7 million of unearned income with a tax rate of 15%. After all, alternate minimum tax should have brought his effective tax rate above 15% with $4.9 million taxed at 35% and $16.7 million taxed at 15%.

http://mittromney.com/learn/mitt/tax-return/main

Re: Romney's Tax Return
 

Personally, I think it's wrong that he gets huge tax breaks for choosing to give money to the Mormon church. Churches should not get the same priveleges as genuine charities. Amazing racket they have going on there.

Re: Romney's Tax Return
 

Unless he's being accused of something illegal, I can't see the obsession with his tax returns. It actually reminds me of the whole Obama birth certificate nonsense.

We all know he's rich. We all know that the rich are favored in the tax code.

Re: Romney's Tax Return
 

I don't think that's true actually, you might know it and a lot of other well-informed people might know it but I think a huge amount of people on mid-to-low incomes will be surprised to see it laid out in bare facts that the super-rich pay a lower rate than they do. It will be an eye-opener for a lot of people I think, although I agree Romney himself doesn't appear to have done anything wrong.

Re: Romney's Tax Return
 

Just a slight correction.

Re: Romney's Tax Return
 

:lol: yes I used 'wrong' in this instance to mean illegal rather than immoral!

Re: Romney's Tax Return
 

Yeah but those are people that will probably vote for Gingrich and I don't like them.

:lol:

Re: Romney's Tax Return
 

Maybe if he hadn't been so coy about whether or not he would release his tax returns if he becomes president like all have done since the 1960's, it may not have been an issue.

Also people wondered if he was hiding something when he started sweating whenever questioned about his income.

It is all part of allowing people to understand why Romney wants to reduce the taxes on the rich since they pay so much. In fact, Romney should hope Gingrich gets elected so he can have a 0% effective tax rate.

Re: Romney's Tax Return
 

FACT

The NY Times has four - FOUR!! - people "live-blogging" as they read the tax returns. Calm down people - he's not Sarah Palin you know.

Mitt Romney gave more money to the Mormon church than he paid in taxes. Of course Tea Party folk will argue he only gives to one of those two. Which is a bit silly seeing as the tithe isn't optional in his church.

Re: Romney's Tax Return
 

Well it probably didn't cost him that much. Some of the donations could have been inflated accessed values to museums or churches and all of it gets to be written off against his normal income (35%) and contributions are not used when calculating AMT unlike medical expenses where you have a deduction of 7.5% and any excess will be used when calculating AMT.

Re: Romney's Tax Return
 

I agree in a sense, I'm not sure why people are obsessing over Romney. I'd rather know more about Newt's spending at Tiffany's for example.

I think the issue is when they (a very general "they") spout off about the average wage earner or the unemployed when in fact they seem to have little concept of a hard day's work or living hand to mouth.

Re: Romney's Tax Return
 

Late-breaking news: wealthy American capitalist finds ways to pay as little tax as he can.

This is a conservative virtue, is it not? And don't Republicans hates taxes on the whole, considering them an unfair burden placed on us by government?

Re: Romney's Tax Return
 

However, I agree with the republicans that small business owners are overtaxed (but I really mean small business owners and not hedge funds and private equity firms). For instance, the average small business owner pays 15.4% in self employment tax and even if he didn't pay anything in federal income tax, that is a higher federal effective tax rate than Romney paid.

Re: Romney's Tax Return
 

I really, really don't get this obsession with tax returns. Unless the man hasn't paid his taxes, in which case the IRS will be breathing down his ass, then I don't care how much these politicians make. It's really none of our damn business. :rolleyes:

Re: Romney's Tax Return
 

It certainly is our business. That is what the republicans are primarily basing everything on, reduction in taxes for the rich. For every dollar that they don't pay, the 99% will have to pay it or cuts will be made in retiree benefits. There is no free lunch.

It is what is called fairness but republicans prefer to call it class warfare.

Because of all the special tax breaks for the rich over the past 10 years, that is one of the main reasons that we have such a large national debt and eventually someone will have to pay for it (the 99%).