Romney's Tax Return
#1
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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
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
#2
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.
#3
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.
We all know he's rich. We all know that the rich are favored in the tax code.
#4
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.
#5
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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 legally wrong.
#7
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.
#8
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Re: Romney's Tax Return
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.
#9
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.
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.
#10
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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.
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.
#11
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.
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.
#12
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.
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.
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?
#13
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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.
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.
#14
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.
#15
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Re: Romney's Tax Return
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%).
Last edited by Michael; Jan 24th 2012 at 5:22 pm.