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Democrats, Media Get Punk'd: Romney Releases Tax Returns
Townhall.com ^ | September 21, 2012 | Guy Benson

Posted on 09/21/2012 2:29:26 PM PDT by Kaslin

It's official: The Romney campaign possesses a wicked sense of humor and an enviable degree of patience.  After months of caterwauling, breathless innuendo and baseless slander, the Democrats and their media allies are being treated to a Friday feast of piping hot crow.  The Romney campaign has released a detailed report of the the candidate's 2011 tax returns, as well as an extensive summary of the Romneys' taxes over the last two decades, prepared by analysts at PricewaterhouseCoopers.  What do these documents contain?  Brad Malt, the Romney family's trustee, summarizes the 2011 data:
 

- In 2011, the Romneys paid $1,935,708 in taxes on $13,696,951 in mostly investment income.

- The Romneys’ effective tax rate for 2011 was 14.1%.

-The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income.

-The Romneys claimed a deduction for $2.25 million of those charitable contributions. The Romneys’ generous charitable donations in 2011 would have significantly reduced their tax obligation for the year. The Romneys thus limited their deduction of charitable contributions to conform to the Governor's statement in August, based upon the January estimate of income, that he paid at least 13% in income taxes in each of the last 10 years.


In short, and as Kevin noted, Romney forked over nearly $2 million to Uncle Sam last year and donated more than $4 million to charity.  He overpaid his taxes by limiting the charitable deductions he chose to claim, which could have driven his obligations to government even lower.  Liberals are now actually complaining that Romney intentionally paid *too much* in taxes to boost his own effective rate, due to his prodigious philanthropic giving.  This line of criticism is downright hilarious. It's okay to point and laugh.  And what about the last 20 years?
 

- In each year during the entire 20-year period, the Romneys owed both state and federal income taxes.

-Over the entire 20-year period, the average annual effective federal tax rate was 20.20%.

-Over the entire 20-year period, the lowest annual effective federal personal tax rate was 13.66%.

-Over the entire 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income.

-Over the entire 20-year period, the total federal and state taxes owed plus the total charitable donations deducted represented 38.49% of total AGI.

-During the 20-year period covered by the PWC letter, Gov. and Mrs. Romney paid 100 percent of the taxes that they owed.


Let's unpack these numbers.  The Romneys owed and paid state and federal income taxes every single year stretching back to at least 1990.  Harry Reid's imaginary friend is unavailable for comment.  Their effective tax rate, on average, was over 20 pecent (nearly double the average effective rate in America, according to the non-partisan Tax Foundation).  Does this qualify as a "fair share"?  In the last two decades, the Romney's donated 13.45 percent of their adjusted gross income to charity.  This totally dwarfs the long-term giving of the Obamas and the Bidens, in case anyone in the class warfare camp is keeping score.  But remember, Mitt Romney is callously dismissive and uncaring toward poor people and the '47 percent.'  Overall, the Romney family paid every cent they owed -- and more -- forking over nearly 40 percent of their income to either the government or charitable organizations, including their church.  I've got to hand it to the Romney campaign: They played a long game here, and did so masterfully.  One of the most obnoxious and relentless arrows in Democrats' attack quiver has been the tax returns issue.  See how greedy and secretive Romney is?  Even his own father released 12 years of returns!  He's probably a tax cheat!  That's all gone now, and the whiners look petty, small, and stupid.  And Mitt Romney looks like the remarkably generous, law-abiding, productive member of society that he is.  Bravo.


UPDATE - Cross off criticism number one from this list.


UPDATE II - The Romney camp sends out this statement from former IRS Commissioner Fred Goldberg, who reviewed the Romneys' tax documents:
 

These returns reflect the complexity of our tax laws and the types of investment activity that I would anticipate for persons in their circumstances. There is no indication or suggestion of any tax-motivated or aggressive tax planning activities. In my judgment, they have fully satisfied their responsibilities as taxpayers. They have done so by relying on a highly reputable return preparer and other advisors, who have in turn relied primarily on information provided by third parties to them and to the IRS. The end result of that process has been returns that include a multitude of schedules, IRS forms and accompanying statements that provide appropriate transparency and the proper payment of taxes that Governor and Mrs. Romney owe under current law.


UPDATE III - Flashback video of the petty, clueless Senate Majority "Leader:"
 

Reid Accuses Romney of tax evasion on Senate floor

He’s refused to release his tax returns, as we know. If a person coming before this body wanted to be a cabinet officer, he couldn’t be if he did the same refusal Mitt Romney does about tax returns. So the word’s out that he hasn’t paid any taxes for ten years. Let him prove that he has paid taxes, because he hasn’t.


Oops.  Now what happens to all those Obama ads claiming that Romney "probably" pays a lower rate "than you"?


UPDATE IV - In addition to the tax information, the Romney campaign has also released medical information about both candidates, physicians' letters, and a whole heap of additional disclosures:
 

In addition to the complete 2010 and 2011 tax returns, Gov. Romney has released nine financial disclosures since 2002, which are posted on this site as well. There are 3 federal Public Financial Disclosures (from 2007, 2011, and 2012), and 6 Massachusetts Statements of Financial Interests (from 2002, 2003, 2004, 2005, 2006, and 2007). The site also includes Congressman Paul Ryan’s financial information: tax returns from 2011 and 2010 for Paul and Janna Ryan, as well as 14 federal Public Financial Disclosures covering 1999-2012.


How about a look at the Fast & Furious documents (especially now that your AG has been "vindicated") and your academic records, Mr. President?  Why so secretive?


UPDATE V - Romney's average effective tax rate over two decades is equivalent to what President Obama paid last year.  I am beyond amused by Leftists who have dreamed up two more angry gripes:  First, "This release is a distraction!"  Yesterday, they were *demanding* this release.  Second:  "This notarized document from PricewaterhouseCoopers is a fake!  They're lying!  Show us the long form tax returns, or we won't believe it."  Congrats, guys, you're the new birthers.


TOPICS: Culture/Society; Editorial; Politics/Elections
KEYWORDS: dingyharry; lamesstreammedia; rats; romney; romneytaxes; taxes
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1 posted on 09/21/2012 2:29:29 PM PDT by Kaslin
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To: Kaslin

This is awesome! Wonder how the drive-byes are going to spin it.


2 posted on 09/21/2012 2:32:06 PM PDT by demkicker (My passion for freedom is stronger than that of Democrats whose obsession is to enslave me.)
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To: Kaslin

Harry Reid is a liar.


3 posted on 09/21/2012 2:32:07 PM PDT by VRW Conspirator (We were the tea party before there was a tea party. - Jim Robinson)
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To: Kaslin
The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income.

ABC News omitted this little gem from their reports.

Oh, and FU Harry Reid, you pipsqueek piece of sh*t.

4 posted on 09/21/2012 2:33:07 PM PDT by skeeter
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To: Kaslin

Hilarious!
That Mean Old Greedy Romney! LOL


5 posted on 09/21/2012 2:33:47 PM PDT by mylife (The Roar Of The Masses Could Be Farts)
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To: Kaslin

There’s something else at play here. Nobody will convince me that Obama and his peeps didn’t already have access to Romney’s tax info when they were making their demands for him to release them.


6 posted on 09/21/2012 2:35:06 PM PDT by Joe 6-pack (Que me amat, amet et canem meum)
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To: Kaslin

I think America would be better off with more citizens like the Romney family and less citizens like the Harry Reid family


7 posted on 09/21/2012 2:37:15 PM PDT by Reddon
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To: demkicker

This is awesome! Wonder how the drive-byes are going to spin it.
+++++++++++
Are you kidding? The spin be simply: “Since he didn’t release his actual returns, he must have something to hide. We demand the release of the actual tax records”.


8 posted on 09/21/2012 2:39:47 PM PDT by InterceptPoint
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To: skeeter
Oh, and FU Harry Reid, you pipsqueek piece of sh*t.

Eloquently stated. Thank you. He's lower than a snake's belly.

9 posted on 09/21/2012 2:41:26 PM PDT by madison10
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To: Kaslin

Boom Baby


10 posted on 09/21/2012 2:43:33 PM PDT by mnehring
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To: Kaslin
Romney's average effective tax rate over two decades is equivalent to what President Obama paid last year.

Haha!!

11 posted on 09/21/2012 2:43:40 PM PDT by what's up
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To: Kaslin
It looks like Harry's imaginary friends were wrong, and I expect a full apology from the Senate floor......bazinga!
12 posted on 09/21/2012 2:43:51 PM PDT by SERKIT ("Blazing Saddles" explains it all.......)
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To: VRW Conspirator
Harry Reid is a liar.

Harry Reid is the stuff on the bottom of my shoe!

13 posted on 09/21/2012 2:45:05 PM PDT by johncatl (...governs least, governs best.)
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To: Joe 6-pack
There’s something else at play here. Nobody will convince me that Obama and his peeps didn’t already have access to Romney’s tax info when they were making their demands for him to release them.

I'm sure they did. It was probably a gamble to get the storyline out first so it is in people's minds that Romney didn't pay enough and cut off the story of how much he gave and paid too much. For many, the truth won't matter, the story has been out for for months (even becoming an SNL joke) that he doesn't pay taxes.It is all part of the game.

14 posted on 09/21/2012 2:45:49 PM PDT by mnehring
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To: demkicker

They are probably ignoring it


15 posted on 09/21/2012 2:46:01 PM PDT by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
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To: Kaslin

Curious as to why the Romney camp would release the tax return data at 3PM (eastern) on a Friday. Typically in Washington bad news is released late Friday afternoon in a news dump ... hoping the media misses it entirely, or not cover it over the weekend. By Monday, if it’s still around, it gets the old news treatment.


16 posted on 09/21/2012 2:46:06 PM PDT by BluH2o
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To: demkicker

They are probably ignoring it


17 posted on 09/21/2012 2:46:08 PM PDT by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
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To: Kaslin

Out of curisoity (and because I know I’d ask this if I were a lib, or if the subject concerned a Democrat’s tax returns)- the actuall returns, or an abstract?


18 posted on 09/21/2012 2:47:19 PM PDT by RedStateRocker (Nuke Mecca, Deport all illegals, abolish the IRS, DEA and ATF.)
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To: VRW Conspirator
He's a liberal and all liberals lie.

That is a fact

19 posted on 09/21/2012 2:47:43 PM PDT by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
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To: johncatl
Harry Reid is the stuff on the bottom of my shoe!

Ya been walking in the cattle pasture again, huh?

20 posted on 09/21/2012 2:48:28 PM PDT by The Cajun (Sarah Palin, Mark Levin......Nuff said.)
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To: skeeter
ABC News omitted this little gem from their reports.

That should not surprise anyone

21 posted on 09/21/2012 2:49:37 PM PDT by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
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To: Kaslin
Mongo just pawn in game of life.


22 posted on 09/21/2012 2:49:38 PM PDT by SparkyBass
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To: BluH2o

Maybe they are about to launch an advertising offensive.


23 posted on 09/21/2012 2:49:52 PM PDT by Hieronymus ( (It is terrible to contemplate how few politicians are hanged. --G.K. Chesterton))
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To: Reddon

You betcha


24 posted on 09/21/2012 2:50:33 PM PDT by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
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To: skeeter; All

” ABC News omitted this little gem from their reports.”

This amounts to criminal negligence.


25 posted on 09/21/2012 2:51:37 PM 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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To: demkicker

I’ll bet he was planning this for an October surprise all along. Plan: Let the liberals slober all over the place demanding my Tax returns. Then, just when they have reached a fever picth in the vitriol, release them and show that I not only paid plenty of Taxes, but gave to charity at a rate that makes Obama (and expecially Biden) look like Scrooge! Brilliant! Love it!


26 posted on 09/21/2012 2:52:21 PM PDT by JaguarXKE (If my Fluffy had a puppy, it would look like the puppy Obama ate!r)
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To: demkicker
This is awesome! Wonder how the drive-byes are going to spin it.

From favorite guilty pleasure The Family Guy..


27 posted on 09/21/2012 2:52:25 PM PDT by pburgh01
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To: Kaslin

Why do this on a Friday afternoon?


28 posted on 09/21/2012 2:52:53 PM PDT by stuck_in_new_orleans
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To: BluH2o

Who says they returned at 3pm Eastern? I drove to Fort Campbell, KY to the pharmacy at 1pm CST to pick up some medicine and Fox News was reporting it on my Sirius. I only live 5 miles from Fort Campbell


29 posted on 09/21/2012 2:57:16 PM PDT by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
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To: The Cajun
Harry Reid is the stuff on the bottom of my shoe!

Ya been walking in the cattle pasture again, huh?

You betcha!

30 posted on 09/21/2012 2:58:07 PM PDT by johncatl (...governs least, governs best.)
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To: pburgh01

Yep - you nailed it - lol!


31 posted on 09/21/2012 2:58:39 PM PDT by demkicker (My passion for freedom is stronger than that of Democrats whose obsession is to enslave me.)
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To: Kaslin
I noticed in the piece on Fox News they mention Obama’s effective tax rate but say nothing about his charitable giving.

In my opinion, charitable giving is a better figure of merit of how good an American a person is.

32 posted on 09/21/2012 3:01:34 PM PDT by LaserJock
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To: demkicker

They will spin it by saying that Romney should have given 80 percent of his wealth to the Govt..they want here what they have in France..same socialist BS..meanwhile Romney gave more to charity than Obama and Biden combined


33 posted on 09/21/2012 3:07:17 PM PDT by Sarah Barracuda
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To: Kaslin

and the RATS, take another one in the.........HA ha!!!

34 posted on 09/21/2012 3:08:45 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: Sarah Barracuda
Won't matter - check out this new ad that is devastating to BHO!
35 posted on 09/21/2012 3:09:48 PM PDT by demkicker (My passion for freedom is stronger than that of Democrats whose obsession is to enslave me.)
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To: Kaslin

I find it amusing that the Romneys give away to charity each year more than the Reids and Obamas of this world can steal in decades.


36 posted on 09/21/2012 3:16:29 PM PDT by EDINVA
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To: Kaslin
Romney should do a presser and call out Reid and his “friend” to either apologize or face civil ligation for slander just to make Reid like the assclown he is

Tell the press what can you believe anything Harry Reid says when he will not admit he lied and will not reveal his source

Romney needs to spend a fair amount of time reflecting on the fact he will have to work with Reid when he becomes POTUS and needs to be able to take the man at his word until he apologies that will be impossible and Reid should consider resigning his office

37 posted on 09/21/2012 3:20:54 PM PDT by Popman (In a place you only dream of Where your soul is always free)
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To: EDINVA

Why is that amusing?


38 posted on 09/21/2012 3:24:08 PM PDT by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
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To: Kaslin

guess I’m disappointed. this just feels like caving in to the propaganda media. I wish he would have insisted on the usurper releasing a bunch of documents first, like college transcripts, assuming he even went to college, admissions forms and the like. Once those documents are released and verified as legitimate, then release more tax documents. otherwise, no deal.


39 posted on 09/21/2012 3:26:54 PM PDT by rigelkentaurus
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To: Sarah Barracuda
They will spin it by saying that Romney should have given 80 percent of his wealth to the Govt

Absolutely Right! The Gov't needs it to feed their Looters and Moochers.

40 posted on 09/21/2012 3:36:38 PM PDT by radioone ( Main Stream Media. The Government built that.)
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To: VRW Conspirator

Hey, be fair, Harry Reid is quite honest. It’s his ANONYMOUS SOURCE who’s the liar.


41 posted on 09/21/2012 3:41:33 PM PDT by ShasheMac
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To: Kaslin

Waiting for an apology from Harry Reid.

(Playing Jeopardy theme.)

(Are those crickets I’m hearing?)


42 posted on 09/21/2012 3:43:28 PM PDT by savedbygrace (But God.)
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To: Popman

Ooooooooooo. I like that train of thought.


43 posted on 09/21/2012 3:44:30 PM PDT by CH3CN (Two in the bush saves nine.)
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To: CH3CN

My opinion is Romney should hit Reid so freaking hard that assclown never opens his foul pie-hole again...

It would be very easy to tie Reid, Obama in an TV ad as unreliable with the truth and unworthy to represent the American people...


44 posted on 09/21/2012 3:49:41 PM PDT by Popman (In a place you only dream of Where your soul is always free)
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To: Popman

LOL... that will never happen, but I like the way you think.


45 posted on 09/21/2012 4:04:01 PM PDT by Gator113 (I would have voted for NEWT, now it's Ryan and the other guy.~Just livin' life, my way~)
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To: Kaslin
Nice. He certainly acts like a Bishop. Rumor has it he's very low key about his charitable giving, too, whether money or time or whatever. I respect that very much.

Like Eastwood, Romney appears to be a "we" person instead of the "it's all about me" person in the WH now.

46 posted on 09/21/2012 4:04:49 PM PDT by GBA
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To: Kaslin

Of course, I mentioned this to one of the guys here at work and his reaction was:
“Thirteen percent?! I pay at least thirty in taxes! He needs to pay more taxes than I have to!”
Sheesh!


47 posted on 09/21/2012 4:07:36 PM PDT by RandallFlagg (Obama hates Mexicans (Fast and Furious))
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To: skeeter

Well according to liberals giving to charity on your own isn’t as good as paying taxes because the government does a much better job of deciding how your money should be spent. Bubba even told us that back in the 90’s when he decided not to give us tax cuts.


48 posted on 09/21/2012 4:14:20 PM PDT by hirn_man
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To: Kaslin

I find it ‘amusing’ because it reveals with perfect clarity the hypocrisy of the Reids and Obamas and their fellow self-righteous anti-capitalist travelers. Perhaps I should have used the word “disgusting.”

Whether or not any of us particularly “like” Romney, he took the risks and now enjoys the fruits of capitalism. He’s a rich man. The left hates that. But they have no problem whatsoever shaking down ‘friends’ and business associates to make deals for themselves to gain financially. Oh, no, that’s totally different.


49 posted on 09/21/2012 5:14:10 PM PDT by EDINVA
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To: VRW Conspirator

Harry Reid is a cork-sucking liar.


50 posted on 09/21/2012 5:28:15 PM PDT by MS_Steve
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