Posted on 09/21/2012 9:57:50 PM PDT by 2ndDivisionVet
After being criticized for months over a lack of transparency when it came to his taxes, Mitt Romney has revealed his 2011 returns, which show the candidate paid $1.9 million in taxes on $13.7 million in income, an effective rate of 14.1 percent.
That figure falls in line with Romney's estimate in August that he paid "13.6 [percent] or something like that."
But Romney only reached the 14.1 percent mark by limiting deductions taken from his considerable charitable giving. Had the Romneys taken all of the deductions made available by their $4.02 million in 2011 donations, his effective tax rate could have been as low as 10.4 percent.
By not using all the available deductions, he paid an additional $500,000 to the federal government....
(Excerpt) Read more at abcnews.go.com ...
how much was already taxed when he paid taxes on it?
So he’s a bad guy for... paying too much in taxes?
Heads they win; tails he loses.
Typical MSM spin.
I'll bet there's a huge difference in the type of charities that the Romneys give to and the Obamas. Shhhhhh...the Dems probably don't want us to notice that.
EXACTLY!!
Better than 90% of it was taxed twice. It was mostly capital gains taxes.
He not Joe Biden that's for sure
Harry lets see your taxes?
OK I will bite. How does it imply he paid taxes twice. You invest say 1 million and sell later for 1.5 million. Only the 500K is taxes as capital gains.
A lot of people don’t realize that Mitt Romney’s father didn’t really help him get started in business and that when he passed away Mitt was already successful and gave the inheritence to his church.
Ask Ingtar, he answered my question after all. ;)
Somewhere back on page 26 of the food section of the paper there will be a retraction saying that charitable deductions are limited based on type of income and that carry forwards may be required for up to 5 years (I think that is correct) after which, if said carry forwards are not used they are lost.
Wanna bet?
Wanna bet the correction will never be remembered by anyone?
Exactly. This is the reaction from libturds on the comment section of these news stories.
“So he DID pay less than 13%, but he just paid more so he wouldn’t break his promise! The cheat!”
What the hell do they want him to do? Magically change the capital gains tax rate? Liberals are so dumb, it defies belief. The way they twist their own arguments to suit any scenario is enough to warrant a punch in the face. I really want Romney to humiliate Obama in the debate. If Zero says something like, “You’re a rich guy. How do you know what Americans are going through? Your tax rate is lower than poor people, so you don’t care about them!”
Perfect response.
“Mr. President, I gave more dollars to charity last year than you have in your entire life, so go f*** yourself.”
Bam!
Can someone tell me how they know he limited his Charitable deductions?? I say it’s impossible unless they hacked some info.
It only takes about 30 pages in the IRS publication to summarize the deductions terms and conditions.
Try to read it and fry your brain.
http://www.irs.gov/publications/p526/ar02.html
Anybody think the tax code is too complex?
We are not free.
I pay taxes on my dividends and/or any interest on my bank assets every year...year after year after year...
Now, let’s now see the 0bamas and Mr-Romney-didnt-pay-tax-for-10-yrs-Reid fare in their respective tax returns.
I must be missing something here. Capital Gains is the profit you made on the investment, it is taxed once. The basis of the investment is not taxed again. Tell me how 90% taxed twice.
We know that a sizable chunk of the money from his inheritance that was shared with his siblings, was put back into the cult's University in Salt Lake city, but we have never see any other figures than that.
I don't think we know how much was inherited, nor how it was used, kept, or dispersed.
If people call your religion a cult, do you bristle?
Mormonism , Scientology, Hare Krishnas, Moonies, Children of God, are all widely recognized cults.
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