Mitt Romney Releases Tax Return for 2011, Showing He Paid 14.1 Percent Tax Rate

Washington Post ^ | September 21, 2012 | Philip Rucker and Jia Lynn Yang,

[lbryce]

Republican presidential nominee Mitt Romney earned $13.69 million in 2011, mostly income from his investments, and paid $1.9 million in taxes for an effective tax rate of 14.1 percent, his campaign announced Friday.

Following months of political pressure on him to reveal more information about his large personal fortune, Romney released his 2011 tax returns Friday afternoon, as well as a summary of his effective tax rates dating back to 1990.

Romney earned $6.8 million from capital gains and another $3.6 million in interest, according to his tax return. None of his income came from wages, the primary source of income for most Americans. Capital gains are taxed at a substantially lower rate than wages and salaries for high-earners.

Romney earned about $190,000 in author and speaking fees, as well as $260,390 for sitting on the board of Marriott International, according to the tax return.

Romney and his wife, Ann, donated $4.02 million to charity in 2011, nearly 30 percent of their income, helping to reduce their tax obligation, the campaign said.

The Romneys only claimed a tax deduction for $2.25 million of those charitable contributions to engineer a higher tax rate than they otherwise would have paid. This move was to “conform” to the candidate’s statement in August that he paid a federal income tax rate of at least 13 percent of his income in each of the last 10 years, R. Bradford Malt, Romney’s trustee, said in a statement released by the campaign.

At a Republican presidential debate in January, on the same night he released his 2010 tax returns, Romney scoffed at the notion that he would pay more taxes than he is legally required.

[lbryce]

My take on the release of his tax returns, the tax rate he paid, from the perspective of most Americans is one that impacts on his electability to a negative, slightly negative degree.

[God luvs America]

i think the fact the criminal liberal media is forced to report he voluntarily gave 30% of his income to charity, and only wrote of 50% of the $4million, could be a winner...

[JIM O]

Interesting take. What could he have possible done that would have impressed you.

[TigerClaws]

Harry Reid proven to lie part of this story?

Actually saw an ABC report saying Romney paid extra taxes for “political reasons.”

[laconic]

His tax rate is so low becuase he gave so much to charity. Contrast the Dems who talk big about giving away other people’s money and give so little of it out of their own pockets.

[Banjoguy]

The media is now trying to downplay this and also trying to change the subject.

[Pearls Before Swine]

If you add his government tax to his charitable donations, he’s directed a lot of money to places other than his own pockets. Adding the two numbers to get to 30% overall, is a rather high tax—many well-off people pay marginal rates this high, but not overall rates this high.

Should Romney be dissed for deciding to arrange his affairs so he decides how his charitable money is directed rather than the government? I think he should be congratulated—first for his cleverness in using the tax laws to minimize what goes to the US government, and second, for his generosity and for his selective giving to causes he favors and whose efficiency he can gauge.

[zencycler]

EXACTLY RIGHT - (re charity) and this is Mitt's proverbial "Ace in the hole" which he and will use to his benefit at the most strategic time - probably when he gets confronted about this low rate during the first debate.

The most fair comparison is to calculate and adjusted rate Tax Paid divided by (AGI - Charitable Deductions). This, I'm sure, would result in a rate that would not only result in a much more favorable comparisons to others, but would also be a way for Romney to draw attention to his generous charitable giving without sounding like he was bragging about this.

[A.A. Cunningham]

His tax rate is so low becuase(sic) he gave so much to charity.

Only in part. Romney derives most of his income from dividends and capital gains - just like Warren Buffet - which are taxed at a much lower rate than regular income - a weekly paycheck - which is the way it should be. One could argue that dividends and capital gains shouldn't be taxed at all since the original capital was already taxed.

[justiceseeker93]

When the 'Rats were in Romney's face a few months ago demanding that he release his tax returns, hinting that there had to be something in them he was hiding, it didn't take a rocket scientist to figure out that there was nothing shady in them.

You can bet that if there was anything in the returns even remotely suspicious of impropriety, the Obama IRS would have him audited as quickly as you could say "Mitt," and the details of the audit would have been leaked (illegally) to their MSM pals. That's just "politics as usual" in the current Regime, part of their SOP.

[A.A. Cunningham]

from the perspective of most Americans

who are economic illiterates and most likely have their taxes prepared by someone sitting in a kiosk at Wal-Mart.

[Puppage]

Precisely. I am glad you wrote that.....now I don’t have to. :-)

[meyer]

I would say that about 70% of the working public in the US pay a lower rate. Maybe more than 70%.

[isthisnickcool]

Romney should have paid hardly any tax.

It is sickening that the government can tax ANYTHING that has been purchased with money or labor that has already been taxed. There should be zero capital gains tax. Hell, there should be no income tax period! Just a flat tax that everyone pays or a national sales tax.

We are doomed anyway:

http://www.youtube.com/watch?v=jboTeS9Okak

[tx_eggman]

My take on the release of his tax returns, the tax rate he paid, from the perspective of most Americans is one that impacts on his electability to a negative, slightly negative degree

My take on your post is that you number yourself among those who really aren't paying attention.

[Orange1998]

3.6 million in interest? WOW Banks are only paying .25 percent.

[ncalburt]

I suspect anything Romney does is worrisome or of concern or troubling for you ????

Keep the phony concern to yourself !

[maine-iac7]

BINGO

[lbryce]

from the perspective of most Americans

My own feelings about Romney's tax return is that what he paid, what he did was done exactly as he should have, exactly the I way would and exactly the way I would hope he would run the country.

I knew my comments would be misinterpreted, get some snarky remark from some political unsophisticate in knee-jerk, pavlovian reaction, ready to pounce without thinking, putting any thought into it, only reacting. I said from the perspective of most Americans the amount Romney paid, being a billionaire and all, being envious of him, most Americans want billionaires to pay up to 30% while he paid only 14%. So when compared to the populist attitude that resonates with most Americans who want to see billionaires paying a higher rate, the 30% paid by Buffet and Obama , the 14% paid by Romney would not resonate very positively, as a candidate paying only 14%, it would register among most Americans in a manner that would be considered in a negative light.

[lbryce]

EXACTLY MY POINT! Thank You!