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Tax Day

Tax Day

All the details and links at TaxProf Blog.

Short version.  He made a lot, and gave a lot to charity.

The interesting part:

The campaign also released a statement from PriceWaterhouseCoopers on the Romneys’ tax filings over 20 years, from 1990 – 2009:

  • 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.

The Romney campaign also released this letter from former IRS Commissioner (and current Skadden partner) Fred Goldberg:

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.

Well, that should end the controversy.  Oh wait.

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Comments

I think Romney made a big mistake in releasing his tax returns. Releasing tax returns, last time I checked, was not a qualification for to be President of the United States.

    He only released two tax returns.

    The rest is a summary of the information from the other twenty years. Such a summary doesn’t give too deep a peek while muzzling the Liberals who are screaming by cutting them off at the knees. Are they really going to accuse Price Waterhouse Coopers of covering for Romney? If they do, they should be publicly laughed at.

    I wonder if Sen. Reid will make an apology. I know if I were working at the Romney campaign in public relations, I’d publicly make a demand for Reid to make a retraction and apology or put up and shut up.

    To make this work, EVERY Romney surrogate who goes on TV should say something like the following: ” Your organization took Sen. Reid at his word while he lied to your face, and you’re not going to call him out on it? Well, we know you’re in the tank for the Democrat Party. So much for you being an ‘independent journalist.'”

    It’s high time that Romney’s campaign publicly exposed hypocrisy, not merely brushed it off.

      GrumpyOne in reply to Chuck Skinner. | September 21, 2012 at 8:22 pm

      Reid clearly demonstrated that the only thing being hidden from public scrutiny is what remains of his eroded brain.

      Pathetic indeed and so unreal that only a liberal democrat can fathom it.

      Romney personifies the Mormon culture while Harry = bad Mormon…

    On July 31, Romney said (in an interview with ABCNews) “I don’t pay more [in taxes] than are legally due and frankly if I had paid more than are legally due I don’t think I’d be qualified to become president.” And now … he’s paid more than is legally due! This will be fodder for the comedy shows for days.

    Over the past two weeks, Romney’s chance to win an election held now has (according to stats wizard Nate Silver) dropped from 30% to 5%.

    I’d say that MItt should step aside in favor of Ryan, but today Ryan managed to get himself booed by an AARP audience.

    Wow. The wheels have really come all the way off. The only question left is how many House and Senate candidates (I’m looking at YOU, Scott Brown!) Romney/Ryan will drag down with them.

      Doug Wright in reply to Avo. | September 21, 2012 at 10:07 pm

      Please seek help soon. that Jamestown Kool-Aid you’ve drunk is dangerous to any living creature, even you are not exempt from its harm.

      😉

      Plus, you are forgiven for your errors, this once!

LOL. “Oh Wait” I saw that two and a comment from that old time used to be Little Green Footballs who could only say..”Friday document dump day” for less important news.

The left can twist and turn all it likes so long as everyone is too busy to ask “Why Did Joe Biden Lie?”

And Ill add: As someone that has seen lots of tax returns..there is something quite remarkable and admirable about a man who gives to charities at that level either in % or dollars.

    David Yotham in reply to jimzinsocal. | September 21, 2012 at 6:03 pm

    I am not a Mormon nor will I ever be one, but what I see and like is a man who actually ‘walks the walk’. No man is perfect, but Mitty is showing a little integrity here which Obama cannot touch with a 10′ pole. Obama is corrupt and dirty with his half-truths and open falsehoods; all flash and dance. It appears Mitty is just plain and ordinary, solid and trustworthy.

I’m waiting to hear Harry Reid say that Mitt didn’t fill out a 1040 till he was 13 years old .. thereby proving that Mitt didn’t pay taxes for 12 years of his life.

Mr. Romney donated 30% of his income to charity. OBOZO – the GREAT RE-DISTRIBUTOR – gave a measly 1-5% before becoming president. Mr. Romney’s $2 MILLION TAX PAYMENT was enough money for OBOZO to support more than 200 of the “47%.” Mr. Romney’s $4 MILLION to charity could support more than 400 of the “47%.” So, AT LEAST 600 (and likely many, many more) low-to-middle income people benefited financially from Mr. Romney’s success.

Note the deafening SILENCE from dingy-harry reid and his imaginary friend who “knows” that Mr. Romney didn’t pay any federal income tax !!!!!!

BTW: slimebag dingy-harry WILL NOT RELEASE HIS TAX RETURNS — of course, neither will debbie “blabbermouth” schultz, neither will dingbat pelosi, neither will nearly all other d-cRAT socialist extremists who consider releasing tax returns the most important thing in the world (for Republicans, that is!)

Ah, gee, the Dems, or as they’re often referred to by the Islamists, Dhimmis, are in high dungeon or something; Bill Maher actually enjoys his chains and whips; weird!

Still, whenever el Presidente Obama has a slight miscue, like his “57 states” statement, or his praising a Corpseman, or the current size of the national debt (“Duh!”), the media types simply ignore those faux pauxs and go about their business of jumping on everything Romney or Ryan say, about anything.

Cheers and remember to keep your powder dry because I do believe we’ll need it later this year. Or, as we used to say, prepare for the worse and “hope” for the best (That Obama in fact loses!).

🙂

His 2011 return is 369 pages and in the end, he still paid more money than Barack.

The left, instead of whining about charitable donations and total percentages ought to be down on their knees thanking Mitt for not only paying his share but theirs as well.

But Harry Reid is STILL a pederast…

A stroke of genius: not releasing actual returns, but having a highly-reputable source certify the results. Notarized, yet.

Most reasonable people will be convinced. Those ones who aren’t were probably lost to us all along, anyway. But many people have their taxes prepared, trust their preparers, and will accept this.

It won’t stop Democrat caterwauling, but to reasonable people, the Democrats look like darn fools now.

    I think it will stop the Democrats once enough of them are embarrassed about it. And by embarrassed I mean that someone says “Romney didn’t pay taxes” and the reply is a belittling “Really? You’re going to go there?” followed by that he averaged 20% taxes and gave 20% to charity, and if you think that isn’t enough asking what percentage of income the questioner thinks Romney should have been able to keep for himself.

    It’s now about making the Democrats feel outright SHAME for their lies made of whole cloth.

Time for this guy to to be held responsible for his lies

Talking Points Memo: Harry Reid Condemns Mitt Romney’s ‘Creative Accounting’

I wonder how long it takes Obama to spend all of the tax dollars Romney has paid in the last 20 years.

now they are complaining about him not taking enough deductions.
good lord.
I have not done the math but would have taking the deductions skew his agreed tithe %?
IOW did not taking the deductions make it so his amount given stayed above what he tithed?

2nd point: Harry can also be found at the “Bottom” front and center when it comes to “servicing” his “Young male Teen” Jerry Sandusky group. It adds to his rep as a scumsucker.

I messaged my cousin who’d been carrying on to me about Romney’s taxes. This is icing on the cake, cuz I’d already settled her accounts by asking her if Beyonce earned her money and paid the required taxes why should the government demand more than is required by the law and accuse her of taxation malfeasance. There was no logical answer to that.

Not trying to be a PITA (just picking nits), but.. Isn’t the next logical step for the left to attack *where* the big donations went? The Mormon Church?

I don’t know; I personally feel it’s nobody’s business who you donate to. But if I were a leftist fundamentalist I might hit that avenue at breakneck speed.

Or is that all just using a bucket to bail out your boat as it sinks in lava..

    I think you’re right. This is about who he gave money to. But I think it could be either the left or the right that might be offended if that info came out. Can you imagine if he donated to a group like planned parenthood?

What Mitt should say at his next interview:

“Look, I know campaigns can be harsh at times, and politicians are often searching for an issue to use against their opponent, but one of the basic assumptions we all have as Americans is that there is some truth behind political rhetoric.

But these statements of Harry Reid have crossed that line. No one with an ounce of integrity would ever believe that a person with my history of politics and service could somehow have managed to cheat on his taxes and not be caught until I ran for President.

But Harry Reid, the President of the United States Senate, maliciously and without evidence, slandered me, my family, and 50% of all Americans, from the floor of the United States Senate.
Democrats, Republicans, Independents, all of us must stand against this type of obnoxious and inexcusable rhetoric.

Senator Reid owes my family, myself, and all Americans an apology for his reckless and disgusting behavior on the floor of the most honorable and respectable House this world has ever known.

He has embarrassed himself, his party, and his constituents, and I call on all Americans, regardless of party, to repudiate his statements. I further call on the Senate to investigate his comments to determine if his shameless partisanship violated their own rules off decorum.

Professor, I believe this whole gambit about Romney’s tax returns was to scrutinize which groups he gave money to. I think it’s possible that he gave substantial sums to charities the left despises and it’s equally possible that he gave money to things like planned parenthood which would be a major problem for him from the right. Either way, we’ll never know now unless someone leaks that information. October surprise?

Now is the time for Romney to demand that Obama release his scholastic records and passports.

    stevewhitemd in reply to Towson Lawyer. | September 22, 2012 at 12:41 pm

    Nah, wait for the week prior to the first debate. Then demand, and find a way for Mittens to work Champ’s refusal into one of his answers at the debate.

What really disturbs the left? That Romney gave away more money than Obama and Biden earned. What a hit on The Great American Pharoah’s image.

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