Romney Releases Tax Info

he still stands

http://news.yahoo.com/romney-reports-ta ... 45144.html

paid 13.9% last year. I paid 23.8% on an income that amounts to 0.306% of Romney's income.

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TAMPA, Fla./WASHINGTON (Reuters) - Republican presidential candidate Mitt Romney released tax records on Tuesday indicating he will pay $6.2 million in taxes on a total of $42.5 million in income over the years 2010 and 2011.

Bowing to increasing political pressure to provide more detail about his vast wealth, the former private equity executive released tax returns indicating he and his wife, Ann, paid an effective tax rate of 13.9 percent in 2010. They expect to pay a 15.4 percent rate when they file their returns for 2011.

Romney's tax rate is below that of most wage-earning Americans because most of his income, as outlined in more than 500 pages of tax documents, flows from capital gains on investments.

Under the U.S. tax code, capital gains are taxed at 15 percent, compared with a top tax rate of 35 percent for wage earners.

Romney released the tax returns after a week in which his chief rival for the Republican presidential nomination, former House of Representatives Speaker Newt Gingrich, questioned whether Romney was hiding information about his finances and cast him as being out of touch with most Americans.

Gingrich's attacks on Romney helped him upset the former Massachusetts governor in the South Carolina primary on Saturday.

Since then, Romney has vowed to be more aggressive in returning fire.

He has launched a series of attacks questioning Gingrich's character, judgment and lucrative work as a Washington consultant, and released his tax returns to try to nullify Gingrich's criticisms on that front.

The tax rates Romney reported paying could add fuel to a national debate over the fairness of the tax code, and coincides with broader concerns about income inequality symbolized by the Occupy Wall Street movement.

Romney's campaign officials stressed that his tax rate is based mostly on income from investments that are held in a blind trust. Romney's holdings include an undisclosed amount in funds based in the Grand Cayman Islands and other overseas entities.

Romney advisers stressed that the holdings in the Caymans - along with those in a Swiss bank account that was closed in 2010 after an investment adviser decided it could be politically embarrassing to Romney - were reported on tax returns and were not vehicles to avoid taxes.

They also stressed that Romney, whose holdings are in three blind trusts, makes no decisions as to how his money is invested.

Regardless, the emerging picture was of a man of great means who contributes mightily to charity. The documents showed he and his wife contributed $7 million in charity over the two years, much of it going to his Mormon church. That represents more than 15 percent of the Romneys' income for those years.

Romney, whose estimated net worth is $190 million to $250 million, is among the wealthiest Americans ever to seek the presidency.

Top campaign officials and the director of Romney's blind trust, Brad Malt, briefed Reuters on the details ahead of a more general release of the information Tuesday morning.

Campaign counsel Ben Ginsberg, asked why Romney was not releasing tax records for the years in the 1980s and 1990s in which Romney made his fortune at private equity firm Bain Capital, said the two years covered by the tax returns should give a broad picture of Romney's financial situation.

"We're not going to get into the game of once you give them something, they demand more," Ginsberg said. "This is a fulsome release and we're proud of it."

The tax issue may have been a factor in Romney's loss to Gingrich in South Carolina. It became a distraction to Romney's campaign, and Romney's fuzzy answers on when and if he would release his records aggravated the problem.

First he said he might release them, or might not. When the questions kept coming, he said he would put them out in April, after his 2011 forms were completed. Only after he was defeated in South Carolina did his aides say he would release them this week. Gingrich has released his returns for 2010, but has not released an estimate for last year, as Romney did.

Long considered the front-runner for the 2012 Republican presidential nomination, Romney was staggered by Gingrich's lopsided win in South Carolina, and is looking to regain enough momentum to defeat Gingrich in Florida, which votes on January 31.

(Editing by David Lindsey and Paul Simao)

gimmesometruth27

13.9%....


:roll:

such an unsustainable burden for poor old mr. romney....

Indifference

Mine is above as well but remember this is effective tax rate and 80% of Americans have an effective rate below 15%.

cincybearcat

gimmesometruth27 wrote:

13.9%....


:roll:

such an unsustainable burden for poor old mr. romney....

And if you raise the tax rate on income, it wouldn't effect him at all.

gimmesometruth27

cincybearcat wrote:

gimmesometruth27 wrote:

13.9%....


:roll:

such an unsustainable burden for poor old mr. romney....

And if you raise the tax rate on income, it wouldn't effect him at all.

because he makes his money from investments, and if everyone could afford to live off of their investments and pay only the tax on capital gains, everyone would. that is why the system is fucked.

i think this is going to only embolden obama to raise the capital gains tax. we will see in the speech tonight... we will also see the backlash against romney because of this in the coming weeks.

he still stands

gimmesometruth27 wrote:

cincybearcat wrote:

gimmesometruth27 wrote:

13.9%....


:roll:

such an unsustainable burden for poor old mr. romney....

And if you raise the tax rate on income, it wouldn't effect him at all.

because he makes his money from investments, and if everyone could afford to live off of their investments and pay only the tax on capital gains, everyone would. that is why the system is fucked.

i think this is going to only embolden obama to raise the capital gains tax. we will see in the speech tonight... we will also see the backlash against romney because of this in the coming weeks.

it just seems SO DAMN LOGICAL to raise the capital gains tax on incomes over a certain level, say $1MM or more. not anything prohibitive, but the current system allows money to accumulate at the top for the super rich.

cincybearcat

gimmesometruth27 wrote:

cincybearcat wrote:

gimmesometruth27 wrote:

13.9%....


:roll:

such an unsustainable burden for poor old mr. romney....

And if you raise the tax rate on income, it wouldn't effect him at all.

because he makes his money from investments, and if everyone could afford to live off of their investments and pay only the tax on capital gains, everyone would. that is why the system is fucked.

i think this is going to only embolden obama to raise the capital gains tax. we will see in the speech tonight... we will also see the backlash against romney because of this in the coming weeks.

You have to be very careful in raising capital gains taxes. Remember, more than just the rich invest $ for retirement. Of course it doesn't effect those that just wait for SS, unless of course you factor in that SS wouldn't be available for them if others didn't get it because of their own investments.

Anyhow, I would like to see a flat tax on income with removed loopholes, 0% capital gains tax up to a certain amount each year (I'd need to look more into it to pick that number), and then a graduated tax scale for capital gains after that.

RansomPTD

I would say his run is over after this being released. After everything he was saying in the debates, I don't know how he could look like a viable candidate after showing he only pays 15%(6 million!) for his taxes.

gimmesometruth27

Buffett Blames Congress for Romney's 15% Rate

http://finance.yahoo.com/news/buffett-b ... 00898.html


Warren Buffett, the billionaire calling for more taxes on the rich, said Mitt Romney's U.S. tax rate of about 15 percent reflects poor laws rather than failings by the candidate for the Republican presidential nomination.

"It's the wrong policy to have," Buffett told Bloomberg Television's Betty Liu in an interview today. "He's not going to pay more than the law requires, and I don't fault him for that in the least. But I do fault a law that allows him and me earning enormous sums to pay overall federal taxes at a rate that's about half what the average person in my office pays."

Buffett, chairman and chief executive officer of Berkshire Hathaway Inc. (BRK/A) , supports Democratic President Barack Obama and said Congress needs to raise taxes on the wealthiest Americans to close the budget deficit. Romney has agreed to release his 2010 tax return tomorrow, under pressure from Republican opponents, after saying he pays about 15 percent. Romney co- founded Boston-based private-equity firm Bain Capital LLC.

"He makes his money the same way I make my money," Buffett said. "He makes money by moving around big bucks, not by straining his back or going to work and cleaning toilets or whatever it may be. He makes it shoving around money."

mikepegg44

in all fairness, the capital gains tax is basically double taxation. If I take my post income money and invest it and make a profit, should that profit be taxed at the same rate my as the original income?...I don't think so.

Raising the capital gains tax isn't really going to amount in an increase. In the past, lowering it has increased the amount collected, which says to me that revenue isn't as simple as changing the rate...that would punish those who make far less money but still make smart investments far more than those that make all their income off of capital gains. I will be making a huge capital gain in this years taxes, but I haven't made a penny on the money and time originally invested at start up or during operation. been involved 14 years...I will probably make about 20,000 (thank god company being sold) divide that out 15,00 a year invested. Does it make sense for that to be taxed more than 15%? Romney is the exception, Buffett is the exception, not the rule. And as I say every time his name gets brought up...he can pay more if he wants to by simply changing how is income is generated and taking a larger salary anyway...but he doesn't...thank god he is there to prove the point though...I know he is suffering while he points out the errors in our tax code.

For me, I would be ok with a higher rate of capital gains tax for those that make more than 50% of their income off of capital gains. But that taxes people more who are retired and were smart about their retirement. But I am hesitant to make any changes regarding investment income, because it will hurt small investors much more than large investors.
Or call it all income and watch what happens...who knows anymore...nothing will change until they stop growing and spending anyway...

he still stands

mikepegg44 wrote:

in all fairness, the capital gains tax is basically double taxation. If I take my post income money and invest it and make a profit, should that profit be taxed at the same rate my as the original income?...I don't think so.

Raising the capital gains tax isn't really going to amount in an increase. In the past, lowering it has increased the amount collected, which says to me that revenue isn't as simple as changing the rate...that would punish those who make far less money but still make smart investments far more than those that make all their income off of capital gains. I will be making a huge capital gain in this years taxes, but I haven't made a penny on the money and time originally invested at start up or during operation. been involved 14 years...I will probably make about 20,000 (thank god company being sold) divide that out 15,00 a year invested. Does it make sense for that to be taxed more than 15%? Romney is the exception, Buffett is the exception, not the rule. And as I say every time his name gets brought up...he can pay more if he wants to by simply changing how is income is generated and taking a larger salary anyway...but he doesn't...thank god he is there to prove the point though...I know he is suffering while he points out the errors in our tax code.

For me, I would be ok with a higher rate of capital gains tax for those that make more than 50% of their income off of capital gains. But that taxes people more who are retired and were smart about their retirement. But I am hesitant to make any changes regarding investment income, because it will hurt small investors much more than large investors.
Or call it all income and watch what happens...who knows anymore...nothing will change until they stop growing and spending anyway...

yeah, it is double taxation essentially. I agree that changes should only be made for the super wealthy or for those that make most of their money off of interest and dividends and do nothing tangible. The problem is that the tax code promotes wealth to accumulate at the top, not that there is something "wrong" with investing money and being profitable.

unsung

There should be no tax on capital gains, or an estate tax, or income on a federal level.

Eliminate those and the economy will be far and away the best in the world.

Tax is nothing more than theft.

brianlux

Many of us who are self-employed pay about 1/3. :wtf:

unsung

Shouldn't have to pay anything. It is wrong, the government decides how much you can keep?

kenny olav

unsung wrote:

There should be no tax on capital gains, or an estate tax, or income on a federal level.

Eliminate those and the economy will be far and away the best in the world.

Tax is nothing more than theft.

"Tax is nothing more than theft."

You benefit from tax dollars every day!

All of you Ron Paul supporters are psychotically libertarian. Follow your dear leader Ayn Rand to the grave, and you'll end up friendless like she was.

pandora

He's too rich for me! Boo!!

kenny olav

Nobody works hard enough to "earn" approx $200 million. Romney may have never made an honest buck in his life.

ONCE DEVIDED

FUCKING jelous
so he is loaded. big fucking deal
he pays a lower tax rate than you
but pays millions in taxes, do you

you now he dosnt actually fill out the tax form.
how many people does he pay who do pay the same tax rate as you.

notice no one discussing who the other fucker worked for . like one of the companys who ended up helping to fuck your economy

kenny olav

ONCE DEVIDED wrote:

FUCKING jelous
so he is loaded. big fucking deal
he pays a lower tax rate than you
but pays millions in taxes, do you

you now he dosnt actually fill out the tax form.
how many people does he pay who do pay the same tax rate as you.

notice no one discussing who the other fucker worked for . like one of the companys who ended up helping to fuck your economy

It turns out Mitt Romney made over $50 grand per day last year. What did he do to deserve that kind of money? Meanwhile nurses don't make $50 grand in a year, and yet they'll have to take care of Romney when he's even more of a disgusting slimebag of a man in the future.

The other fucker? You mean Newt? He can go fuck himself too.

I had a temp job at MItt Romney's firm Bain Capital years ago. It was just a data processing job that lasted about a week, maybe a week and a half. I remember that for a relatively small office, it was very posh. I remember that the secretary I worked with was a pretty nice lady. Never saw Mitt there. He had just begun his term as Governor at the time. I've worked at a few major financial companies since then, and since I no longer work for them, I no longer feel like I can't mention them by name (they both had a policy that you were not allowed to say anything about the company on the internet - and people had been fired for doing so)... so... I had worked for State Street Bank for a few years and from 2005-2011, I worked for the John Hancock Life Insurance Company (which is owned by Canadian giant Manulife). JH had a very posh office as well. But I never enjoyed working there. It was a job that paid well with great benefits and that's why I worked there. The temp job I had at Bain Capital was one of the better paying temp jobs as I remember. But there was always a clear division between the 'working class' at JH as opposed to the executive class. The execs treated us like chess pieces. I got moved to a different department once a year. No choice. Many managers were treated this way too, if they weren't part of the inner circle. I had about a dozen different managers in 6 years. My job was eliminated from Boston and re-established in the Phillipines late last year. I don't really care though... I worked long enough to collect unemployment, I got savings, and I'm looking forward to getting a job where I can work for decent people for once. I did meet a lot of great people at JH... I worked WITH decent people but never worked FOR decent people. Most of the execs were douchebags, and no surprise, they were by and large Republicans. The VP would often quote GW Bush and Rumsfeld as if they were great men.

Not that I needed to work for these fucks to understand what terrible fucking people they are.

Do you aspire to be like these assholes? Is that why you defend them? I have no jealousy toward them. I'm doing fine. I'm quite happy with my life and where it's going. I want others to have the same kind of life.

I think Barack Obama has shown that he is a decent man who has to work with an often very indecent government. I have no doubt that the American people will make the right choice.

aerial

I don ‘t care how much someone makes if it where me I would not like the government taking 6 million dollars from me. I would really like to know where all the millions taken from the rich have been going.
How can people be upset about this when there are people that pay NOTHING in taxes? My god he will pay $6 million and that is just one year. How many millions has he paid in a lifetime?

JonnyPistachio

aerial wrote:

I don ‘t care how much someone makes if it where me I would not like the government taking 6 million dollars from me. I would really like to know where all the millions taken from the rich have been going.
How can people be upset about this when there are people that pay NOTHING in taxes? My god he will pay $6 million and that is just one year. How many millions has he paid in a lifetime?

Actually the govt took about 3 mil from Romney each of the last two years. Its not about how much, its about the percentage that he has paid in relation to the average American.