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Hey Flounder

Tam

Well-known member
Mitt Romney and his wife, Ann, paid $1.94 million in federal taxes on last year's income of $13.7 million, for an effective tax rate of 14.1 per cent, his campaign has said.

That's slightly above the 13.9 per cent rate the couple paid in 2010. Most of the 2011 income was from investments. Campaign officials said the couple filed the return Friday with the Internal Revenue Service, after receiving an extension. They publicly released their full 2011 returns late Friday.

Romney's taxes have emerged as a key issue during the 2012 presidential race with President Barack Obama. Romney released his 2010 tax returns and a 2011 estimate in January, but he has declined to disclose his returns from earlier years.

His vast fortune and his long association with Bain Capital, the private equity firm he cofounded, have been much discussed this year.

His campaign earlier estimated that Romney would pay about $3.2 million in taxes for the year, an estimate well above the $1.9 million actually paid. He paid about $3 million in federal income taxes in 2010 — an effective rate of 13.9 per cent.

Critics, including Obama, have urged Romney to release more than just the two years of returns and follow his father's model. When George Romney ran for president, he released 12 years of tax returns.

'The issue has never been Romney's 2011 tax return — in fact, it is a distraction to the real issues.'—Edward D. Kleinbard, law professor

Mitt Romney's campaign did put out a summary Friday by Brad Malt, the trustee of the couple's blind trust, saying that over the 20-year 1990-2009 period, the Romneys owed both state and federal income taxes and paid federal taxes at an effective annual rate of 20.2 percent

Obama's own tax return for last year showed that he and his wife, Michelle, paid $162,074 in federal taxes on $789,674 in adjusted gross income, an effective tax rate of 20.5 percent. Their income plunged from $1.7 million in 2010, with declining sales of the president's books. In 2009, the Obamas reported income of $5.5 million, fueled by the best-selling books.

The Romneys' exact totals for 2011 were federal taxes of $1,935,708 and on income of $13,696,951.

Romney had $4 million in Charitable donations and didn't use them all to cut his payable taxes as he said he wouldn't pay less than 13% AND HE DIDN'T

BUT according to reports Obama pays his daughters so he can cut his payable taxes.

OH and I think The Dishonorable Senator Harry Reid needs to issue a public apology and name his so called source of the LIE HE TOLD ON THE FLOOR OF THE SENATE ABOUT ROMNEY NOT PAYING ANY TAXES FOR THE LAST TEN YEARS. As inthe last 20 years Romney's have paid an average of over 20% and have not used all of their charitable donations to lessen their Taxes.

BTW Flounder, Romney's donated $4 million to charities in 2011 care to tell us how much Obama and Biden donated?
 

Tam

Well-known member
Barack and Michelle filed their income tax return jointly and reported $1,728,096 in adjusted gross income, most of which came from book sale royalties. They paid $453,770 in federal income taxes.

The Obamas’ reported a total of $245,075, or 14.2% of their adjusted gross income, in charitable contributions.


Joe and Jill also filed jointly and reported $379,178 in adjusted gross income, while paying $86,626 in federal income taxes.

The Bidens’ reported a total of $5,350, or 1.4% of their adjusted gross income, in charitable contributions.

Romney's gave $4 million or 30% of their gross income and only claimed $2.25 million to lessen their tax bill.
 

Steve

Well-known member
BUT according to reports Obama pays his daughters so he can cut his payable taxes.

Obama gets his Kids to use tax shelters... :?

Axelrod: Obama Doesn’t Use Tax Shelters

April 13, 2012: Obama Sets Up Tax Shelter for His Kids:

President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.

The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.

next Axlerod will be claiming Obama never used drugs..
 

hypocritexposer

Well-known member
Romney paid 42 percent of 2011 income in taxes and charity
By Jennifer Rubin
http://www.washingtonpost.com/blogs/right-turn/post/romney-paid-42-percent-of-2011-income-in-taxes-and-charity/2012/01/24/gIQAGe4qNQ_blog.html
 

flounder

Well-known member
tam, tam, tam, there you go again.



show us all your tax returns mitt, not just one or two years. we're not going to beg anymore.



http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts




oh, tammy, let us not forget, what mitt has forgot to tell you,
pensions, stock options, annual incentive, etc., because taxes on one million salary is one thing, but taxes on annual incentive, stock options, and other perks, well, that's another story. tax it all the same. this is the top paid exec. out of 100 examples in Houston area alone recently ;


base salary $1,400,000.

Annual incentive $21,821,400.

total equity $6,414,055.

all other comp $276,207.

change in pension $1,617,757.

Total direct compensation $31,529,419.

see more here ;


http://fuelfix.com/blog/2012/07/30/pay-swells-for-top-bosses/



SHOW US YOUR TAX RECORDS MITT, ALL OF THEM !


Mitt Romney Tax Returns For 2011 Released (UPDATE)


Posted: 09/21/2012 3:27 pm EDT Updated: 09/21/2012 7:48 pm EDT


WASHINGTON -- Mitt Romney paid an effective tax rate of 14.1 percent in 2011, according to a tax return filed on Friday, a relatively low tax rate resulting from exotic deductions, the special tax treatment for his Bain Capital retirement package and the low tax rate on capital gains. Romney also opted not to deduct millions in charitable contributions from his tax bill in order to maintain a pledge from August that he has paid at least 13 percent in federal income taxes for each of the past 10 years.

Romney's income was $13,696,951 in 2011, and he paid $1,935,708 in taxes. Romney's income for the year was more than 263 times larger than the U.S. median household income of $51,914.

At 379 pages, Romney's 2011 tax return is nearly twice as long as his as his 203-page return from 2010. A full 267 pages of the latest return are devoted to listing Romney's investments in 34 offshore corporations and partnerships, including 15 in the Cayman Islands. Of the 34 offshore companies, 30 are located in countries considered to be offshore tax havens by the U.S. Government Accountability Office.

Romney's Swiss bank account, which appeared on his 2010 tax return, has disappeared. His personal Bermuda-based corporation, Sankaty, remains. Romney also shifted $111,081 offshore to a Bain Capital affiliate based in the Cayman Islands during 2011, and an additional $296,471 to a Golden Gate Capital fund, also organized in the Caymans.

Looking through Romney's tax return? Tell us what you find! Write to [email protected]]

Romney also recognized a $102,790 foreign tax credit on his 2011 tax return -- a refund the U.S. government provides taxpayers for taxes they pay to other countries. Romney's decision to forgo some of his charitable contribution deductions leaves him open to criticism from political opponents, who may question why he chose to recognize other tax benefits in the code, like his foreign tax credit. Romney listed a total of $3,505,188 in foreign income in 2011.

Romney listed no income from wages, salaries or tips on his tax return. He recognized $6,810,176 in capital gains, $3,649,567 in dividends, $260,390 in directors fees, and $190,350 in speaking fees.

President Barack Obama's 2011 tax return filed in April, is 48 pages long. Obama paid $162,074 in taxes on income of $789,674 for an effective tax rate of 20.5 percent. Obama's income is divided between the president's $400,000 annual salary and royalties from book sales.

Much of Romney's investment income flows from his retirement package from Bain Capital. Unlike most retired financiers, Romney was allowed to receive his Bain retirement as carried interest, rather than ordinary income. Carried interest is subject to the favorable capital gains tax rate of 15 percent, rather than the 35 percent tax rate that the wealthiest Americans pay on ordinary income.

"The preferential rate on capital gains and dividends saved Mitt Romney a whopping $1.2 million in taxes in 2011, cutting his tax bill almost in half," said Rebecca Wilkins, senior counsel for federal tax policy at Citizens for Tax Justice. "He would have paid $3.1 million in taxes without that special treatment."

The capital gains tax is one of the most lucrative perks in the tax code for wealthy Americans, with half of all capital gains flowing to the top 0.1 percent of taxpayers, according to the Washington Post.
Romney's running mate, Paul Ryan, released his tax returns for 2010 and 2011 last month. According to the documents, the GOP congressman and his wife Janna Ryan paid an effective tax rate of 15.9 percent in 2010 and 20 percent in 2011.

On Friday, Romney also released a doctor's letter signaling he is healthy and fit to meet the demands of serving in the White House.

This article has been updated with additional details throughout.

Click here to view the documents released by Romney on Friday.



http://www.huffingtonpost.com/2012/09/21/mitt-romney-taxes-released_n_1904262.html






Where the Money Lives





For all Mitt Romney’s touting of his business record, when it comes to his own money the Republican nominee is remarkably shy about disclosing numbers and investments. Nicholas Shaxson delves into the murky world of offshore finance, revealing loopholes that allow the very wealthy to skirt tax laws, and investigating just how much of Romney’s fortune (with $30 million in Bain Capital funds in the Cayman Islands alone?) looks pretty strange for a presidential candidate.


ByNicholas Shaxson




http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts





http://fuelfix.com/blog/2012/07/30/pay-swells-for-top-bosses/





where are your tax records Mitt, all of them ?



OBAMA 2012 !
 

Tam

Well-known member
flounder said:
tam, tam, tam, there you go again.



show us all your tax returns mitt, not just one or two years. we're not going to beg anymore.



http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts




oh, tammy, let us not forget, what mitt has forgot to tell you,
pensions, stock options, annual incentive, etc., because taxes on one million salary is one thing, but taxes on annual incentive, stock options, and other perks, well, that's another story. tax it all the same. this is the top paid exec. out of 100 examples in Houston area alone recently ;


base salary $1,400,000.

Annual incentive $21,821,400.

total equity $6,414,055.

all other comp $276,207.

change in pension $1,617,757.

Total direct compensation $31,529,419.

see more here ;


http://fuelfix.com/blog/2012/07/30/pay-swells-for-top-bosses/



SHOW US YOUR TAX RECORDS MITT, ALL OF THEM !


Mitt Romney Tax Returns For 2011 Released (UPDATE)


Posted: 09/21/2012 3:27 pm EDT Updated: 09/21/2012 7:48 pm EDT


WASHINGTON -- Mitt Romney paid an effective tax rate of 14.1 percent in 2011, according to a tax return filed on Friday, a relatively low tax rate resulting from exotic deductions, the special tax treatment for his Bain Capital retirement package and the low tax rate on capital gains. Romney also opted not to deduct millions in charitable contributions from his tax bill in order to maintain a pledge from August that he has paid at least 13 percent in federal income taxes for each of the past 10 years.

Romney's income was $13,696,951 in 2011, and he paid $1,935,708 in taxes. Romney's income for the year was more than 263 times larger than the U.S. median household income of $51,914.

At 379 pages, Romney's 2011 tax return is nearly twice as long as his as his 203-page return from 2010. A full 267 pages of the latest return are devoted to listing Romney's investments in 34 offshore corporations and partnerships, including 15 in the Cayman Islands. Of the 34 offshore companies, 30 are located in countries considered to be offshore tax havens by the U.S. Government Accountability Office.

Romney's Swiss bank account, which appeared on his 2010 tax return, has disappeared. His personal Bermuda-based corporation, Sankaty, remains. Romney also shifted $111,081 offshore to a Bain Capital affiliate based in the Cayman Islands during 2011, and an additional $296,471 to a Golden Gate Capital fund, also organized in the Caymans.

Looking through Romney's tax return? Tell us what you find! Write to [email protected]]

Romney also recognized a $102,790 foreign tax credit on his 2011 tax return -- a refund the U.S. government provides taxpayers for taxes they pay to other countries. Romney's decision to forgo some of his charitable contribution deductions leaves him open to criticism from political opponents, who may question why he chose to recognize other tax benefits in the code, like his foreign tax credit. Romney listed a total of $3,505,188 in foreign income in 2011.

Romney listed no income from wages, salaries or tips on his tax return. He recognized $6,810,176 in capital gains, $3,649,567 in dividends, $260,390 in directors fees, and $190,350 in speaking fees.

President Barack Obama's 2011 tax return filed in April, is 48 pages long. Obama paid $162,074 in taxes on income of $789,674 for an effective tax rate of 20.5 percent. Obama's income is divided between the president's $400,000 annual salary and royalties from book sales.

Much of Romney's investment income flows from his retirement package from Bain Capital. Unlike most retired financiers, Romney was allowed to receive his Bain retirement as carried interest, rather than ordinary income. Carried interest is subject to the favorable capital gains tax rate of 15 percent, rather than the 35 percent tax rate that the wealthiest Americans pay on ordinary income.

"The preferential rate on capital gains and dividends saved Mitt Romney a whopping $1.2 million in taxes in 2011, cutting his tax bill almost in half," said Rebecca Wilkins, senior counsel for federal tax policy at Citizens for Tax Justice. "He would have paid $3.1 million in taxes without that special treatment."

The capital gains tax is one of the most lucrative perks in the tax code for wealthy Americans, with half of all capital gains flowing to the top 0.1 percent of taxpayers, according to the Washington Post.
Romney's running mate, Paul Ryan, released his tax returns for 2010 and 2011 last month. According to the documents, the GOP congressman and his wife Janna Ryan paid an effective tax rate of 15.9 percent in 2010 and 20 percent in 2011.

On Friday, Romney also released a doctor's letter signaling he is healthy and fit to meet the demands of serving in the White House.

This article has been updated with additional details throughout.

Click here to view the documents released by Romney on Friday.



http://www.huffingtonpost.com/2012/09/21/mitt-romney-taxes-released_n_1904262.html






Where the Money Lives





For all Mitt Romney’s touting of his business record, when it comes to his own money the Republican nominee is remarkably shy about disclosing numbers and investments. Nicholas Shaxson delves into the murky world of offshore finance, revealing loopholes that allow the very wealthy to skirt tax laws, and investigating just how much of Romney’s fortune (with $30 million in Bain Capital funds in the Cayman Islands alone?) looks pretty strange for a presidential candidate.


ByNicholas Shaxson




http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts





http://fuelfix.com/blog/2012/07/30/pay-swells-for-top-bosses/





where are your tax records Mitt, all of them ?



OBAMA 2012 !

flounder flounder flounder where are Obama college, passport, Social Security and Birth records?
The Summery of Romney's last twenty years of taxes is far more than we have recieve considering Obama's records.

When Your hero is as TRANSPARENT as you expect any Republican to be then come back and tell us how Romney should open his past up to your inspection OK FLOUNDER :roll: .
 

Steve

Well-known member
where are Obama college, passport, Social Security and Birth records?

The Summery of Romney's last twenty years of taxes is far more than we have recieve considering Obama's records.

When Your hero is as TRANSPARENT as you expect any Republican to be then come back and tell us how Romney should open his past up to your inspection

while we are looking for transparency

Where is harry reid's ,.. and nancy pilosi's tax returns ?

and what about Obama's infamous khalidi speech..
 

flounder

Well-known member
flounder said:
tam, tam, tam, there you go again.



show us all your tax returns mitt, not just one or two years. we're not going to beg anymore.



http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts




oh, tammy, let us not forget, what mitt has forgot to tell you,
pensions, stock options, annual incentive, etc., because taxes on one million salary is one thing, but taxes on annual incentive, stock options, and other perks, well, that's another story. tax it all the same. this is the top paid exec. out of 100 examples in Houston area alone recently ;


base salary $1,400,000.

Annual incentive $21,821,400.

total equity $6,414,055.

all other comp $276,207.

change in pension $1,617,757.

Total direct compensation $31,529,419.

see more here ;


http://fuelfix.com/blog/2012/07/30/pay-swells-for-top-bosses/



SHOW US YOUR TAX RECORDS MITT, ALL OF THEM !


Mitt Romney Tax Returns For 2011 Released (UPDATE)


Posted: 09/21/2012 3:27 pm EDT Updated: 09/21/2012 7:48 pm EDT


WASHINGTON -- Mitt Romney paid an effective tax rate of 14.1 percent in 2011, according to a tax return filed on Friday, a relatively low tax rate resulting from exotic deductions, the special tax treatment for his Bain Capital retirement package and the low tax rate on capital gains. Romney also opted not to deduct millions in charitable contributions from his tax bill in order to maintain a pledge from August that he has paid at least 13 percent in federal income taxes for each of the past 10 years.

Romney's income was $13,696,951 in 2011, and he paid $1,935,708 in taxes. Romney's income for the year was more than 263 times larger than the U.S. median household income of $51,914.

At 379 pages, Romney's 2011 tax return is nearly twice as long as his as his 203-page return from 2010. A full 267 pages of the latest return are devoted to listing Romney's investments in 34 offshore corporations and partnerships, including 15 in the Cayman Islands. Of the 34 offshore companies, 30 are located in countries considered to be offshore tax havens by the U.S. Government Accountability Office.

Romney's Swiss bank account, which appeared on his 2010 tax return, has disappeared. His personal Bermuda-based corporation, Sankaty, remains. Romney also shifted $111,081 offshore to a Bain Capital affiliate based in the Cayman Islands during 2011, and an additional $296,471 to a Golden Gate Capital fund, also organized in the Caymans.

Looking through Romney's tax return? Tell us what you find! Write to [email protected]]

Romney also recognized a $102,790 foreign tax credit on his 2011 tax return -- a refund the U.S. government provides taxpayers for taxes they pay to other countries. Romney's decision to forgo some of his charitable contribution deductions leaves him open to criticism from political opponents, who may question why he chose to recognize other tax benefits in the code, like his foreign tax credit. Romney listed a total of $3,505,188 in foreign income in 2011.

Romney listed no income from wages, salaries or tips on his tax return. He recognized $6,810,176 in capital gains, $3,649,567 in dividends, $260,390 in directors fees, and $190,350 in speaking fees.

President Barack Obama's 2011 tax return filed in April, is 48 pages long. Obama paid $162,074 in taxes on income of $789,674 for an effective tax rate of 20.5 percent. Obama's income is divided between the president's $400,000 annual salary and royalties from book sales.

Much of Romney's investment income flows from his retirement package from Bain Capital. Unlike most retired financiers, Romney was allowed to receive his Bain retirement as carried interest, rather than ordinary income. Carried interest is subject to the favorable capital gains tax rate of 15 percent, rather than the 35 percent tax rate that the wealthiest Americans pay on ordinary income.

"The preferential rate on capital gains and dividends saved Mitt Romney a whopping $1.2 million in taxes in 2011, cutting his tax bill almost in half," said Rebecca Wilkins, senior counsel for federal tax policy at Citizens for Tax Justice. "He would have paid $3.1 million in taxes without that special treatment."

The capital gains tax is one of the most lucrative perks in the tax code for wealthy Americans, with half of all capital gains flowing to the top 0.1 percent of taxpayers, according to the Washington Post.
Romney's running mate, Paul Ryan, released his tax returns for 2010 and 2011 last month. According to the documents, the GOP congressman and his wife Janna Ryan paid an effective tax rate of 15.9 percent in 2010 and 20 percent in 2011.

On Friday, Romney also released a doctor's letter signaling he is healthy and fit to meet the demands of serving in the White House.

This article has been updated with additional details throughout.

Click here to view the documents released by Romney on Friday.



http://www.huffingtonpost.com/2012/09/21/mitt-romney-taxes-released_n_1904262.html






Where the Money Lives





For all Mitt Romney’s touting of his business record, when it comes to his own money the Republican nominee is remarkably shy about disclosing numbers and investments. Nicholas Shaxson delves into the murky world of offshore finance, revealing loopholes that allow the very wealthy to skirt tax laws, and investigating just how much of Romney’s fortune (with $30 million in Bain Capital funds in the Cayman Islands alone?) looks pretty strange for a presidential candidate.


ByNicholas Shaxson




http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts





http://fuelfix.com/blog/2012/07/30/pay-swells-for-top-bosses/





where are your tax records Mitt, all of them ?



OBAMA 2012 !





UPDATE: 9/22/12 10:55 a.m. -- Where did Romney's charitable giving wind up? It's not entirely clear. According to the tax returns, he gave $1,115,485 to the Mormon church and $214,516 to the Tyler Charitable Foundation, which is Romney's own tax-exempt nonprofit he established. His returns also list a gift of $920,573 in "noncash contributions," though it doesn't specify where those went. Noncash contributions are typically gifts of stock. By shifting the stock from his own account to his nonprofit, he is able to avoid paying taxes on the unrealized capital gains, and is also allowed to write off the value of the gift. The return isn't clear as to where the remaining roughly $2 million of charity went -- the gift he hasn't yet taken a deduction for -- but a likely candidate is his Tyler Charitable Foundation.

In 2010, Romney avoided a tax hit by giving to Tyler stock in Sensata, a company with a factory in Illinois that Bain Capital is closing and moving to China, costing the town 170 jobs.



http://www.huffingtonpost.com/2012/09/21/mitt-romney-tax-return_n_1904573.html?utm_hp_ref=politics&utm_hp_ref=politics
 

Faster horses

Well-known member
Instead of worrying about how much MONEY Romney makes, I wish
people would worry about all the LIES Obama tells.

Since Romney has a track record of making money, he'll steer our economy in
the right direction. All Obama does is LIE!!!! Remember folks, the
best indication of future behavior is past behavior. So the LYING will
go on and be blessed by the MSM, while our country goes down the tubes.

On the radio today was a sound bite of Obama and Hillary in a debate
in 2008. When asked why he wanted to raise the capital gains tax he
was not sure. He finally said, "because it's fair." What a crock. Anyone
that looks into when capital gains tax was 28%, not nearly the amount
of money was raised from capital gains as when it was dropped to 15%.
Even the Readers Digest ran an article on that.

Today they talked about him being on Univision and seemed to not
know the answer to some of the questions. They said he seemed "unprepared."
How could he be prepared when he spends most of his time on holiday?

The Presidential debates could be entertaining to watch. But they'll
get someone that won't ask him hard questions. Maybe the debates
should run on Univision with Jorge Ramos asking the questions. Which,
by the way, the Obama administration didn't like a Hispanic doing
interviewing :roll: Probably because this time Obama didn't get a pass........... :x
 

Tam

Well-known member
Obama was asked what the debt was on Letterman the other night and he could not tell Letterman it was now OVER 16 trillion. How in the he** can you be the President of the US and not know you tagged another 6 trillion onto the debt after you spent your whole campaign to get the job b^tching about how Bush was un-patroitic when he took the Credit Card from the Bank of China and ran up the debt. You would think you would be making sure you didn't dwarf the spending Bush did in 8 years in your first four years. :roll: :x

He doesn't care about the debt and he doesn't care that he was in charge when a US Ambassador was killed by a TERRORIST ATTACK. All he cares about is rubbing elbows with the celeb as they stuff checks in his pockets and where he is going to play his next round of golf. :mad:
 

flounder

Well-known member
flounder said:
tam, tam, tam, there you go again.



show us all your tax returns mitt, not just one or two years. we're not going to beg anymore.



http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts




oh, tammy, let us not forget, what mitt has forgot to tell you,
pensions, stock options, annual incentive, etc., because taxes on one million salary is one thing, but taxes on annual incentive, stock options, and other perks, well, that's another story. tax it all the same. this is the top paid exec. out of 100 examples in Houston area alone recently ;


base salary $1,400,000.

Annual incentive $21,821,400.

total equity $6,414,055.

all other comp $276,207.

change in pension $1,617,757.

Total direct compensation $31,529,419.

see more here ;


http://fuelfix.com/blog/2012/07/30/pay-swells-for-top-bosses/



SHOW US YOUR TAX RECORDS MITT, ALL OF THEM !


Mitt Romney Tax Returns For 2011 Released (UPDATE)


Posted: 09/21/2012 3:27 pm EDT Updated: 09/21/2012 7:48 pm EDT


WASHINGTON -- Mitt Romney paid an effective tax rate of 14.1 percent in 2011, according to a tax return filed on Friday, a relatively low tax rate resulting from exotic deductions, the special tax treatment for his Bain Capital retirement package and the low tax rate on capital gains. Romney also opted not to deduct millions in charitable contributions from his tax bill in order to maintain a pledge from August that he has paid at least 13 percent in federal income taxes for each of the past 10 years.

Romney's income was $13,696,951 in 2011, and he paid $1,935,708 in taxes. Romney's income for the year was more than 263 times larger than the U.S. median household income of $51,914.

At 379 pages, Romney's 2011 tax return is nearly twice as long as his as his 203-page return from 2010. A full 267 pages of the latest return are devoted to listing Romney's investments in 34 offshore corporations and partnerships, including 15 in the Cayman Islands. Of the 34 offshore companies, 30 are located in countries considered to be offshore tax havens by the U.S. Government Accountability Office.

Romney's Swiss bank account, which appeared on his 2010 tax return, has disappeared. His personal Bermuda-based corporation, Sankaty, remains. Romney also shifted $111,081 offshore to a Bain Capital affiliate based in the Cayman Islands during 2011, and an additional $296,471 to a Golden Gate Capital fund, also organized in the Caymans.

Looking through Romney's tax return? Tell us what you find! Write to [email protected]]

Romney also recognized a $102,790 foreign tax credit on his 2011 tax return -- a refund the U.S. government provides taxpayers for taxes they pay to other countries. Romney's decision to forgo some of his charitable contribution deductions leaves him open to criticism from political opponents, who may question why he chose to recognize other tax benefits in the code, like his foreign tax credit. Romney listed a total of $3,505,188 in foreign income in 2011.

Romney listed no income from wages, salaries or tips on his tax return. He recognized $6,810,176 in capital gains, $3,649,567 in dividends, $260,390 in directors fees, and $190,350 in speaking fees.

President Barack Obama's 2011 tax return filed in April, is 48 pages long. Obama paid $162,074 in taxes on income of $789,674 for an effective tax rate of 20.5 percent. Obama's income is divided between the president's $400,000 annual salary and royalties from book sales.

Much of Romney's investment income flows from his retirement package from Bain Capital. Unlike most retired financiers, Romney was allowed to receive his Bain retirement as carried interest, rather than ordinary income. Carried interest is subject to the favorable capital gains tax rate of 15 percent, rather than the 35 percent tax rate that the wealthiest Americans pay on ordinary income.

"The preferential rate on capital gains and dividends saved Mitt Romney a whopping $1.2 million in taxes in 2011, cutting his tax bill almost in half," said Rebecca Wilkins, senior counsel for federal tax policy at Citizens for Tax Justice. "He would have paid $3.1 million in taxes without that special treatment."

The capital gains tax is one of the most lucrative perks in the tax code for wealthy Americans, with half of all capital gains flowing to the top 0.1 percent of taxpayers, according to the Washington Post.
Romney's running mate, Paul Ryan, released his tax returns for 2010 and 2011 last month. According to the documents, the GOP congressman and his wife Janna Ryan paid an effective tax rate of 15.9 percent in 2010 and 20 percent in 2011.

On Friday, Romney also released a doctor's letter signaling he is healthy and fit to meet the demands of serving in the White House.

This article has been updated with additional details throughout.

Click here to view the documents released by Romney on Friday.



http://www.huffingtonpost.com/2012/09/21/mitt-romney-taxes-released_n_1904262.html






Where the Money Lives





For all Mitt Romney’s touting of his business record, when it comes to his own money the Republican nominee is remarkably shy about disclosing numbers and investments. Nicholas Shaxson delves into the murky world of offshore finance, revealing loopholes that allow the very wealthy to skirt tax laws, and investigating just how much of Romney’s fortune (with $30 million in Bain Capital funds in the Cayman Islands alone?) looks pretty strange for a presidential candidate.


ByNicholas Shaxson




http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts





http://fuelfix.com/blog/2012/07/30/pay-swells-for-top-bosses/





where are your tax records Mitt, all of them ?



OBAMA 2012 !






Romney's claimed rate is misleading in another way. Boston College tax law professor Brian Galle noted that Romney's IRA has grown since 1999 at a rate of roughly $9 million to $10 million per year. Yet he pays no taxes on those gains. Adding $10 million to his 2011 income of $13.8 million, for instance, nearly doubles it, meaning his tax rate is roughly half of what his real gain was.

"Mitt Romney was paid an immense amount for services rendered and is not putting it in his income. ...To say he has a 14 percent rate doesn't capture the economic reality of what's happening," Galle said. "It's more like Romney has a salary of $10 million and he's paying 14 percent on $1 million and the rest just isn't included."



UPDATE: 9/23/12 3:13 p.m. -- David Cay Johnston flags a fourth element of the PwC letter that makes it meaningless. The tax preparers specifically and repeatedly use the term "owed" rather than "paid," leaving open the possibility that Romney owed taxes for certain years but did not pay them until later years, perhaps after an audit. The letter adds that it is "unaware" of any unpaid balances at this point. (Romney has previously acknowledged that he has been audited.)

"Each year during the period there were federal and state income taxes owed," the letter reads.

Here's Johnston on MSNBC:

The word "owed" is important because it suggests that there was an audit that resulted in a large payment of tax later because they underpaid the tax, an amended tax return by the Romney's, or an obligation that they didn't pay for some number of years.
So I wrote the campaign and asked them, and they know this statement is going to be very closely scrutinized. And this is afterall a verb. Why didn't they say "paid?"

The short answer that I got back was: "Not answering that question."



The Romney campaign didn't immediately respond to a request to elaborate.




http://www.huffingtonpost.com/2012/09/21/mitt-romney-pwc-letter-reid_n_1904543.html
 

Whitewing

Well-known member
Romney's claimed rate is misleading in another way. Boston College tax law professor Brian Galle noted that Romney's IRA has grown since 1999 at a rate of roughly $9 million to $10 million per year. Yet he pays no taxes on those gains. Adding $10 million to his 2011 income of $13.8 million, for instance, nearly doubles it, meaning his tax rate is roughly half of what his real gain was.

I about choked when I read this gem. Wow, Romney pays no taxes on the gains in his IRA. What a scoundrel.

Dumb as a sack of hammers comes to mind when people write crap like that above. The entire premise is bunk.
 

Whitewing

Well-known member
hopalong said:
since when do you pay taxes on an ira until you remove the money flounder the flipping fhoney???

And since when do you count IRA gains in any given year as income? Had the value of his IRA declined each year would the numbnuts on the left be claiming that he'd actually paid a higher percentage in taxes.

:lol: Yeah, right.
 

Larrry

Well-known member
It really looks like the leftwingernuts want just two tax codes. One for the Conservatives and one for liberals.

Of course they want two sets of rules on everything one for libs and one for conservatives.
 
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