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Romney releases tax docs, pays $1.9m last year

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JustinsBabyGirl20	Romney releases tax docs, pays $1.9m last year		Lead	[-]
Posts: 1885 09/21/2012 2:10 PM	http://news.yahoo.com/romney-releases-tax-docs-pays-1-9m-last-175522373--election.html WASHINGTON (AP) — Mitt Romney is releasing his 2011 tax returns. Romney aides on Friday said the Republican presidential nominee would give the public a look at his finished tax forms. Ahead of their release, expected at 3 p.m., aides said Romney earned almost $13.7 million last year and paid more than $1.9 million in taxes — an effective tax rate of 14.1 percent. Romney's campaign earlier estimated that Romney would pay about $3.2 million in taxes. Romney paid about $3 million in federal income taxes in 2010 — or 13.9 percent. Critics, including President Barack 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 younger Romney is refusing.
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twilightschild		#1	[url]	[-]
Posts: 21472 09/21/2012 2:13 PM	He has a lower effective tax rate than I do...for 2010 and 2011. Release the previous years' tax returns!
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Semirhage626		#2	[url]	[-]
Posts: 13952 09/21/2012 2:14 PM	twilightschild wrote: He has a lower effective tax rate than I do...for 2010 and 2011. Release the previous years' tax returns! Ditto.
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forever121young		#3	[url]	[-]
Posts: 14731 09/21/2012 2:20 PM	I love that I make a tiny fraction of what he does and yet I paid 33% last year. And people say that the tax bracket system is working???
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blairboy		#4	[url]	[-]
Posts: 44735 09/21/2012 2:37 PM Best Male JJBer '07 Best Debater '08 Current Events Scoop '09 JJB Bully '11	I wasn't ever one of the people pushing hard for this, but the suspicious person in me wants to know why a "summary" and not the actual returns.
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Bri5		#5	[url]	[-]
Posts: 914 09/21/2012 2:45 PM	This is the email I got from CNN Republican presidential candidate Mitt Romney has released his full 2011 federal income tax returns, fulfilling a commitment he made earlier this year. Brad Walt, the trustee of the Romney‚s blind trust, said the Romneys paid $1,935,708 in 2011 taxes on $13,696,951 in income. He said the Romneys‚ effective tax rate for 2011 was 14.1%. Also in the release, Walt said that during the 20-year period between 1990-2009, the Romneys paid an average federal tax rate of 20.2%. In January, Romney released a summary of his 2011 taxes. In it, he and his wife, Ann, originally said they filed a joint 1040 reporting a joint income of $21 million and a tax bill of $3.2 million. Get complete coverage of breaking news on CNN.com, CNN TV and CNN Mobile. How come in January they thought they made $21 million and paid $3.2m, but now they've only made 14m and paid 2m? I don't get this at all.
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Semirhage626		#6	[url]	[-]
Posts: 13952 09/21/2012 2:53 PM	^^ That's a good question. Romney quote: "I don't pay more 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. I'd think people would want me to follow the law and pay only what the tax code requires." Yet his 2011 tax returns show that he could have written off 4 million in charity, but only deducted 2.25 million, presumably to keep his effective rate higher. I don't really think it's a big deal that it contradicts the quote -- just amusing. I am annoyed that Romney may have sacrificed part of his write off to avoid a much needed national conversation about effective rates.
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IdDoJC100Ways		#7	[url]	[-]
Posts: 31667 09/21/2012 3:04 PM	forever121young wrote: I love that I make a tiny fraction of what he does and yet I paid 33% last year. And people say that the tax bracket system is working??? It's highly unlikely your effective tax rate is 33% given that the highest bracket is 35% and I doubt there are many on this message board making money like that. Effective tax doesn't count the medicare and social security taxes. It's only income tax. The following is for single tax payers. Unless you have a shitload of income above and beyond $388,350 to average out the other you do not pay an effective rate of 33%. This year I paid an effective rate of 8%. I'll pay more when I lose my head of household status and my daughter's education credit next year. [Tax Rate Schedule X, Internal Revenue Code section 1(c)] 10% on taxable income from $0 to $8,700, plus 15% on taxable income over $8,700 to $35,350, plus 25% on taxable income over $35,350 to $85,650, plus 28% on taxable income over $85,650 to $178,650, plus 33% on taxable income over $178,650 to $388,350, plus 35% on taxable income over $388,350.
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jessluvsnick		#8	[url]	[-]
Posts: 5517 09/21/2012 3:24 PM	IdDoJC100Ways wrote: forever121young wrote: I love that I make a tiny fraction of what he does and yet I paid 33% last year. And people say that the tax bracket system is working??? It's highly unlikely your effective tax rate is 33% given that the highest bracket is 35% and I doubt there are many on this message board making money like that. Effective tax doesn't count the medicare and social security taxes. It's only income tax. The following is for single tax payers. Unless you have a shitload of income above and beyond $388,350 to average out the other you do not pay an effective rate of 33%. This year I paid an effective rate of 8%. I'll pay more when I lose my head of household status and my daughter's education credit next year. [Tax Rate Schedule X, Internal Revenue Code section 1(c)] 10% on taxable income from $0 to $8,700, plus 15% on taxable income over $8,700 to $35,350, plus 25% on taxable income over $35,350 to $85,650, plus 28% on taxable income over $85,650 to $178,650, plus 33% on taxable income over $178,650 to $388,350, plus 35% on taxable income over $388,350. Everything combined comes to at least 30% for me. School, State, IRS etc.
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IdDoJC100Ways		#9	[url]	[-]
Posts: 31667 09/21/2012 4:05 PM	jessluvsnick wrote: Everything combined comes to at least 30% for me. School, State, IRS etc. But that's not the point of this is it? I can't stand Romney, but it's his effective rate we're talking about. He didn't reveal his property/school taxes nor did he reveal his Massachusetts state taxes so I was making the point that you can't compare apples to oranges. He released his federal taxes and his federal effective rate, then someone posts there total tax rate. It's not the same. Compare apples to apples, not apples to oranges otherwise it makes one's argument look as ridiculous as Romney trying to make himself seem like he's in touch with the middle class.
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Kris3234		#10	[url]	[-]
Posts: 6094 09/21/2012 4:46 PM	It is amusing and it shows how hypocritical his comments about the 47% are. He thinks it is quite ridiculous for him to pay more taxes than he is legally required to. But yet the 47% who do the same think they are victims, who don't take responsibility and care for their lives. They are freeloaders but he is not.
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Semirhage626		#11	[url]	[-]
Posts: 13952 09/21/2012 4:49 PM	Kris3234 wrote: It is amusing and it shows how hypocritical his comments about the 47% are. He thinks it is quite ridiculous for him to pay more taxes than he is legally required to. But yet the 47% who do the same think they are victims, who don't take responsibility and care for their lives. They are freeloaders but he is not. Yes, and what really drives me nuts is that when it's a tax break for rich people, it's a deduction and they deserve it. When it's a tax break for poor people, it's a government handout and they are mooches. Romney gets to write off tens of thousands of dollars in mortgage interest. He wrote off $77,000 business loss for his horse. He's welcome to own a horse, but if it doesn't make him money, why should the taxpayers help him out? Why can't he take RESPONSIBILITY for his financial choices?
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oliverbandit		#12	[url]	[-]
Posts: 11443 09/21/2012 4:50 PM	Anyone else think he released them a few days early to get people to stop talking about his brown face?
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Kris3234		#13	[url]	[-]
Posts: 6094 09/21/2012 5:08 PM	Right. Jon Stewart summarized that idea perfectly on his show. He said when they get a break they deserve it and when you get a break it is a handout. If they have success they built it. If they have failure it is because the government got in their way. I truly think that Mitt Romney believes that it is the fault of poor people that they are poor. If people are poor or do not have as much money as him it is because they did not work hard enough. They are lazy. He does not think it has anything to do with anyone but them. And the same goes to his wealth. He thinks his wealth does not have anything to do with anyone but him. He claims in that video that he made his money the old-fashioned way. He did not take any inheritance. Ezra Klein said he was blind to his privilege. I agree. Paul Krugman did a very good article about how the Republican party does not have respect for the working person. They value the investor and the entrepreneur.
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kariya the dog		#14	[url]	[-]
Posts: 12926 09/21/2012 7:54 PM	So wait, he makes that much money and pay 13.9% and I like I barely get by some months and pay 15%ish? That seems totally fair. Or you know, not really.
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kariya the dog		#15	[url]	[-]
Posts: 12926 09/21/2012 7:58 PM	Since I can't edit on my phone, I actually pay 15-25% since my hours fluctuate and some years I pay more and some I pay less. Still not fair.
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franknbeans82		#16	[url]	[-]
Posts: 54622 09/21/2012 8:08 PM	Semirhage626 wrote: Kris3234 wrote: It is amusing and it shows how hypocritical his comments about the 47% are. He thinks it is quite ridiculous for him to pay more taxes than he is legally required to. But yet the 47% who do the same think they are victims, who don't take responsibility and care for their lives. They are freeloaders but he is not. Yes, and what really drives me nuts is that when it's a tax break for rich people, it's a deduction and they deserve it. When it's a tax break for poor people, it's a government handout and they are mooches. Romney gets to write off tens of thousands of dollars in mortgage interest. He wrote off $77,000 business loss for his horse. He's welcome to own a horse, but if it doesn't make him money, why should the taxpayers help him out? Why can't he take RESPONSIBILITY for his financial choices? good post.
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lilSS		#17	[url]	[-]
Posts: 15769 09/21/2012 9:03 PM	Yes, my 25% tax rate pissed me off before this but now I'm just livid. I understand the dollar amount that I pay is not even close to being a drop in the bucket in comparison to the dollars amount he pays in, the problem is the middle class is getting hosed. I'm all for paying my fair share but I'm pissed that the pain of paying taxes isn't fairly distributed.
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LilBabyWithTheSundressOn		#18	[url]	[-]
Posts: 47222 09/21/2012 9:41 PM Friendliest JJBer '07 My name's not really Rose	Maybe it's because I never had anything even resembling that kind of money, but I can't imagine that if I were making $13+ million, I would even miss half of that, much less only $1.9 million.
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the lakes slave		#19	[url]	[-]
Posts: 67364 09/21/2012 9:44 PM	I wonder what percentage of his "charitable" donations are mandatory from the Mormons.
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giadoe		#20	[url]	[-]
Posts: 3951 09/21/2012 10:19 PM	kariya the dog wrote: So wait, he makes that much money and pay 13.9% and I like I barely get by some months and pay 15%ish? That seems totally fair. Or you know, not really. Is yours 15% effective or including anything else? My husband and I are falling under the income bracket that Obama targeted (250K+ combined, 200K individual). Our effective tax rate is about 20%, excluding property tax, 8% CA State Tax, Social Security Tax, Medicare Tax, CA disability tax, etc. I wouldn't compare myself to Romney because he no longer earns his income through W2 like my husband and I. I believe his income mostly come from capital gains and dividend tax rates. Those are currently 15%. So it's like apple and oranges....Obama uses Warren Buffet and Romney...both of them get their income through dividend and capital gains but Obama wants to raise ordinary income taxes which both of them no longer earn. It's like apple and orange, not the same thing. The challenge of raising dividend tax is that currently we impose double taxation. My husband and I did a small project a few years ago and formed a C corporation. So basically, we had to file Federal & State income tax (at 15%) as a corporation, then we distribute our profit to ourselves and get taxed again at 15% (dividend tax). Effectively, we paid more than 15% and close to 27%. So it's not so easy...if Obama chooses to raise dividend and capital gains tax (which also impacts capital gains you earn from stock, 401K and property), I expect this will hit everyone, not just the riches.
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Romney releases tax docs, pays $1.9m last year

Romney releases tax docs, pays $1.9m last year