Romney Inflated 2011 Taxes

B

Bonestorm

Thrillhouse
Romney's statement that he never paid less that 13% has got to be completely full of shit:

Mitt Romney's trustee said in a campaign press release that Romney artificially inflated his own effective tax rate so it would remain above 13 percent by deferring $1.75 million in charitable deductions. Romney had previously said that none of his last decade of tax returns dipped below that 13 percent threshold.

In an interview with ABC News in July, however, Romney dismissed the idea that he would ever pay more taxes than legally owed, saying if he did so he wouldn't be "qualified" to be president.

"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," Romney said. "I'd think people would want me to follow the law and pay only what the tax code requires."
Click to expand...


That's just awesome. This guy is great.

http://livewire.talkingpointsmemo.c...ially-inflated-2011-taxes-after-decrying-idea
 
Darla said:
What does this mean? I think I get it, he deferred income to keep his tax rate lower...but why would they put that out in a campaign press release?
Click to expand...


Because it would have been obvious to anyone who actually looked at the tax return and instead of hiding it and then looking like a fool, he decided to get out in front of it. That's probably the right play, but it's hilarious in any event.

Also, too, Romney basically setting a floor for his own effective tax rate (at least in returns he has released publicly) is an implicit concession that the Buffet Rule to set a minimum acceptable income tax rate for very rich people, has merit.


Edit: And he didn't defer income. He just didn't take his full charitable deduction. Of course, if he looses the election he can file an amended return and take advantage of the full deduction.
 
Darla said:
What does this mean? I think I get it, he deferred income to keep his tax rate lower...but why would they put that out in a campaign press release?
Click to expand...

by deferring $1.75 million in charitable deductions.

his rate of taxation would have been lower than 13%

he stopped taking deductions because he knew how bad it would look. LOL

I guess he took the deductions later, or he will at some time.

There is one point that we should be aware of: Most of these investments are tax-exempt because (presumably) the government benefits in some way. Do you support government issuing financial instruments? If you answered yes, why do you hold it against the people who provide the needed capital?

I dislike Rmoney because he's a douchebag, but this is hardly an issue, correct?
 
Summing up, Romney thinks taxes on rich people should be lower, but paid more in taxes than he was obligated to pay, which he thinks is a disqualifying feature for a presidential candidate, so that the lazy ingrate 47%ers can live like moochers.
 
I think the 47% comment really killed his chances. there are so many people who struggle to survive and pay greater tax % than Rmony. Self employed pay more than that on SE taxes alone.
 
hazlnut said:
When he loses, he's going to be screaming blood-murder about what waste the "fake" tax returns were and demanding that someone get his money back for him....

This guy is going down in flames.
Click to expand...


He could amend his return and claim the full value of the deduction.
 
Holy shit, if he hadn't over-payed in 2011, his effective rate would have been 9%.

How are all Americans not bothered by this??
 
hazlnut said:
Holy shit, if he hadn't over-payed in 2011, his effective rate would have been 9%.

How are all Americans not bothered by this??
Click to expand...

Are you following the laws? That's what important to me. I don't fault anyone for legally using the tax code to pay the minimum amount they owe. I've never asked my accountant to make sure I pay more than I'm legally suppose to and I wouldn't expect someone who has a lot more money than me to do any different.
 
cawacko said:
Are you following the laws? That's what important to me. I don't fault anyone for legally using the tax code to pay the minimum amount they owe. I've never asked my accountant to make sure I pay more than I'm legally suppose to and I wouldn't expect someone who has a lot more money than me to do any different.
Click to expand...

You're a conservative with more heart than some others here. When Mitt talks about the 47%, those people are also using the tax code yet they're reviled for supposedly feeling like victims and being owed entitlements.
 
General Buck Turgidson said:
Because it would have been obvious to anyone who actually looked at the tax return and instead of hiding it and then looking like a fool, he decided to get out in front of it. That's probably the right play, but it's hilarious in any event.

Also, too, Romney basically setting a floor for his own effective tax rate (at least in returns he has released publicly) is an implicit concession that the Buffet Rule to set a minimum acceptable income tax rate for very rich people, has merit.


Edit: And he didn't defer income. He just didn't take his full charitable deduction. Of course, if he looses the election he can file an amended return and take advantage of the full deduction.
Click to expand...

I understand, thanks.
 
cawacko said:
Are you following the laws? That's what important to me. I don't fault anyone for legally using the tax code to pay the minimum amount they owe. I've never asked my accountant to make sure I pay more than I'm legally suppose to and I wouldn't expect someone who has a lot more money than me to do any different.
Click to expand...

I couldn't agree more.

I've been saying all along, I don't think Mitt Romney cheated on his return, I think he had very expensive accounted comb the tax code for every loophole and paid as little as he could.

You could argue that in each instance if that is following the spirit of the law, a progressive tax code--that the wealthiest individual pays a smaller portion of his income when in theory he is supposed to pay a larger portion than the rest of us.

The reason I wanted to see Mitt Romney's tax returns was so that we Americans could have a very detailed conversation about a broken tax code.
 
hazlnut said:
I couldn't agree more.

I've been saying all along, I don't think Mitt Romney cheated on his return, I think he had very expensive accounted comb the tax code for every loophole and paid as little as he could.

You could argue that in each instance if that is following the spirit of the law, a progressive tax code--that the wealthiest individual pays a smaller portion of his income when in theory he is supposed to pay a larger portion than the rest of us.

The reason I wanted to see Mitt Romney's tax returns was so that we Americans could have a very detailed conversation about a broken tax code.
Click to expand...

I think you'll find a lot of people would agree we have a broken tax code. Of course how we should fix the tax code wouldn't have so many peope agreeing.
 
Mitt is running on a platform of closing loopholes for those making greater than $250k. His own tax situation basically plays into his own platform.
 
You must log in or register to reply here.
Back
Top