Romney & Co Release 2011 Tax Returns (DOWNLOAD HERE)

Today, 9.21.2012, Romney released his 2011 Tax Return. Download link here.
Just moments ago Romney released his 2011 tax returns for the public. Fulfilling a campaign promise in an attempt to deflect negative attention away from him.Click here to download

Today, Romney released his 2011 Tax returns showing that he paid $1.9 million dollars in taxes on $13.7 million in income. The records also show that he donated almost 30% of his income to charity. 
Here are the highlights from the Romney campaign blog:

  • In 2011, the Romneys paid $1,935,708 in taxes on $13,696,951 in mostly investment income.
  • The Romneys’ effective tax rate for 2011 was 14.1%.
  • The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income.
  • The Romneys claimed a deduction for $2.25 million of those charitable contributions.
  • The Romneys’ generous charitable donations in 2011 would have significantly reduced their tax obligation for the year. The Romneys thus limited their deduction of charitable contributions to conform to the Governor’s statement in August, based upon the January estimate of income, that he paid at least 13% in income taxes in each of the last 10 years.
This comes after a Pricewaterhouse coopers letter showing that Mitt Romney paid an effective rate of 20.2% for the twenty-year period 1989-2009 and paid at least 13% every year. 

The letter also notes that he has paid 13.45% out to charity of this period.
Now that we have this off our backs, no doubt some will still want to see more (like people wanting to see more of Obama’s birth certificate). Sure he has money in the Caymen Islands and is super rich, but there are bigger issues we should be debating about in our country.

No doubt he still has paid a very low tax rate, and it highlights the disparity between the rich and the middle class that the ultra-rich can get away paying a much lower tax rate than the middle class can. 

The issue should be reforming capital gains tax and other deductions that make it so a man who earns over $10 million cannot pay a lower tax rate than a man who earns $200 thousand.
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One comment on “Romney & Co Release 2011 Tax Returns (DOWNLOAD HERE)

  1. Reply Andrew Sep 28,2012 %I:%M %p

    Now that you pointed out the fact that Romney has paid a significant portion of his income to charity, I suddenly realized that Romney’s reluctance to reveal his tax records makes sense.

    Even ignoring the invasion of privacy, this might go against the tenets of his beliefs. According to Christian teachings, when you give money to the poor, “the left hand should not know what the right hand does” (I don’t remember the exact quote, but you get the idea).

    I happen to have grown up in the same church as Romney (in a different part of the country), and I can tell you that donations to the church are done discretely. Also, donating to the church is considered a commandment (10% of income goes to tithes, the cost of a meal once a month for the poor, plus whatever you can spare donated as you see fit).

    I’m still not going to vote for the guy, but at least I’ll breathe a little easier if he does win. Thanks for the info.

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