Mitt Romney Releases 2011 Income Taxes

  • CuriousJockAZ

    Posts: 19129

    Sep 21, 2012 7:07 PM GMT
    Oh the horrors...that awful man only paid nearly $2 million in taxes and only gave 30% (over $4 million) to charity. How dare he be so utterly selfish!!! icon_rolleyes.gif

    http://news.yahoo.com/blogs/ticket/romney-release-2011-tax-return-paid-irs-14-181125301--election.html

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  • comfortablynu...

    Posts: 230

    Sep 21, 2012 7:32 PM GMT
    Why is his tax percentage so low when all this time Republicans have been whining that taxes under President Obama are too high on "job creators?" He pays a lower percentage than people who actually do work for a living.
  • CuriousJockAZ

    Posts: 19129

    Sep 21, 2012 7:41 PM GMT
    comfortablynumb saidWhy is his tax percentage so low when all this time Republicans have been whining that taxes under President Obama are too high on "job creators?" He pays a lower percentage than people who actually do work for a living.


    Would you expect anyone to pay more Income Taxes than is required by the current tax laws? If the law changes, his taxes will go up accordingly. However, until the law changes, he's paying what is expected.
  • comfortablynu...

    Posts: 230

    Sep 21, 2012 8:00 PM GMT
    I don't expect people to pay more than they owe. I also don't expect people to whine about their taxes being too high when they are paying a lower tax rate than people who work for a living. We need to cut out the bullshit about capital gains being doubly taxed, because the vast majority of corporations are paying no where near the actual corporate income tax rate. It should be taxed as regular income.

    "Do you think the millionaire ought to pay more in taxes than the bus driver, or less?"

    That wasn't a question from an Occupy Wall Street protester, or Barney Frank or Bernie Sanders. That was Ronald Reagan circa 1985. What happened to the Republican party? People who ask that question today are attacked by the GOP for hating successful people, accused of class warfare and wealth envy, etc.
  • TroyAthlete

    Posts: 4269

    Sep 21, 2012 8:10 PM GMT
    Why does Romney want to cut taxes for himself and his super rich friends when be only payed 13.8% last year while the poorest tax bracket pays 17%? Does Romney think he needs more tax breaks that the poorest Americans?

    Where are the rest of Romney's tax returns? Other candidates have released 10+ of tax returns, what is Romney hiding? Did he pay even less in taxes in other years? Is that why payed more than owed last year, just because he knew he was running for President and knew the optics of him paying less than 10% in taxes would be ugly?
  • DalTX

    Posts: 612

    Sep 21, 2012 9:01 PM GMT
    CuriousJockAZ said
    comfortablynumb saidWhy is his tax percentage so low when all this time Republicans have been whining that taxes under President Obama are too high on "job creators?" He pays a lower percentage than people who actually do work for a living.


    Would you expect anyone to pay more Income Taxes than is required by the current tax laws? If the law changes, his taxes will go up accordingly. However, until the law changes, he's paying what is expected.


    Uh, not exactly...
    From NBC News:

    The Romneys voluntarily paid a higher tax rate than they were legally required, which the campaign said they did in order to stay consistent with Romney's pledge to never play less than a 13 percent tax rate.
  • coolarmydude

    Posts: 9190

    Sep 21, 2012 9:31 PM GMT
    Seriously, you actually believe that his now released 2011 tax returns weren't written in order to give the impression that he paid nearly that high before 2010?



    Mitt Romney redefines political opportunist!
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    Sep 21, 2012 11:01 PM GMT
    So in the two years of tax returns Romney is willing to show us - he only paid about a 14% tax rate - when he's supposed to be paying 31%?

    In the two years he's willing to show us - he used every slimy tax dodging trick in the book - most of which are only available to the rich?

    God only knows what far worse shit Romney is hiding in all those years of tax returns he's hiding from us!
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  • comfortablynu...

    Posts: 230

    Sep 21, 2012 11:15 PM GMT
    His income is almost all capital gains, so it is taxed at 15%. Conservatives, and even many Democrats will tell you that they are taxed at a lower level because capital gains are double taxed, once as corporate income and then again as a capital gain on an investment. This is a load of shit, since year after year we find more and more corporations aren't paying their taxes and it's completely legal.

    So Mitt Romney and his friends get away with paying a lower percentage of taxes on their income, income that they did no work for other than having an obscene amount of money sitting around while hard working Americans who need every bit of income they can get pay a higher percentage.

    Point this out and you hate capitalism, you hate success, you're a Socialist, you're waging class warfare, you're envious of the wealthy, or as Mitt says you're a victim, dependent on the government.

    Capital gains should be subject to a progress tax system like all other forms of income are.
  • conservativej...

    Posts: 2465

    Sep 21, 2012 11:23 PM GMT
    comfortablynumb saidWhy is his tax percentage so low when all this time Republicans have been whining that taxes under President Obama are too high on "job creators?" He pays a lower percentage than people who actually do work for a living.


    It's pretty simple actually. His income comes via dividends taxed as capital gain plus traditional capital gain income. Mitt is one of a very few who derive the largest portion of income in that fashion. Mitt is not a "salaried employee."

    But......there's another good one. Back when the old Obamanoid practically shut down the banking system in early 2009, entities such as hospitals that would typically issue tax free bonds for construction, couldn't sell bonds. So....there were a few of us such as the illustrious Warren Buffet who cut deals to take the debt in private placement. You know what happens to the coupon rate on those bonds when they are sold in that fashion?

    Ah, the wonder of starving a fat old government.

    Cheers!!
  • comfortablynu...

    Posts: 230

    Sep 21, 2012 11:32 PM GMT
    conservativejock said
    comfortablynumb saidWhy is his tax percentage so low when all this time Republicans have been whining that taxes under President Obama are too high on "job creators?" He pays a lower percentage than people who actually do work for a living.


    It's pretty simple actually. His income comes via dividends taxed as capital gain plus traditional capital gain income. Mitt is one of a very few who derive the largest portion of income in that fashion. Mitt is not a "salaried employee."


    No shit...

    The crux of my question, which no one has answered, is WHY ARE REPUBLICANS WHINING SO MUCH ABOUT TAXES?

    The so called "job creators" (rich folk) are supposedly overburdened by an onerous tax rate under President Obama. Romney himself said the rate he paid in 2010 is the lowest rate he's ever paid. He's already paying a lower percentage than working Americans.

    Under the Romney-Ryan plan, he would be paying 0.82% of his income in taxes. No one sees a conflict of interest there? Not to mention the fact that it promotes income inequality in a country where it is already a glaring problem.
  • HndsmKansan

    Posts: 16311

    Sep 21, 2012 11:36 PM GMT
    Who cares?! I'm still waiting for the rest of the years he should release.
    This isn't anything to even discuss....
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    Sep 21, 2012 11:38 PM GMT
    What about less wealthy people who buy tax free bonds? SHould they be forced to pay a higher capital gains tax rate simply because you don't like a wealthy person making money by lending money to his government? All the arbitrary bitching about what someone else pays or not.
  • comfortablynu...

    Posts: 230

    Sep 21, 2012 11:56 PM GMT
    No, that's why I said capital gains should be subject to a progressive tax system.

    That is how every other income tax (other than FICA taxes which are regressive and capped at a certain amount of income which is also ridiculous) works.

    For a single filer, income between $0 – $8,700 is taxed at 10%. Income between $8,701 – $35,350 is taxed at 15%. Income between $35,351 – $85,650 is taxed at 25%. Income between $85,651 – $178,650 is taxed at 28%. Income between $178,651 – $388,350 is taxed at 33%. Income $388,351+ is taxed at 35%. Income from capital gains should be treated the same way. It was largely done this way until Clinton lowered the rate to 20% in 97, and then George Bush capped the tax on realized capital gains at 15% in 2003.

    Currently, income from long term capital gains is taxed at 15% across the board, unless you are in the 10% or 15% income tax bracket in which case you pay 0% on capital gains. Romney and Ryan's plan does away with capital gains taxes, taxes on interest and dividends completely.
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    Sep 22, 2012 12:41 AM GMT
    For a guy who was unemployed in 2011, he sure did very well for himself...and paid much less percent-wise than I did. I was working my ass off in 2011, and paying a 35% tax bracket. icon_lol.gif
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    Sep 22, 2012 12:41 AM GMT
    That would be nice. Investors would be encouraged to buy bonds, which would be a nice loan to starving federal, state, and local governments. And people could earn money (gasp!) tax free (bigger gasp!). Maybe some of us will be able to retire early after all......
  • Webster666

    Posts: 9217

    Sep 22, 2012 12:59 AM GMT
    Let's see.
    Quite a long time ago, he said that he had his accountants "working on" his 2011 return.

    Why did it need to be "worked on," before it was released ?
    My bet is that he filed an amended return, to make it look more acceptable to the general public.

    Where are the other 10 years of tax returns ?
    Why is he withholding them ?

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    Sep 22, 2012 1:11 AM GMT
    I'm all for taking advantage of tax loopholes and maximizing one's tax advantages as long as they're done lawfully. However, manipulating one's potential tax deductions for the sole purpose of justifying a public statement for political convenience just doesn't sit well with me. Here's what I don't like about Romney's 2011 tax return (which was reportedly filed Friday morning, weeks after Romney publicly stated that he's paid no less than 13% in taxes over the years) (text taken from the news report provided by the OP):

    "Romney paid a price—literally—for saying that he paid at least 13 percent in federal income taxes over the past decade. He and his wife did not take the full deductions to which they were entitled for their charitable giving. The Romneys' generous charitable donations in 2011 would have significantly reduced their tax obligation for the year," Malt wrote. "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."

    Tax experts have noted that, had the Romneys deducted all of their charitable donations, they would have paid about $467,000 less in taxes for an effective rate of 10.55 percent. Personally, I think that not taking full advantage of one's tax deductions is counter-intuitive (particularly if the taxpayer has competent accountants, as in this case), and sophisticated people simply don't do that unless they have an overarching objective. Nevertheless, I should note that ultimately the decision to take advantage of one's allowable tax deductions is purely voluntary and is clearly up to the taxpayer.




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    Sep 22, 2012 1:23 AM GMT
    CuriousJockAZ said


    Would you expect anyone to pay more Income Taxes than is required by the current tax laws? If the law changes, his taxes will go up accordingly. However, until the law changes, he's paying what is expected.



    BUT MITT DID PAY MORE TAXES than required by the current tax laws.
    ....................AND HERE'S WHY:

    "by only reporting $2.25 million of his $4 million in charity for deduction, Romney paid more in taxes than he needed to:

    [If he had claimed the full $4 million, it] would have conflicted with his statement in August that he has paid at least 13 percent the past ten years.

    So Romney opted to limit his charitable deduction to just $2.25 million, essentially agreeing to pay the government more in taxes than he needed to. "

    THIS CHARADE WON'T BE NECESSARY AFTER THE ELECTION...

    AND MITT CAN FILE TO GET EVERY PENNY OF THIS OVERPAYMENT BACK.

  • Posted by a hidden member.
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    Sep 22, 2012 2:28 PM GMT
    I paid 22% for this past year.

    F**k Washington.
  • CuriousJockAZ

    Posts: 19129

    Sep 22, 2012 2:35 PM GMT
    RickRick91 saidSo in the two years of tax returns Romney is willing to show us - he only paid about a 14% tax rate - when he's supposed to be paying 31%?

    Nope, sorry, but you're spinning this and being disingenuous. Mitt Romney paid exactly the tax he is required by law to pay --- in fact, he actually paid MORE than that. But, of course, the liberals will find fault even in that.

    Webster666 said
    Where are the other 10 years of tax returns ?
    Why is he withholding them ?

    Because he doesn't have to release them any more than Obama is required to release things he's withholding.
    JockTheVote said
    AND MITT CAN FILE TO GET EVERY PENNY OF THIS OVERPAYMENT BACK.

    AND I HOPE HE DOES EXACTLY THAT!
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    Sep 22, 2012 3:08 PM GMT
    CuriousJockAZ said

    JockTheVote said
    AND MITT CAN FILE TO GET EVERY PENNY OF THIS OVERPAYMENT BACK.

    AND I HOPE HE DOES EXACTLY THAT!



    YEP, MITT'S GOT 3 YEARS TO FILE FOR HIS REFUND of this little charade overpayment.

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    Sep 22, 2012 3:41 PM GMT
    CuriousJockAZ said
    RickRick91 saidSo in the two years of tax returns Romney is willing to show us - he only paid about a 14% tax rate - when he's supposed to be paying 31%?

    Nope, sorry, but you're spinning this and being disingenuous. Mitt Romney paid exactly the tax he is required by law to pay --- in fact, he actually paid MORE than that. But, of course, the liberals will find fault even in that.


    So why did he overpay? Do you overpay your taxes too? Is this a weird Republican thing. I personally don't pay a *cent* more than I owe, and grudgingly at that!

    Don't you think that Mr Romney may just have felt a little embarrassed at his stunningly low tax rate?
  • CuriousJockAZ

    Posts: 19129

    Sep 22, 2012 3:43 PM GMT
    JockTheVote said

    YEP, MITT'S GOT 3 YEARS TO FILE FOR HIS REFUND of this little charade overpayment.



    Of course, if he HAD taken the deduction he was entitled to by law, he would have been criticized for not paying enough taxes according to you people....not by the law of course...just by you people. As long as Mitt Romney pays as much or more than the tax he is required to pay by law, I am good with that. Do I think the wealthy get WAY too many tax breaks in terms of exemptions? Absolutely.
  • HndsmKansan

    Posts: 16311

    Sep 22, 2012 4:16 PM GMT
    CuriousJockAZ said
    JockTheVote said

    YEP, MITT'S GOT 3 YEARS TO FILE FOR HIS REFUND of this little charade overpayment.



    Of course, if he HAD taken the deduction he was entitled to by law, he would have been criticized for not paying enough taxes according to you people....not by the law of course...just by you people..


    Are you categorizing us as part of the 47%? I know the repubs are into labels like "we" and "you people".. just curious Todd.