When the American people ask Mitt Romney for something, they shall receive! Sort of. After being pressed for quite some time to release his tax returns, and yesterday afternoon -- ironically at a time when most people are shutting down their computers and taking their eyes off of news tickers for the weekend -- the Republican candidate's campaign offered up his personal 2011 tax return, along with a brief "summary" of what he's paid over the last 20 years.
All in all, what Romney revealed is no big surprise. He paid an effective federal income tax rate of 14.1 percent on nearly $13.7 million in income last year, but he could have taken a lower rate -- about 12 percent, according to one estimate. And he decided not to take all of the charitable deductions he could have, taking credit for $2.25 million instead of the full $4 million for which he was eligible. So, bravo for that. But major questions still remain ...
Mostly because no one really cares about Romney's 2011 return! The guy knew he was running for president that year, so obviously he was more conscious of handling his taxes in a way that would appear acceptable if they went public. He picked his own tax rate in 2011, purposely paying more than he owed, intentionally taking fewer deductions than he earned in 2011. So, in essence, it's not a true reflection of what his finances are. What we really want to see are the tax returns for previous years -- dating back to 2009 and beyond.
Instead of releasing those actual returns, the GOP candidate had his accounting firm, PricewaterhouseCoopers offer a generalized report that states Romney had an average federal income tax rate of 20.2 percent between 1990 and 2009 and that his rate never fell below 13.7 percent. That's all well and good, but again, why can't we see the actual returns?
Quite simply, this glaring lack of information doesn't make Romney appear particularly forthcoming or trustworthy. Being that there is a standing tradition of presidential candidates releasing at least 5-7 years worth, how can we help but wonder what he's hiding? When he ran for president in 1968, Romney's own father, George Romney, released 12 years of returns. By 2004, George W. Bush had released 13 years' worth. And yet, voters are supposed to blindly accept the two most recent tax returns and a "summary" from Romney? Guess we'll see on Election Day if the American people are really as a-okay with that as the Romney campaign seems to think.
Check out voters sounding off on what they make of the new details from Camp Romney ...
What do you think about the info Romney's already released? Do you think he needs to release more returns?
Image via Tony Alter/Flickr
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Comments 53
And the conservatives bitch about beating a dead horse...
It is amazing to see all the comments praising Romney, you would think he was your grandfather, father, uncle, brother or son. Does it not matter to you what he thinks of the 47% that he could care less for. Is he going to put money in your pockets, I wouldn't count on it. There was an interview with Lawrence O'Donnell and Bishop Dr Prince of the Mormon faith and Dr. Prince was very disappointed with Romney when he made those comments behind closed doors - so to some he is not living up to his own faith. He is a man who only wants the title of President and could care less what happens after that. If he was such a great American then why is his money in offshore account and not in the US - because it is a way to shelter his money from taxes.
Wow Maressa you managed to write another blog that made me feel even better about voting for Romney. Thank you so much.
He paid an effective federal income tax rate of 14.1 percent on nearly $13.7 million in income last year, but he could have taken a lower rate -- about 12 percent, according to one estimate. And he decided not to take all of the charitable deductions he could have, taking credit for $2.25 million instead of the full $4 million for which he was eligible.
Sounds like a good guy to me. I don't need to see all his tax returns, if he didn't do what he was suppose to the IRS would be up his ass. Maybe it doesn't bother me though because I don't feel entitled to other peoples money.
@brandi...how much money do YOU pay in taxes? Who are you to call someone greedy just because they take w hat tax breaks are allowed to them? Do you know what a capital gains tax even is? Do you know the impact it has on economic growth? I doubt it, try doing some research. Being rich is not being greedy, ti's being smart with your money.
Ah, leave it to the whiners to prove Ann Romney's point about "all you people need to know" regarding their taxes. He was a monster before because he wouldn't release them, and now he's a monster who gave 30% of his income to charity (in a position to help people in need) instead of the Fed (in a position to piss it away on waste and gimme-gimmes).
The reasons to vote for him get better and better. The fact that there are people who bitch that he:
*complied with the tax code
*paid more taxes that he owed
*gave several million dollars to charity
*and earned every dollar by working in the private sector
just reinforces my belief that Obama and anyone who embraces his vision for America, is a threat to our future. Between the ignorance and greed that is the basis for Liberal ideals, it's no wonder that the most expensive, ineffective, and laughable president this country has even seen, is still managing to garner support from people who have their heads in the sand and their hands out.
Why are all the democrats so focused on Romney's tax returns and looking for problems with them? Aren't there more important things to be concerned about, such as jobs, the economy, Muslims infiltrating the government and oh, BTW, the $17 trillion deficit that's being passed on to your children and grandchildren and THEIR grandchildren?
Mitt Romney donated $4 million to charity - which is why he paid less taxes than he would have if he had not made those donations. That compares for $245K for the Obamas.
That reflects the American values we hold high - that you take personal responsibility for your self, your community and for others less fortunate.
Obama's administration - and those who are up in arms about this issue - seem to prefer that the government be responsible for everyone and they decide who gets what benefits. That's socialism - and check out how well it has worked elsewhere.
Romney's tax return shows just what we need to know about our future leader - he's a person who quietly does good work, cares for others, is successful in business and investments,and has the ability to lead with values and morals. And he knows how business and the economy work - rather than blue sky idealism from someone who has never built a business or created a payroll.
Americans should worry less about how much he paid in taxes - and be thrilled we have a future leader who knows how to create success - instead of taking it away from others.
When you give 25% of YOUR earnings to charity, then you can criticize the man. Until then, strive to make your life and efforts benefit others as much as he has.