Mitt Romney's New Tax Returns Raise More Questions Than They Answer (VIDEO)

mitt romneyWhen 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

2012 election, mitt romney, taxes

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SickO... SickOfMorons

Yes, PollyCSchafer, he released about six years worth of returns.

nonmember avatar Guest

@yoliescott; "Does it not matter to you what he thinks of the 47% that he could care less for."



May I suggest you go back and review the actual video or transcript, and find out what Romney actually, in reality DID say, as opposed to what the likes of Lawrence O'Donnell and other lying propagandists of his ilk claimed about what Romney said...



"money in offshore account and not in the US - because it is a way to shelter his money from taxes."



I would like to correct a lie commonly bleated by the mindless sheep of the left.



In order to use an off shore account to evade taxes, the off shore account is opened in a country such a Switzerland where it (used to be) not reported back to the IRS. Income is deposited to that account and the tax evader does not mention it on their tax return, as required, and is therefore able to hide that income to avoid being taxed on it.



The fact that knowledge of the existence of these accounts comes from Romney's tax returns, proves they were in fact reported and taxed in accordance with the law. Nothing either illegal nor improper there.


nonmember avatar iheartny

I have no problem with the fact that he or anyone else paid the minimum amount of federal taxes that they are legally required to pay. And that includes the 47% who don't have to pay anything. The retirees, the struggling middle-class, the students, the unemployed - all of those people he called leaches who don't take personal responsibility. They all did the exact same thing he did - took advantage of the tax code to pay the minimal amout of federal income tax. My issue with him is that he is a hypocrite for calling them leaches when they did the same thing he does. Even worse, he villifies them and tries to use them as a wedge to incite class warfare.

nonmember avatar Guest

@iheartny; Wrong on the facts. Go to the Mother Jones web site, and view the complete video or read the complete transcript. That is NOT what Romney said.

Flori... Floridamom96

Can any one of the lefty posters tell me why I should be more concerned with how Mitt Romney spends his money than I should be about how Obama spends mine?

nonmember avatar iheartny

he said "there are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe that government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you name it. That that's an entitlement. And the government should give it to them." and then he said "And so my job is not to worry about those people—I'll never convince them that they should take personal responsibility and care for their lives." So, no he didn't use the word "leaches". But the fact is that he's still a hypocrite because the reason they pay no federal ioncome tax is because they take advantage of deductions and tax rates just like he does when he only pays 14%. Not because they think they are victims who want the government to hand them everything, not because it's an entitlement, not because they don't take personal responsibility. That's the point of my comment and a point which you completely ignore, so I guess you agree he's a hypocrite.

nonmember avatar Guest

First off, when Romney was pursuing his career as a businessman, he was paying the tip top rate on his income. Now that he is RETIRED and living off of his savings and investments (while pursuing a second career in politics) he is paying the same rate that other retirees in a similar position are paying. Let's compare apples to apples, shall we? Furthermore, he paid more taxes just last year than most pay in a lifetime. There is just a little teeny tiny bit of difference between paying the top rate, and continuing to pay astronomical amounts on top of that, than there is getting a total free ride. There is no hypocrisy there. And it is 100% fact.



The POINT is that almost half of the population pays no tax, receives public money, yet still get to vote for how much those who do pay have to pay, and how much is spent, and what it is spent on.



Second, since I directed you to the transcript, do you really think that I did not read it?


nonmember avatar Guest

The actual, unedited comment:



There are 47 percent of the people who will vote for the president no matter what. All right, there are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe that government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you name it. That that's an entitlement. And the government should give it to them. And they will vote for this president no matter what. And I mean, the president starts off with 48, 49, 48—he starts off with a huge number. These are people who pay no income tax. Forty-seven percent of Americans pay no income tax. So our message of low taxes doesn't connect. And he'll be out there talking about tax cuts for the rich. I mean that's what they sell every four years. And so my job is not to worry about those people—I'll never convince them that they should take personal responsibility and care for their lives. What I have to do is convince the 5 to 10 percent in the center that are independents that are thoughtful, that look at voting one way or the other depending upon in some cases emotion, whether they like the guy or not, what it looks like. I mean, when you ask those people…we do all these polls—I find it amazing—we poll all these people, see where you stand on the polls, but 45 percent of the people will go with a Republican, and 48 or 4…



[Recording stops.] (How conveeeenient)

nonmember avatar Guest

So, iheartny, the real question is, are you part of the "5 to 10 percent in the center that are independents that are thoughtful,"?


Given your insistence on... let's call it "distortion" and name calling, I am guessing not...



Do you think it is a good or bad strategy for Romney to focus his campaign efforts on those people; as opposed to expending resources on those who's minds are already made up, or who are immune to appeals of reason?


nonmember avatar iheartny

apples to apples - absolutely, that's what i'm saying. he pays what he is legally required to pay. it has nothing to do with the total dollar amount paid. the way the federal tax code is structured it's all about the percentage of income. so, the 47% he says he doesn't have to worry about are also paying what they are legally required to pay. and he calls it an "entitlement" and that they won't take personal responsibility. my point is 100% accurate. he is a hypocrite for villifying that 47% who take advantage of the tax code to pay what they are legally obligated to pay which is EXACTLY what he does. i don't fault him for paying 14%, i fault him for villifying other americans who do exactly what he does. and i'm not guilty of "name calling" if it's true. he absolutely is a hypocrite if he denigrates and villifies 47% of the population who use the tax code do do the same thing he does - reduce the amount of federal income tax they are LEGALLY obligated to pay. APPLES TO APPLES.

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