Mitt Romney Discloses 2011 Tax Returns, ‘Vigorous’ Health

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Mitt Romney released his tax returns for 2011 on Friday afternoon, reporting nearly $2 million in owed taxes on $13.7 million in income, a 14.1% effective rate. The returns showed that he gave a hefty $4 million to charity, but only claimed a deduction on a little more than half of that.

Why would Romney, who wants to cut taxes, pay more than he actually owed? Well, earlier this year, when Democrats and the media were calling for him to release several years of tax returns (rather than just those from 2010), the GOP candidate said that he’d never paid less than 13% in 10 years. So in order to stay consistent, Romney didn’t deduct as much as he could have on his 2011 taxes. There’s nothing wrong with that, of course, but it is slightly awkward because Romney also said earlier this year that “I don’t think you want someone as the candidate for president who pays more taxes than he owes.” Oops.

Still, how much is anyone really going to criticize a guy for giving nearly a third of his income to charity? In fact, Romney may be practicing what his party preaches. Republicans’ response to tax proposals like the Buffett rule, which would impose a minimum rate on those making more than $1 million a year, has often been to tell rich people who want higher tax rates to volunteer more money to the IRS. That’s pretty much what Romney just did.

His method for doing it is interesting, though: As the New York Times‘ Annie Lowrey points out, President Obama has proposed limiting the charitable deduction for the super wealthy, which in the past has been opposed by Republicans and many Democrats, as well as most charities. But I think Republicans would point out that key in all this is that Romney limited his deduction voluntarily.

In addition to the full 2011 returns, the Romney campaign Friday also released a letter from the accounting firm PricewaterhouseCoopers summarizing Romney’s tax bill over the last 20 years. From 1990-2009, the letter states, Romney’s average annual effective federal tax rate was 20.2%. The lowest rate he paid was 13.7% and he gave 13.5% of his annual income to charity on average.

The letter puts to bed one pervasive rumor, spread by the irresponsible hearsay of Democratic Senate Majority Leader Harry Reid, that Romney paid nothing in taxes in the recent past. But without releasing full documentation of his past returns, Romney will likely face continued speculation about his use of overseas tax shelters and pressure from Democrats to disclose returns from 2009 and before.

Along with the tax information, Romney’s campaign provided an effusive physician’s note calling Romney a “vigorous man” with “reserves of strength, energy and stamina that provide him with the ability to meet unexpected demands” who “looks years younger than his age.” At least that much is settled.

You can read all of Romney’s tax disclosures and doctors’ mash notes here.

351 comments
iwinanet
iwinanet

Obama did not. He had to work with an obtructionist House that had vowed

to make him fail. Romney's "sin" is the far greater sin.Read more http://iwina.net

ChowT
ChowT

Mitt Romney's 2011 tax release raises  more questions than answer.

What about the rest of the tax returns, something to hide?

COfoEVA
COfoEVA

"The letter puts to bed one pervasive rumor, spread by the irresponsible hearsay of Democratic Senate Majority Leader Harry Reid, that Romney paid nothing in taxes in the recent past." 

Um ya I just got a letter from my accountant saying that I paid 100% taxes last year and that I am dating all of the Victoria secret models in weekly shifts.

What a crock to wright that Time.  The only way we will ever know how much he paid and if he is a criminal tax dodger is for him to release all of his full returns, not 2 partial ones that are obviously just done for show.

JohnYuEsq
JohnYuEsq

Romney's Poor Judgment = Economic Collapse + World War III = NUCLEAR ARMAGEDDON 

Only President Obama PROTECTS the MIDDLE CLASS + 47% of Americans

STOP GRIDLOCK.  SAVE AMERICA.  VOTE the DEMOCRATIC TICKET.

JohnParish
JohnParish

Help support the change in the way election campaign funds

are raised.  Stop the Super Pacs from

steering the candidates and ruling the government. 

Come march on Congress and show them that the American

Population do not want candidates to be persuaded by these Super Pacs any more.

Visit www.indiegogo.com/SuperPac

and help raise the awareness of this problem.

JohnParish
JohnParish

Help support the change in the way election campaign funds

are raised.  Stop the Super Pacs from

steering the candidates and ruling the government. 

Come march on Congress and show them that the American

Population do not want candidates to be persuaded by these Super Pacs any more.

Visit www.indiegogo.com/SuperPac

and help raise the awareness of this problem.

vo minh ky
vo minh ky

Obama did not. He had to work with an obtructionist House that had vowed

to make him fail. Romney's "sin" is the far greater sin.Read more: http://taiiwin.vn

Yeshuratnam
Yeshuratnam

Why Obama attacks Romney's wealth? Now Obama has also become a multimillionaire. Obama and Michelle Obama are millionaires, worth nearly $7 million.

Terry Clifton
Terry Clifton

Anyone want to know what the largest tax loophole that exists in our tax code?

The Earned Income Tax Credit.. Costs taxpayers 62.5 billion dollars in 2011..It's the cash cow that keeps on giving..

Dad's Account
Dad's Account

Mitt Romney's released tax return is proof that the concept of progressive taxation is dead in America.  We have moved beyond "too big to fail" and on to "too big to tax."

In the words of Leona Helmsley, the rich don't pay taxes, that is something that only the little guys do.

Karen Haggerty
Karen Haggerty

Please God.........do not let Romney win......he is totally disingenuous..........He will finish us, he doesn't get it.........it doesn't matter to him....not a priority at all. 

Nyakairu
Nyakairu

I would like a peek at Romney's tax returns prior to 2011. Overpayment on his 2011 tax returns was a cynical political calculation.

Yeshuratnam
Yeshuratnam

Why Obama is attacking Romney's wealth? Obama himself has now become a multi millionaire. Obama and Michelle are millionaires, worth nearly $7million.

paulejb
paulejb

"Romney 2011 taxes: Mitt gives more to charity than President Obama, Joe Biden"

Obama and first lady Michelle Obama gave 21.8 percent of their income to charitable organizations last year, donating $ 172,130 out of the $7 89,674 they made.

Biden and his wife, Jill, gave 1.5 percent of their income away in 2011, with charitable donations totaling $ 5,540 out of $ 3 79,035.

Read more: http://www.politico.com/news/s...

Barry and Joe are only generous with our money.

paulejb
paulejb

"Romney 2011 taxes: Mitt gives more to charity than President Obama, Joe Biden"

"Obama and first lady Michelle Obama gave 21.8 percent of their income to charitable organizations last year, donating $172,130 out of the $789,674 they made.

Biden and his wife, Jill, gave 1.5 percent of their income away in 2011, with charitable donations totaling $5,540 out of $379,035."

Read more: http://www.politico.com/news/s... 

Read more: http://www.politico.com/news/s...Barry and Joe are only generous with our money.

paulejb
paulejb

Another post of Romney's taxes for the low information voters of the hive here at Swampland. Posted it before but they are very thick and require repetition.

"The campaign also released a statement from PriceWaterhouseCoopers on the Romneys’ tax filings over 20 years, from 1990 – 2009:In each year during the entire 20-year period, the Romneys owed both state and federal income taxes.

Over the entire 20-year period, the average annual effective federal tax rate was 20.20%.

Over the entire 20-year period, the lowest annual effective federal personal tax rate was 13.66%.

Over the entire 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income.

Over the entire 20-year period, the total federal and state taxes owed plus the total charitable donations deducted represented 38.49% of total AGI."

http://taxprof.typepad.com/tax... 

Now let's see Harry Reid's and Debbie Wasserman Schultz's tax returns.

paulejb
paulejb

StanleyCupp,

Stan is so desperate to salvage something from this tax return fiasco that he is acting outraged that Mitt Romney paid more in taxes in 2011 than necessary.

These trolls from Harry Reid on down went from that dastardly Romney paid no taxes to that dastardly Romney paid too much in taxes.

Keep it up Mitt, you have the left wing troll force spinning like tops!

paulejb
paulejb

"Romney also provided details on his past 20 years of tax returns, indicating that he paid taxes in each of those years.  Do wonder if Harry Reid will now apologize for slurring the good man from Massachusetts.  And “Over the entire 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income.”

By contrast in the ten years prior to his nomination to be the Democratic candidate for Vice President of the United States, Joe Biden gave 0.15% of his income to charity.  (UPDATE:  For comparison purposes, in the 20 years prior to his current bid for the White House, Mitt Romney gave ninety times as much of his income to charitable institutions as did Joe Biden in the 10 years prior to his nomination as the Democratic candidate for Vice President.)" (Emphasis mine)

http://www.gaypatriot.net/2012... 

Mitt is 90 times more charitable than Joe Biden which is an odd coincidence since he is 90 times more intelligent than Biden is too.

jmt13
jmt13

I find it interesting that it is the same people who are accepting of a synopsis of previous tax info are the same people who won't accept the proof time and time again of the President's birthplace.

Which is it?

Scotty_A
Scotty_A

I won't be voting for Romney since he is just as bad if not worse than Obama. Republicans offer nothing new this election. Romney's taxes are a symbol of inequality and a sad joke, just like Mitt the Twit's candidacy. Even under a realistic flat tax, Romney likely would be paying 30%. Republicans should of had this election in the bag. But they managed to pick a candidate who is much more inept and reviled than George W. Bush was.

jmt13
jmt13

I would want to know about actions more than money. Anyone rich can throw money at something with the idea that they are charitable. Prove it to me with your time; work a soup kitchen, clean a river, provide free childcare for people looking for work. Until then, dollars don't matter. At that level of income(especially passive income), time is a more valuable thing to give.

spwright1
spwright1

Sat. 9/22/12 Oh Child PLEASE !   Romney is a $Rich$   CEO Millionaire that could Give a S_ _ _ Less about the American Worker.

He is a CEO that Lays Off 1000's of American Workers, moves the business to a foreign land

amp; then recieves Multi Million Dollar Bonuses for Doing So. The Board of Directors are patting him on the back for doing so.

It's the Corporate American Way!

Then Romney turns around amp; tries to convince America that He will Take Care of the American Worker.   I call B S on That One.

We didn't just fall off of the turnip truck. We can recognize a damn CEO when we see one.

SPW in Alaska "Airborne"

Mary Waterton
Mary Waterton

Aren't these are wonderful times we are living in? Obama is cruising toward a second term, the TRILLION dollar deficit "stimulus" money is flowing like beer at a college party, free healthcare, free food, free housing. This is the life! Too bad we can't make  Obama president for life. None of us would ever have to work again.

akpat
akpat

Many people here seem to miss the point. Its not how much the Romneys give to charity, and its not how much income tax he pays its the fact that many millionaires and billionaires pay less than people who WORK and labor for their money.

some like Buffet see it as wrong.

paulejb
paulejb

The Romney's charitable donations put the Obamas and Bidens to shame. 

paulejb
paulejb

"Romney the giver

The big news from tax returns"

"As a member of the Mormon church, Romney is instructed to tithe 10 percent of his income. That’s in keeping with most charitable giving: Religious institutions get about one-third of all contributions, according to The American magazine.In 2011, his tithe would have been $ 1.4 million — which means in that year alone he gave more than twice as much to other charities through his own foundation and through other means."

http://www.nypost.com/p/news/o... 

Points for liberals to ponder.

paulejb
paulejb

"Romney the giver

The big news from tax returns"

"As a member of the Mormon church, Romney is instructed to tithe 10 percent of his income. That’s in keeping with most charitable giving: Religious institutions get about one-third of all contributions, according to The American magazine.In 2011, his tithe would have been $1.4 million — which means in that year alone he gave more than twice as much to other charities through his own foundation and through other means."

http://www.nypost.com/p/news/o... 

Points for liberals to ponder.

zaglossus
zaglossus

Do the people who criticize Romney use TurboTax or hire tax accountants to find and take ever possible deduction. Probably. Pot calling the kettle black.

Leardriver59
Leardriver59

Mitt Romney lives the example that Republicans and Conservatives preach...we give to those in need and don't need to be told or forced to by way of tax increases.  This is not a hard and difficult concept to understand.  Romney actually is a good man where President Obama tries to imitate a good man but fails miserably.

VA_Mom
VA_Mom

This is a 2011 return and Romney was already running for pres so yeah, he was gonna make it good with charity donations.  He also didn't take half his deductions so on paper it looks like he paid 14% taxes, but after the election he can file amendments and get refunds for those deductions, which will drop his 2011 rate to 9%, but no one will know it by then (or it will be to late).   I want to see a few years prior to 2010.  Those are supposed to be the "iffy" years where he socked so much offshore to avoid paying taxes.  If Romney required Ryan to cough up 10 years of returns, and if Obama had to cough up birth certificates, the Romneys should prove once and for all that they aren't tax evaders.

nvrtalk
nvrtalk

Mitt is clearly not  impeded financially by this tax rate indicating there is no need to lower the tax rates on the rich.

paulejb
paulejb

"The campaign also released a statement from PriceWaterhouseCoopers on the Romneys’ tax filings over 20 years, from 1990 – 2009:

In each year during the entire 20-year period, the Romneys owed both state and federal income taxes. Over the entire 20-year period, the average annual effective federal tax rate was 20.20%. Over the entire 20-year period, the lowest annual effective federal personal tax rate was 13.66%. Over the entire 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income. Over the entire 20-year period, the total federal and state taxes  owed plus the total charitable donations deducted represented 38.49% of  total AGI"

http://legalinsurrection.com/2... 

Harry Reid is a liar or delusional. Typical Democrat.

Armand Winter
Armand Winter

Romney has greatly under reported his income. He made $400M on Ampad alone! Bain bought HCA for $33 Billion and now it's worth three times that much. What kind of fee do you get for engineering that kind of deal?

 

Romney claims to be a multi millionaire, but he's really a multi billionaire. He must have a lot of money in the Caymans. BTW, Mormon Church owned Zions Bancorp, which still owes $500M in TARP, has subsidiaries in the Caymans and did own a money transfer corp that they have since sold.

 

"Romney counseled Mr. Netanyahu on which American officials to meet with as he tried to encourage pension funds to divest of Iranian businesses."

Google: Romney Plans Trip to Israel

 

"In Romney's Release of his incomplete 2010 Tax Returns, Mitt Romney forgot to mention his $1.5 Million Dollars of Iran Oil investments in that were reported in his 2006 Financial Disclosure Forms."

Google: Romney's Iranian Oil Investments Loom During Visit To Israel

 

Romney used to work with Netanyahu at Boston Consulting Group. Netanyahu's second wife was a Bain employee, was Netanyhu a Bain Client?

Romney posed as his friend and bought all of Israels investment in the state owned oil company of Iran when Netanyahu wanted to divest of the Iranian oil investment. Romney bought them in a fire sale all the while counseling Netanyahu. This is nothing short of affinity fraud.

 

This is why Romeny will never reveal his tax returns. The investment in Iranian oil is shown on his 2006 tax returns but is missing from his partial reveal of 2010.

 

Romney used "The Church" to get away with paying the AMT (Alternative Minimum Tax) after under reporting his earnings to avoid taxes... Now his tax returns should be called evidence.

 

Google: The Bain Files: Inside Mitt Romney’s Tax-Dodging Cayman Schemes

Google: How the Superrich Don’t Pay Taxes

 

Romney cheated the rest of us tax payers by 1) Paying the AMT on a greatly under reported income by (donating) paying tithing to a so called non profit. 2) By offshoring all his non reported profits so there was no money reinvested in our country 3) By not paying income tax on that non reported income.

 

Romney should be in prison.

paulejb
paulejb

Democrat Majority Leader of the US Senate proved to be either delusional or an inveterate liar. Will the last honest Democrats in existence hold an intervention?

drinkeroftherye
drinkeroftherye

$4M to charity, big deal. Scripture doesn't say you are your brothers keeping, the current intrpitation is that it say, the Government is my brothers keeper. Mitt should have paid more taxes and less as charity. FORWARD

paulejb
paulejb

Will Harry Reid admit that he is a lying weasel with imaginary sources of information? Nah! Democrats thrive in lies.

Krowster
Krowster

The problem with Mitt, as with any corporate CEO mindset individual(s), is that they think America is a business and that it can be operated as a business; unfortunately, it's a bit more than that.

CEO think that profits must be is the bottom line, and as a result, will throw its employees  under a truck to ensure that profits are made regardless of who gets run over. Moreover, LEADING a country is not the same as trying to RUN a business, the differences are staggering. Sections of the government cannot be immediately dropped off because they are not profitable, it's not a business.

Removing Government revenues producing activities to suit individual companies is in itself dangerous to the entire nation because those revenues help create and keep in check the well being of all Americans, rich or poor.

Yes, the rich have moneys, like Mitt showed that he paid $2M in 011,but he made $13.7M, keeping over $11.8M for his family, for one year. Now, what in the world would any individual in this country want to do with$11.7M? Did he make any efforts to start businesses that hire Americans? Did he donate the bulk of that cash to help the real needy? Did he even care to think about it? Chances are probably not any of the above.  That's what Americans need to ask from those that have the moneys, how are they spending it, and more important, how are they helping America.

ChiefBoardOp
ChiefBoardOp

You need to remember that all that glitters is not gold today, and taking people at their word is not a very wise thing to do. Some people are definitely going to just tell you what you want to hear. In order to make sure you hear the truth, you have to keep them guessing about what it is that you want. Keep your cards close to your chest. Don't give any clues about what the correct answers might be. Be critical, be objective, and be skeptical.

Chris Kleckner
Chris Kleckner

As is clearly evident from some of the comments already posted,  Liberal simpletons still aren't satisfied.

akpat
akpat

Well it is interesting he voluntarily took less deductions one wonders if it was a political ply to raise the bar, however dont worry he can still deduct it after the election.

Even then he is still far short of the 35% that he should pay if it was income tax. And so are the other wealthy who get a really good cut simply because this is classed as capital gains tax. It seems to me if you have a pile of money and dont work, as in some form of labor, then the capital gains tax should be well above the standard income tax rate as it was once.