Mitt Romney Discloses 2011 Tax Returns, ‘Vigorous’ Health

  • Share
  • Read Later

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.

235 comments
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.

ChowT
ChowT

Thats right.

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

paulejb
paulejb

vo minh ky,

In the real world, in which you appear to be a stranger, Barack Hussein had a 75 seat majority in the House when he embarked upon his neo-Marxist transformation of America in January 2009. Try checking your facts before printing inanities, vo.

COfoEVA
COfoEVA

 less than 100 days.

ChowT
ChowT

Take your own advice and fact check yourself.

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.

COfoEVA
COfoEVA

Their net worth is less than 50% of Romneys 1 year income.  Barack grew up in a shack with 1 door and 1 window.  There is no comparison between the two they are polar opposites.

paulejb
paulejb

Yeshuratnam,

You can't wage class warfare unless you criticize success.

ChowT
ChowT

Why class warfare?

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..

COfoEVA
COfoEVA

The earned income credit is a refundable tax credit

designed for lower income working families and individuals. The amount

of the credit varies depending on your level of income and how many

dependents you support.

Ya that is really driving our country down making sure low income families can eat.

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.

ChowT
ChowT

It made  us people look so stupid.

paulejb
paulejb

ChowT,

That's not exactly an accomplishment, Chow. There is little that does not make liberals look stupid.

ChowT
ChowT

GOPers= world is flat.

ChowT
ChowT

Thats what Romney thinks.

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.

COfoEVA
COfoEVA

Mitt is giving money to his church that he is required to.  I'm so glad they have plenty of money to pay people to come knock on my door.  That shouldnt even be regarded as charity in my opinion.

Obama has actually put in man hours on charity, thousand of them.  Romney could never dirty his hands for poor people, he would rather just throw money and run the other way.

StanleyCupp
StanleyCupp

Where's the other 10 years of returns. We don't care what Mitt gives to his church.

paulejb
paulejb

StanleyCupp,

20 years 1990 - 2009. Not enough, Stan? Worried about Mitt's 1980's tax returns?

COfoEVA
COfoEVA

I just had my accountant send out a letter stating that you are a complete idiot and are still a virgin... I mean it has to be true dude. 

Maybe romney would give you some money so your broke a$$ can rent a farm animal.

ChowT
ChowT

All the tax returns, please Romney.

ChowT
ChowT

What Mitt Romney gave to his church is for tax evasion purposes. No big deal.

Romney has questionable income.

ChowT
ChowT

I dont have to tell you. Why not you tell me yours?

paulejb
paulejb

ChowT,

And how much do you contribute out of your welfare check, Chow?

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.

ChowT
ChowT

Show all the taxes returns?

StanleyCupp
StanleyCupp

 PriceWaterhouseCoopers is also the bookkeepers for the LDS. Cozy.

ChowT
ChowT

PWC are crooks cooking the books for crooks.

paulejb
paulejb

"Gas Prices More Than Double Under Obama… State-Run Media Couldn’t Care Less"

http://www.thegatewaypundit.co... 

The lapdog media has a lot for which to answer.

Sue_N.
Sue_N.

Once again – what does POTUS have to do with gas prices? Or are you arguing for government intervention in the free market?

paulejb
paulejb

Sue_N,

I am arguing for the government to get the hell out of the way,

DRILL BABY, DRILL!

ChowT
ChowT

With the magic underwear of Romney he can bring down gas prices in a jiffy. But you must vote him into the white house first I suppose.

StanleyCupp
StanleyCupp

If you can't afford gas, you shouldn't be driving. Oh, and, free market baby.

paulejb
paulejb

StanleyCupp,

Typical liberal. No compassion for the struggling middle class.