Romney's tax returns are out

[Anonymous]

Anonymous wrote:

jsteele wrote:In pure Mittens style, he artificially inflated his tax rate. He didn't take the deduction on $1.75 million in 2011 charitable donations. Otherwise, his rate would have been less than 12%.

Previously, Romney said that if he paid more taxes than were required, he wouldn't be qualified to be president. So, I guess we should take him at his word.

The word of the day is self-taxation. Apparently even Mitt thinks that rich people are under-taxed. Why on earth would he do this, otherwise?[/quote]


Political ploy - had he claimed all this deductions his tax rate would have fallen close to 10% - that would not look very good. If Mitt does not win in Novemeber or if he wins but is a one term president I bet the IRS will see a 1040-A. He has seven years to get it done.

[Anonymous]

If you file an extension the year you run for president, you should be disqualified. You can't even apply for effing financial aid until your returns are complete.

there's nothing wrong with filing an extension. We have to file one every year because my husband gets a K-1 and his partnership's accountant never has it ready until July. Plenty annoying, but not illegal.

[Anonymous]

Anonymous wrote:If you file an extension the year you run for president, you should be disqualified. You can't even apply for effing financial aid until your returns are complete.

Yes you can. There is an option to perform the financial aid based upon last year's return.

[Anonymous]

It those aren,t the tax returns, are they? They're a summary. Not quite the same thing.

[Anonymous]

Argh. Aren't.

[Anonymous]

He had already said he paid at least 13.9% every year, right? Odd to think that (for once) he is apparently embarrassed to contradict himself, and adjusted his return to fit that figure.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you file an extension the year you run for president, you should be disqualified. You can't even apply for effing financial aid until your returns are complete.

Yes you can. There is an option to perform the financial aid based upon last year's return.

Not for college. Both colleges that my kids attend would not process financial aid until our returns were complete.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

jsteele wrote:In pure Mittens style, he artificially inflated his tax rate. He didn't take the deduction on $1.75 million in 2011 charitable donations. Otherwise, his rate would have been less than 12%.

Previously, Romney said that if he paid more taxes than were required, he wouldn't be qualified to be president. So, I guess we should take him at his word.

I found this strange as well. I also love how they are spinning the "he gave 30% of this income to charity", without mentioning that the charity is the Mormon church and that the "donation" is not exactly "voluntary".

What makes you think it is all the the Church?

Because its right there on this tax return - statement 4. He gave $1,115,484 to the church of Jesus Christ of Latter Day Saints the other $200K went to an outfit called the Tyler Foundation. So, Mitt gave $200K to charity in 2011.

You haven't read the whole thing, and I don't blame you, but he gave around 4 million to charity. Check the news outlets if you don't want o parse it all. Your removal for the church makes no sense to me because they do much work with the needy but even removed he gave 3 million to charity.

[Anonymous]

Mormons are required by Commandment of God to pay 10% of all their GROSS income to the LDS church. This includes all income, including, employment, social security, Medicare, food stamps and trust funds and any other form of income, even including finding money on the ground.

[Anonymous]

Yawn. Who cares about tax returns. Unless your willing to post yours on here then shut up. If your going to throw stones then man up and show yours, including you jmittens.

[Anonymous]

It's very telling that Romney did a late Friday news dump of his tax return.

[Anonymous]

jsteele wrote:In pure Mittens style, he artificially inflated his tax rate. He didn't take the deduction on $1.75 million in 2011 charitable donations. Otherwise, his rate would have been less than 12%.

Previously, Romney said that if he paid more taxes than were required, he wouldn't be qualified to be president. So, I guess we should take him at his word.

That's true. Moreover, Rommey took only one tax deduction for a spouse (First Wife Ann) but skipped the deductions for the sister wives.

[Anonymous]

Anonymous wrote:Yawn. Who cares about tax returns. Unless your willing to post yours on here then shut up. If your going to throw stones then man up and show yours, including you jmittens.

Wtf I'm not asking for your vote. Tfsts why you don't see my tax return.

[Anonymous]

I'm not a tax expert, but I do know a bit about taxes. The key item I see is his supplement to form 1116 (foreign taxes paid). It's around page 61 I think. It shows foreign taxes paid for about the last 10 years. In 2005-ish it was $250k plus in foreign taxes paid.

My guess is he had large offshore holdings, which he got rid of in 2009 in preparation for his presidential run as they were probably tax shelters. That's why he's not releasing his returns from back then. Either that, or his income was super-high back then (like $100mln range). Having such high foreign taxes paid at the source is the key.

[Anonymous]

My guess is he had large offshore holdings, which he got rid of in 2009 in preparation for his presidential run as they were probably tax shelters. That's why he's not releasing his returns from back then. Either that, or his income was super-high back then (like $100mln range). Having such high foreign taxes paid at the source is the key.

Thanks for the info! What I don't get is that Mitt made a fairly serious run fur years ago. Did he seriously think this wouldn't come up them should he have successfully won the nomination?