Reply to Romney Paid 13.9% Tax Rate on $21.6 Million in Income.

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[quote=Anonymous][quote=TheManWithAUsername]I was struck by how little the Clintons had paid. Following a link, I noticed that they gave 13% of their income to charity, but the writer included that for the overall calculation. I haven't crunched the numbers, but I believe everyone is doing the same with Romney.

I understand that that's technically correct, but I think it's unfair. A charitable gift isn't usually a loophole exploitation. Romney's case is a little strange b/c it's almost all to his church, which gives him some return, but still. (I also have a problem with calling a church that does so much prosthelytizing a charity.)[/quote]

Well the Clinton's income is easy enough to look up.  Their gross income was only $268K.  Their income after all adjustments AND charitable deductions was $179K.  They paid $50,932 in taxes.  So when someone says they paid 18.6% that is on gross income.  But net of deductions their tax rate was 28.5%.

If you give Mitt Romney $8 million in deductions ($7M charitable, $1M "other") his comparable income was 34.5M  and his taxes were 17.9%

http://www.nytimes.com/1992/04/11/us/the-1992-campaign-clintons-tax-return-shows-36-income-rise.html

I think that the most charitable review of his taxes is that he is generous to his church.  I think that is a thing we should all respect.  Regardless of whether he gets personal benefit, I doubt he gets $3.5M of benefit per year.  Not a lot of people pay $70K per sermon.  or 20 grand a hymn.  And the church does good work.  Although it is worth noting that the Clintons, not exactly rich in 1990, gave at about the same rate as Romney.

On the other hand this analysis is confirmation that even after TMWAUN's observations, Romney still got off with a way lower tax bill.[/quote]

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