This is too funny. Romney has released his 2011 tax returns.
And, a whole lot more information.
Also posted is a letter from the Romneys’ tax preparer, PricewaterhouseCoopers, LLP, which gives an overview of the Romneys’ tax returns covering an additional 20 years, from 1990-2009.
Governor Romney’s tax returns show:
First, as a successful businessman, Governor Romney has not only added value to our economy through his investment and business activity, but he has paid millions in taxes every year to the U.S. government.
Second, the Romneys take to heart “to whom much is given, of him shall much be required.” Accordingly, they have been generous in their charitable giving, donating over $7 million between 2010-2011 – donating more to charity than they paid in federal income taxes.
Third, Mitt Romney has scrupulously complied with the U.S. tax code, and his income is reported and taxed at the applicable rates, and he has paid 100 percent of what he has owed.
In addition, Gov. Romney has released nine financial disclosures since 2002, which are also posted on this site. There are 3 federal Public Financial Disclosures (from 2007, 2011, and 2012), and 6 Massachusetts Statements of Financial Interests (from 2002, 2003, 2004, 2005, 2006, and 2007)……
So, what’s the left’s bitch?
Take, for example, Romney’s tax rate. 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. 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.
They are also taking an incredible stance over a past statement which is certain to backfire. Romney in the past has stated,
“I don’t pay more than are legally due and frankly if I had paid more than are legally due I don’t think I’d be qualified to become president,” Romney has previously said. “I’d think people would want me to follow the law and pay only what the tax code requires.”
So, they’re running that up the flagpole. But, it was responded to in this manner…….
He has been clear that no American need pay more than he or she owes under the law. At the same time, he was in the unique position of having made a commitment to the public that his tax rate would be above 13%. In order to be consistent with that statement, the Romneys limited their deduction of charitable contributions.
So, apparently, the left is attacking Romney because he followed through with his commitment even though he was legally obligated to do so. Essentially they’re upset he gave a couple of $million to the U.S. treasury in order to stay true to his word. Yeh, that criticism should resonate.
Oh, there’s some other nice tidbits as well…….
Former IRS Commissioner Fred Goldberg, who reviewed the Romneys’ tax documents:
These returns reflect the complexity of our tax laws and the types of investment activity that I would anticipate for persons in their circumstances. There is no indication or suggestion of any tax-motivated or aggressive tax planning activities. In my judgment, they have fully satisfied their responsibilities as taxpayers. They have done so by relying on a highly reputable return preparer and other advisors, who have in turn relied primarily on information provided by third parties to them and to the IRS. The end result of that process has been returns that include a multitude of schedules, IRS forms and accompanying statements that provide appropriate transparency and the proper payment of taxes that Governor and Mrs. Romney owe under current law.
According to the letter from the firm, Romney’s average annual effective federal tax rate from 1990-2009 was 20.20 percent, with the lowest rate being 13.66 percent.