2012 Election | Mitt Romney | News

Romney to Release 2011 Tax Return

Mitt Romney will be releasing his 2011 tax return today.

Trustee Brad Malt writes: Vvs_romney

In advance of the posting of these new documents, I wanted to provide some top-line details.

Regarding the newly-filed 2011 Tax Return:

In 2011, the Romneys paid $1,935,708 in taxes on $13,696,951 in mostly investment income.

The Romneys’ effective tax rate for 2011 was 14.1%.

The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income.

The Romneys claimed a deduction for $2.25 million of those charitable contributions.

The Romneys’ generous charitable donations in 2011 would have significantly reduced their tax obligation for the year. The Romneys thus limited their deduction of charitable contributions to conform to the Governor's statement in August, based upon the January estimate of income, that he paid at least 13% in income taxes in each of the last 10 years.

The return will reportedly appear here.

The Caucus reports:

"The Republican presidential nominee, who released his 2010 tax returns in January, continues to refuse demands from President Obama’s campaign and other Democrats to release multiple years of his returns...But Mr. Romney’s lawyer said on the campaign’s Web site that the candidate would release a letter later Friday from his tax advisers providing a summary of his tax liability for a 20-year period from 1990 to 2009. The campaign said the summary would show that Mr. Romney paid taxes every year during that period, that the lowest annual federal tax rate was 13.66 percent and that the Romneys gave an average of 13.45 percent of their income to charity during the period."

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Comments

  1. ..and there's NO WAY they (Tax advisers) would LIE,or Fudge them huh...nahhhhh

    Posted by: Disgusted American | Sep 21, 2012 2:51:00 PM


  2. Donated to charities, or to his church? Two entirely different things in my opinion.

    Posted by: Matt | Sep 21, 2012 2:51:57 PM


  3. Exactly! When the money goes to build castles and hate gays, it's hardly charity.

    Posted by: kp05 | Sep 21, 2012 2:53:11 PM


  4. The mormon church is NOT a charity.

    Posted by: NAN | Sep 21, 2012 2:59:24 PM


  5. TO MARKUS:

    "President Barack Obama holds clear leads over Republican challenger Mitt Romney in three other swing states—Wisconsin, Colorado and Iowa—according to new NBC News/Wall Street Journal/Marist College polls."

    Posted by: MATTT | Sep 21, 2012 3:03:24 PM


  6. I have a question about taxes, i am not very clear on this, from my paycheck i "lose" around 50% to various taxes, and health insurance, and the extra earned income tax i have to pay to have my partner on my health insurance. It boils down to still owing around $200-$0 on April 15th on average. Is there any way to make his tax rate an apples to apples comparison or is he just so rich that there is no way we can make this mean anything to normal people?

    Posted by: RandyOwen | Sep 21, 2012 3:06:05 PM


  7. @Disgusterd American: I agree completely.

    Posted by: Diogenes Arktos | Sep 21, 2012 3:07:18 PM


  8. Romney’s tax rate is still LESS THAN HALF of the AVERAGE Middle Class American! This is the epitome of GREED. There's no doubt a Romney administration would favor the rich and increase the income gap in our country? Mitt is a pariah in Mormon Clothing and will stop at nothing to expand an empire of greed for the rich in this country by expanding tax cuts for the 1% of the wealthiest Americans. He’s out to gut the Middle Class for every red cent he can get. Will his sacred Mormon underwear grant him the protection and money to buy this election? See for yourself as Mitt dons his tighty-whities sent down from the Good Lord Himself at http://dregstudiosart.blogspot.com/2012/05/mitt-romneys-magic-mormon-underwear.html

    Posted by: Brandt Hardin | Sep 21, 2012 3:22:28 PM


  9. Noticing that there may be additional charitable deductions besides the usual tithe to the Church of the moreholes. Gee, maybe some retroactive donations so that the money going to Salt Lake City was no longer their entire deduction. And it's an election year what a coincidence

    Posted by: Bob | Sep 21, 2012 3:26:47 PM


  10. How pathetic that the Democrats have to resort to a smear campaign in order to increase Obama's chances of winning the election. In fact, just look at the tv commercials that both campaigns have been airing. I live in a battleground state, and the Obama campaign has only been airing attack ads. Whereas the Romney campaign ads focus on what Romney can do for the country.

    Posted by: ? | Sep 21, 2012 3:42:40 PM


  11. Also, at my last Klan meeting we agreed that inbreeding is ok as long as it makes more white people like me.

    Posted by: ? | Sep 21, 2012 3:44:30 PM


  12. @RandyOwen--sorry, but you're stuck at the 99%, due to how carefully the 1% have set up the playing field. You actually earn money by working. People like Romney have "investments" and rather than working,rake off the income of their investments, which are taxed at a much lower rate than fine folks like you who are contributing to society and keeping your partner healthy.

    Posted by: Ty Nolan | Sep 21, 2012 3:47:02 PM


  13. I also like to ride horses bareback.

    Posted by: ? | Sep 21, 2012 3:50:08 PM


  14. Yeah. This is what enrages me about anyone who votes for these assholes. I pay about 30% here in NYC on my less than $50k teaching salary. And he pays 14% of his $13 million and that's acceptable? How is this even possible?

    Posted by: Rick | Sep 21, 2012 3:55:18 PM


  15. I teach predators how to erase their internet histories.

    Posted by: Rick | Sep 21, 2012 4:03:14 PM


  16. Oh, my God in Heaven. Rick is a school teacher? I bet it's an archdiocese all girls' school...that would explain everything.

    Posted by: Derrick from Philly | Sep 21, 2012 4:04:15 PM


  17. ?

    "Whereas the Romney campaign ads focus on what Romney can do for the country."

    What a load of garbage. The whole campaign has surrounded the 'I'm not Obama' theme. We haven't heard anything Mitt is *for;* only have heard what he's against.

    Posted by: kp05 | Sep 21, 2012 4:05:46 PM


  18. They've been busy constructing these tax returns. That's why it took so long to release them.

    Posted by: JellyBean | Sep 21, 2012 4:20:33 PM


  19. I'm pretty sure the Rick who's a schoolteacher isn't the same Rick we all know and hate, so don't worry about all the hate, Rick. Unless of course you're the woman-, minority- and effeminate male hating Rick, in which case it's business as usual, everyone still hates you.

    Posted by: Brian | Sep 21, 2012 4:22:26 PM


  20. It's time for politically-active church organizations to lose all tax exempt status and for contributions given them be made ineligible for charity tax write-offs.

    Any good the Mormon Church could possibly do is far outweighed by the psychological, emotional, and societal damage caused by its homophobic and racist politics.

    Posted by: sparks | Sep 21, 2012 4:27:17 PM


  21. ? nice try.

    Posted by: MATTT | Sep 21, 2012 5:23:03 PM


  22. Oh so we now have "?" clutching his pearls over Obama's dastardly attacks? Romney's campaign has been nothing but unfair attacks and negative campaigning ... just ask his primary opponents.

    Sauce for the goose.

    Posted by: Mikemike | Sep 21, 2012 6:04:00 PM


  23. Oh Rick....your woman hating makes me so hot. I want you tell you how Obama is ruining America while I take a huge, steaming dump on your chest, then you can tell me how feminine gays are undermining gay rights while peeing on my face. Us self-loathing homos have to stick together!

    Posted by: ? | Sep 21, 2012 7:36:58 PM


  24. Okay, I think there's some conflation of taxation here.

    First, we're only looking at federal income tax; this excludes those FICA, state and local taxes.

    Second, your marginal tax rate is higher than your effective tax rate, because it's a graded scale. So while my [marginal] tax rate was 25%, I paid an effective tax rate of 17%.

    Third, he's not obliged to claim all deductions on his taxes. He could have capped the claimed contributions, but continued contributing at his normal levels. For shame.

    Posted by: Dave | Sep 22, 2012 1:29:30 AM


  25. If he'd taken all the available deductions (as he said he DID in the previous 10 years) his tax rate would be 9.4%. And of course he can file an amended 2011 return next year, to recoup that extra - which I'm sure he'll do as soon as he loses the election.

    Posted by: Dave | Sep 22, 2012 10:39:26 AM


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