Real statement from my mother.
I paid more in taxes than Mitt Romney.
Some FACTS:
The Romney campaign is releasing Mitt and Ann Romney’s 2011 tax return today. The campaign previews a few of the highlights here:
- 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.
Additionally, the Romney campaign is releasing a summary of 20 years of taxes, between 1990-2009, detailing their tax expenditures during those years:
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.
My mother is a recently retired school teacher who never made over $70k a year.
Paying even 35%, she never paid more than $24.500 a year.
This is how pervasive and persuasive this “Mitt Romney pays less taxes than you” stupidity is.
How I am going to fix this: My mom, A FLORIDA VOTER, is now a scheduled guest on WVNN from 8 till 9, every single Wednesday from here until election day.
WE are going to change her mind.
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This is the second time Mitt and Ann paid on their income. He paid income tax when he earned the money as payroll. Then wisely invested HIS earnings. Resulted in tremendous growth, which he now pays Capital Gains taxes on. Mitt has been retired for quite some time, most retires pay capital gains taxes, because it is not income(payroll). When Mitt was working full time and receiving payroll, he paid income tax, just like every school teacher out there. Get a clue people! As a retiree do you want your investment earnings taxed as income or Capital Gains?
BS
As a vulture capitalist, Romney took advantage of a special provision of the tax code which allows the such managers to call all their income carried interest, which is taxed at the cap gains rate.
He altered his deductions to insure that the allegation he made of paying at least a 13% rate was maintained. He did not maintain the claim of being a business genius because declining to take all the deductions he was entitled resulted in him paying $2miilion more in taxes, a sum greater than most Americans will earn in their lifetimes. If he loses, he will file an amended return.
“I pay all the taxes that are legally required and not a dollar more. I don’t think you want someone as the candidate for president who pays more taxes than he owes.”- W.M. R-money
You say BS and then forget to say how what I said was BS.
Weird.
Maybe you should direct your anger towards IRS and the rest of the people that created the loopholes in the ridiculously confusing tax codes that none of us can keep up with.
If you can honestly say that you don’t use every advantage that you can and wouldn’t use more loopholes if you were able, then you have a valid argument.
If you can’t, then you’re a vulture too.
I was responding to Danae
No one, not even the flat tax advocates, buy into the concept that the amounts actually paid should be the basis for judging the equity of the tax system. Your mom paid a higher tax rate just in payroll taxes than Romney paid in total, plus she paid regular income tax on her AGI.
Ask your mom 2 questions:
Ask her to divide federla tax owed on her 1040 by income. If it comes close to 30% (if > 20%), I’ll buy you a beer.
Ask her how much she would have to have earned to save enough to fund her pension.
Thanks