Friday, September 21, 2012

The Romney Tax Returns Mock The Dems And The Media

Political campaigns frequently lack humor, but after today, that can't be said about the Romney campaign. After months of sly innuendo and slander based on Harry Reid's invisible friend Mitt and Ann Romney released their 2011 income taxes and a tax summary of the last twenty years. And lo and behold, not only did the Romneys pay every single cent they owed,they actually paid more than they needed to as well as giving a percentage of the Adjusted Gross Income to charity that dwarfs a certain president and his wife whom claim to be compassionate warriors for the middle class:

- 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.

To summarize, the Romneys paid nearly $2 million to Uncle Sam last year and donated more than $4 million to charity.  He actually overpaid on his taxes by not claiming all the charitable deductions he could have, which could have driven his obligations to government even lower.

And the last 20 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.
-During the 20-year period covered by the PWC letter, Gov. and Mrs. Romney paid 100 percent of the taxes that they owed.

Remember that a lot of the Romney's income was capital gains, money that had already been taxed as income once before it was invested and was taxed a second time as the investments were sold. His actual tax rate of his adjusted gross income is closer to 45% .

Their effective tax rate, on average, was over 20 percent, almost double the average effective tax rate in America. And over the last twenty years, the Romney's have  donated 13.45 percent of their adjusted gross income to charity. The Romneys, in fact, paid every cent they owed, and  almost 40 percent of their income either went  to charity or Uncle Sam.

I can just hear the Democrats and their supine lackeys in the media's heads exploding.  Dammit! That sneaky, duplicitous  Mitt Romney is actually a remarkably generous, public spirited law abiding dare he punk us like that!

1 comment:

Anonymous said...

MSNBC is reporting that because Romney at one point stated that anyone that overpaid their taxes isn't qualified to be President, this new information is a bad thing for the Romney campaign.

Wash, rinse, repeat.