Thread: Romney Tax
View Single Post
Old 09-22-2012, 12:53 PM   #8
Atlanta Dan
Atlanta Dan's Avatar

Join Date: Oct 2005
Posts: 15,753
Member Number: 728
Thanks: 2,823
Thanked 9,181 Times in 3,999 Posts
Default Re: Romney Tax

Originally Posted by Vincent View Post
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.
Of course Mitt throws so much out there that trying to conform to one statement then contrdicts another of his statements

Defending his right to pay no more taxes than he owed, he said, "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."

The decision of Romney's trustee to limit the use of charitable deductions in 2011 in order to adhere to the candidate's claim raised the eyebrows of several tax law experts. They noted that the trustee's use of numerous tax strategies gives Romney the rare ability to loosen or limit his tax payments at will.

So I guess by Mitt only claiming a partial deduction for his charitable contributions to manipulate his taxable rate he no longer thinks he is qualified to be President?
Atlanta Dan is offline   Reply With Quote