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Pensacola Discussion Forum » Politics » Romney to release 2011 tax returns at 3pm eastern time on a Friday

Romney to release 2011 tax returns at 3pm eastern time on a Friday

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2seaoat



The oldest trick in the book is to release bad news on a Friday afternoon. His tax returns used to be relevant. The American people know who he is now, and it is not the scrubbed 2011 returns which matter.....how about the same standard that he held Ryan to.......10 years.

I guess this is a great strategy. Release this bad news on top of the video bad news.......14.1% tax rate.......great, I pay more than he does.

Guest


Guest

2seaoat wrote:The oldest trick in the book is to release bad news on a Friday afternoon. His tax returns used to be relevant. The American people know who he is now, and it is not the scrubbed 2011 returns which matter.....how about the same standard that he held Ryan to.......10 years.

I guess this is a great strategy. Release this bad news on top of the video bad news.......14.1% tax rate.......great, I pay more than he does.

You see why he didn't want to release them. I paid more percentage wise then he did too.

2seaoat



I just heard he avoided writing off all his charitable deductions because his effective rate would have been 9%. Look, can we agree that people that are making 15 million a year that 9% tax rates need to be fixed. Can we get a consensus on just this issue?

We are in deep trouble.

Guest


Guest

2seaoat wrote:I just heard he avoided writing off all his charitable deductions because his effective rate would have been 9%. Look, can we agree that people that are making 15 million a year that 9% tax rates need to be fixed. Can we get a consensus on just this issue?

We are in deep trouble.

isnt that nice that he didnt write off all his charitable donations?

you people have a bad case of wealth envy.

I cant wait till you make sure there are no wealthy and everybody is equally poor.

Its going to be such a good driver for people to work hard and do good for themselves.

It should be fun to use all those survival skills ive been brushing up on the last few years. Very Happy

2seaoat



Wealth envy?

you know what tax rate the wealthiest Americans paid on the top portion of their earnings at the end of Ronald Reagan's first term? 50%.
Under Richard Nixon? 70%. Under Dwight Eisenhower? 91%!

For argument sake, let us just round off mitten the kitten's income to 10 million. At 50% that would be 5 million taxes, at 70% that would be 7 million, and under Ike it would have been 9 million.

He paid in our theoretical example 900k. You call it socialism when three solid Republican's kept pretty close to balanced budgets and collected revenue to fight wars and provide for the general welfare of this nation, and you think paying 1/10 of your responsibility in about a generation is not the entire explanation what has gone wrong with this country. I get people do not like Obama....but when are folks going to open their eyes to how messed up this is..........I do not even have to get excited when talking to people because most people get this....they know this is a problem, and it has nothing to do with Obama, or people trying to call this socialism......WTF has everybody lost their mind?

Guest


Guest

lol... you're a trip seaweed. please tell us what he did illegally? cause if there's anything... i want him drummed out of the race immediately. we might have time to get a non progressive on a major party ticket. that would be awesome.

if not... 2 million in taxes is a large amount... think how many refunds that covers.

psst... please ignore that he donated twice that to charity

2seaoat



He paid an additional 260 to 600k so he could get his tax rate up to what he has told us his returns have been........stunning that he would say that somebody who over pays should never be president, but what it discloses is that he is manipulative and he is still hiding something. He should have paid an effective rate of 9%, and without a doubt, once this race is over, he will file an amended return and pocket the money.....or donate it too a charity.....bet on it.

Guest


Guest

2seaoat wrote:He paid an additional 260 to 600k so he could get his tax rate up to what he has told us his returns have been........stunning that he would say that somebody who over pays should never be president, but what it discloses is that he is manipulative and he is still hiding something. He should have paid an effective rate of 9%, and without a doubt, once this race is over, he will file an amended return and pocket the money.....or donate it too a charity.....bet on it.

oh so now your guessing what he will do after the race is over.

what a laugh

he has done nothing wrong, you guys wanted the return and you got it and are still crying.

its a simple case of wealth envy which is what this curent administration wants you to do. you are a sheep.

what did you expect him to do? offer up more than his legal amount? Do you do that? I bet you have a lot more cash than most of us. why arnt you paying your fair moral share oat?

VectorMan

VectorMan

Mitt Romney paid $1.95 million in federal income taxes on 2011′s investment income of $13.7 million, meaning his effective tax rate was 14.1 percent.

In 2010, Romney paid nearly $3 million in federal income taxes on his 2010 investment income of $21.7 million, meaning his effective tax rate was 13.9 percent.

Of course, the Republican presidential candidate’s tax rate for both years was pushed downwards by the amount he donated to charity.

Romney’s 2011 tax return shows charitable contributions totaling a little over $4 million, meaning he donated 30 percent of his income. Romney’s 2010 tax return shows charitable contribution of almost $3 million, meaning he donated about 11 percent of his income to charity.

And as for the 20-year summary of the GOP candidate’s tax returns his campaign released Friday, Romney donates on average 13.45 percent of his adjusted gross income to charity each year.

“That’s nearly twice the rate of President Obama, who according to his tax returns from 2000 through 2011 donated just less than 7 percent of his adjusted gross income to charities,” the Washington Times notes.

One last thing: Romney’s 2011 tax return shows he claimed a deduction for only $2.25 of the $4 million he donated.

“The Romneys’ generous charitable donations in 2011 would have significantly reduced their tax obligation for the year,” the family’s trustee Brad Malt explains.

“The Romney‘s 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,” he adds.

Simply put, because Romney didn’t claim the full deduction his charitable donations entitled him to, he overpaid in taxes to the federal government.

2seaoat



Simply put, because Romney didn’t claim the full deduction his charitable donations entitled him to, he overpaid in taxes to the federal government.

yep, simply put the man is a manipulator. He tells America that he is paying about 15%......he thinks we are stupid and cannot see that he did not take all his deductions so he could get close to what he has been saying.........Now is it wealth envy to understand Mr. Romney's tax proposal where he will further reduce the wealthy tax rate.......and that under his plan he would pay 2%.......is anybody engaging their brains? You talk about sheep, are you suggesting that people are socialist because they raise common sense concerns how in third grade Ike was getting 91% from folks like Romney who invested in America to avoid taxes, and now within a generation as I am about to retire.....he wants to bring it down to 2% on his 15 million earnings.....class warfare.......people have simply lost their minds. Robert Reich is telling the world that his real rate under his own proposals would be 2%......Maybe he is wrong....maybe it is 4%......am I the only Republican who has not lost his mind....how can any Republican think that balanced budget can ever happen when a candidate arrogantly thumbs his nose at 47% of Americans who are veterans and senior citizens who pay no effective income tax, and he proposes to lower his further to the point that he virtually will pay no taxes. I now completely understand how the Holocaust happened.....brainwashed and manipulated....but thank God good people are standing up and calling this what it is.....simple insanity.

Guest


Guest

2seaoat wrote:Wealth envy?

you know what tax rate the wealthiest Americans paid on the top portion of their earnings at the end of Ronald Reagan's first term? 50%.
Under Richard Nixon? 70%. Under Dwight Eisenhower? 91%!

For argument sake, let us just round off mitten the kitten's income to 10 million. At 50% that would be 5 million taxes, at 70% that would be 7 million, and under Ike it would have been 9 million.

He paid in our theoretical example 900k. You call it socialism when three solid Republican's kept pretty close to balanced budgets and collected revenue to fight wars and provide for the general welfare of this nation, and you think paying 1/10 of your responsibility in about a generation is not the entire explanation what has gone wrong with this country. I get people do not like Obama....but when are folks going to open their eyes to how messed up this is..........I do not even have to get excited when talking to people because most people get this....they know this is a problem, and it has nothing to do with Obama, or people trying to call this socialism......WTF has everybody lost their mind?


Why do you argue w/ idiots?

Guest


Guest

I will say it again. Don't blame the taxpayer, blame the antiquated Tax Code Laws. There are written in such a way as to give us deductions for just about everything and I for one will take advantage of any and all deductions that are allowed by law. I know people that have gotten back 3 times as much as they paid in because of the deductions they are allowed.

Guest


Guest

Ghost_Rider1 wrote:I will say it again. Don't blame the taxpayer, blame the antiquated Tax Code Laws. There are written in such a way as to give us deductions for just about everything and I for one will take advantage of any and all deductions that are allowed by law. I know people that have gotten back 3 times as much as they paid in because of the deductions they are allowed.

They have a low income too.That's why they get the credits.

Guest


Guest

Dreamsglore wrote:
They have a low income too.That's why they get the credits.

But there again Dreams, it is the Tax Laws that allow it. Do you expect the taxpayer not to take advantage of it?

Guest


Guest

Ghost_Rider1 wrote:
Dreamsglore wrote:
They have a low income too.That's why they get the credits.

But there again Dreams, it is the Tax Laws that allow it. Do you expect the taxpayer not to take advantage of it?

No, of course not. I wouldn't pay more either.

2seaoat



I do not think we can simply say that it is in the tax code.....it is corrupt. Actually, the tax code is pretty fair when talking about tax rates and not deductions and credits. This is simple stuff. Can America put revenue on the table for discussion, and government reduction. These are not Republicans who are arguing no revenues.....they cannot balance budgets when a candidate for president under Ike would be paying 9 million and is proposing to drop his obligation to 200k.....You cannot run government with this philosophy.....this is not Republican.....it is anarchy.

Guest


Guest

who exactly do you think is buying our new debt? no... it's not china or russia. what happens when no one buys our debt? do you think we will default or hit hyperinflation first?

you are smart enough to figure this out... i could argue that it is you that is promoting anarchy. bad ideas fail.

2seaoat



Agree, and why do you support the idiocy which took us from Newt and Clinton's balanced budgets to special interests who are urging us to spend another 5 trillion on senseless adventures which are not in America's interest as people are trying to sell the idea that weakness is provacative so that we are having people try to manipulate this election cycle....sorry balance budgets work.....tax cuts which are unhinged have been proven to fail, and allowing foreign interests to use this nation to fight their battles is coming to a screeching end. The American people are going to take this country back....we are not going to have some staged and intentional acts in the middle east change the best policies for this country.......Increased revenue, smaller government, investment through tax credits in manufacturing and American job creation, and deep military cuts as we move to a new strategic paradigm where we no longer are having the Why people manipulate America.

Guest


Guest

If this one is all good why doesn't he release the last ten years?

othershoe1030

othershoe1030

Once a person's wealth reaches a certain level they are in a position to take advantage of things we mortals have never dreamed of. The tax firm(s) who work on the Romney's financial empire are very good according to this article in Vanity Fair.


http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts

othershoe1030

othershoe1030

Here's a possible explanation as to how he ended up with millions in an IRA account...from the same Vanity Fair article.

Mysteries also arise when one looks at Romney’s individual retirement account at Bain Capital. When Romney was there, from 1984 to 1999, taxpayers were allowed to put just $2,000 per year into an I.R.A., and $30,000 annually into a different kind of plan he may have used. Given these annual contribution ceilings, how can his I.R.A. possibly contain up to $102 million, as his financial disclosures now suggest?

The Romneys won’t say, but Mark Maremont, writing in The Wall Street Journal, uncovered a likely explanation. When Bain Capital bought companies, it would create two classes of shares, named A and L. The A shares were risky common shares, to which they would assign a very low value. The L shares were preferred shares, paying a high dividend but with the payoff frozen, and most of the value was assigned to them. Bain employees would then put the exciting A shares in their I.R.A. accounts, where they grew tax-free. With all the risk of the deal, the A shares stood to gain a lot or collapse. But if the deal succeeded, the springing value could be stunning: Bain employees saw their A shares from one particularly fruitful deal grow 583-fold, 16 times faster than the underlying stock.

The Romneys won’t tell us how, or even if, they assigned super-low values to the A shares, but there are a couple of ways to do it. One is to use standard options models to price the shares—then feed inappropriate assumptions into those models. Romney could alternatively have used a model called liquidation valuation, which Kleinbard says would have been “completely inappropriate.” Without seeing the assumptions used on Romney’s tax returns from the years when those lowball A shares were squirted into his I.R.A., we cannot know how he did it. Whatever methods he used, however, the valuations were, according to Andrew Smith, of Houlihan Capital in Chicago, “pushing the envelope.” (Andrea Saul retorts, “Why should successful investments be criticized?”)

2seaoat



Bingo! The criminal part of this is "knowingly" putting undervalued partnership assets in a qualified plan. If they can prove a course and pattern, or a memo which discusses this practice, losing the White House is the least of Mitt's problems......he is going to win a one way ticket to the "big" House.

Look, no honest man can have 100 million in their qualified plan.....period. This nation has a 16 trillion dollar deficit and this man is talking about the 47 percent who are not paying any tax, yet he makes 14 million, or approximately 300 times the median tax family, and he will be paying approximately 2% under his own tax proposals, yet people struggling in 300 families pay more than this man. America needs to wake up. In the hate for the freeloader sitting on a front porch, they are willing to vote against their own interests. This is the most cynical and evil campaign in my life. Never has America been at such risk.

2seaoat



I heard that rather than disclose the specifics of his proposed budget, he is going to have Price Waterhouse put together a certified summary.....it says that America is screwed........

othershoe1030

othershoe1030

2seaoat wrote:Bingo! The criminal part of this is "knowingly" putting undervalued partnership assets in a qualified plan. If they can prove a course and pattern, or a memo which discusses this practice, losing the White House is the least of Mitt's problems......he is going to win a one way ticket to the "big" House.

Look, no honest man can have 100 million in their qualified plan.....period. This nation has a 16 trillion dollar deficit and this man is talking about the 47 percent who are not paying any tax, yet he makes 14 million, or approximately 300 times the median tax family, and he will be paying approximately 2% under his own tax proposals, yet people struggling in 300 families pay more than this man. America needs to wake up. In the hate for the freeloader sitting on a front porch, they are willing to vote against their own interests. This is the most cynical and evil campaign in my life. Never has America been at such risk.

I would like to think you are right about Mitt being prosecuted but given what hasn't happened to anyone (from the Wall Street mess) other than a few small fry do you think there is a chance he'd be prosecuted? It would look like political paybacks.

The Obama administration didn't even want to prosecute anyone from the Bush administration for torture and other war crimes. It would have been justified but also would have set a really band precedent and would look like something right out of a banana republic.

Have we chosen political correctness over justice?

2seaoat



America's slide stops when the Bush tax cuts are going to expire. It is that simple. We then get into the tax code and go after special interests and their tax shelters. We all are going to pay more taxes, and this will further retard economic growth.....therefore it is essential to have increased tax credits and targeted job growth in our industrial sector. Look things are going to improve. All of us are going to have pay a little more, and we need to demand public job sector growth.....but slowly and not to exceed the rate of growth of tax credit target private sector jobs. This really is simple math....increase revenues, increase private sector jobs, decrease government jobs, and government footprint.....again not over night but steady and slow....it took us 40 years to screw this thing up, and it will take us at least a decade to get it back on track. We also need to quit the whine.......tough is what tough does.....and crying about paying 4% more tax or waiting six more months to get your full social security.....come on.

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