TCTI: Too Crazy Too Ignore
 Dave Ross

His taxes, revealed

September 24, 2012 @ 7:36 am (Updated: 9:41 am - 9/25/12 )

cedargrove
Mitt Romney's newly released tax returns remind us that tax strategy isn't what makes you wealthy, it's having a lot of money that makes you wealthy. (AP image)


Over the weekend, as promised, Mitt Romney released his 2011 return. So now we have the 2011 return, the 2010 return, and in addition, as a bonus, he released a certified statement covering the previous 20 years.

Finally-the tax tips we've all been waiting for.

And it turns out that he does have money parked in the Cayman Islands.

However, according to the campaign, the money he makes there is taxed exactly the same as the money he makes in this country.

So if that's true, what's his secret tax-cutting strategy?

Number one, the low tax rate on investment income-which we already knew, and number two, giving money away.

$4 million to charity last year-about 30 percent of his income. But he only claimed a partial deduction to keep his tax rate from dropping too low. Talk about a Boy Scout.

And as for the previous 20 years, there was no single year when he paid less than 13 percent. So it looks like Harry Reid's implication that he might have paid zero was just so much hot air.

And again the way he did it was to give, on average, more than 13 percent to charity each year. So there it is. His strategy is to give it away.

It's somewhat unsatisfying. Because he could give away fifty percent or even 90% and still have more money than most of us.

It reminds us that tax strategy isn't what makes you wealthy. It's having a lot of money that makes you wealthy. And the way to have a lot of money is to either save a lot, or invent the iPhone.

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  • Chuck Gould wrote...
    Romney says that he is not fit to be President of the United States....
    September 24, 2012 8:15 am
    From an interview earlier this year:

    Muir: So from what you have released and from what we have seen we know that there was one year when you paid about 13.9% tax rate. Can we clear this up by asking a simple yes or no question? Was there ever any year when you paid lower than 13.9%?

    Romney: I haven’t calculated that. I’m happy to go back and look but my view is I’ve paid all the taxes required by law. From time to time I’ve been audited as happens I think to other citizens as well and the accounting firm which prepares my taxes has done a very thorough and complete job pay(ing) taxes as legally due. 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. I’d think people would want me to follow the law and pay only what the tax code requires.

    Correction, Mitt: You haven't in the past paid more taxes than are legally due, but this year, to support your claim that you pay that outrages federal income tax of between 13 and 14 percent, you deliberately failed to take all of the deductions for which you were eligible.

    Talk about stuck between a rock and a hard place. Do you get stuck on the griddle for paying only 9 or 10 percent tax on a billionaire's annual income and putting the lie to your previous statement that you pay 13-14%, or do (at least temporarily) "miss" some of your deductions to artificially raise your tax bill? Do you hope nobody remembers your comment that anybody who pays more tax than they owe isn't fit to be POTUS?

    "Oh what a tangled web we weave when first we practice to deceive"

    Good news for Romney, of course: after the whole tax thing blows over he can simply refile, (and surely he will) to get a refund for the taxes he overpaid by failing to take all of his eligible deductions.

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  • ron prevost wrote...
    Having fun with that one, Chuck ???????
    September 24, 2012 9:01 am
    You know, if Warren Buffett and all would just pay more than THEY owe .................
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Chuck Gould wrote...
    Ron Prevost wrote: "if WarrenBuffett and all would just pay more than THEY owe..."
    September 24, 2012 9:04 am
    Well, then, Ron, according to Romney in that case they wouldn't be qualified to be POTUS, either. :-)
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  • ron prevost wrote...
    LOL
    September 24, 2012 9:13 am
    good come back
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • logical open mind wrote...
    Dave R-crying about Romney's wealth is beneath you, since you said nothing about J Kerry's wealth. By the way Kerry married into his wealth.
    September 24, 2012 9:10 am
    Be more objective and u wont come off as a political HACK!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Logical
    September 25, 2012 7:42 am
    And John Kerry is running for what????
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • mobeta wrote...
    Up Chuck!
    September 24, 2012 11:47 am
    Chucky is a whacky lefty saying he is a moderate! People, please pay no attention to him and maybe he will quit writing comments that just don't make sense and he will fade away! Big picture everyone! The movie 2016 where Obama came from and how he was shaped as a young boy by radical Marxist, communist collectivism mentors in Fox News this Sunday in Obamama's own words and what he is doing to this country and how he is systematically destroying America and giving away our wealth that he thinks we took from the world to build the best country by far ever in the history of mankind!
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  • maplefish wrote...
    Mobeta - YEP!
    September 24, 2012 1:06 pm
    and Barry went to a Muslim school in his early teens....His main Mentor as a teenager and into college was a HARD CORE Communist and he studied at Columbia under a HARD CORE anti -Semite....Yepper, Barry is not at all who the Hope & Change crowd think he is....He is a FRAUD!
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  • messiah101 wrote...
    Fish I went to that website that you got those outrageous claims from
    September 24, 2012 2:49 pm
    COMMIEBLASTER.com, I recommend EVERYONE goto COMMIEBLASTER.com and look the page over as it is hilarious (especially the doctored photos of Hillary)it shows the depths of depravity our Righty friends go to for their "Accurate Information". Commieblaster.com considered anyone who voted for TARP,or the Patriot Act a COMMIE. Now I'm certainly no fan of the Patriot Act but I certainly don't believe that voting for it made you a COMMIE.In there opinion the ENTIRE US Government is a group of Commies.What I fail to understand is why its taking the Commies so long to fill the GULAGS they MUST be building somewhere.We could fill at least one with the Crazy Rightys that post here.
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  • maplefish wrote...
    There are all kids of websites that prove what I was saying Messiah....
    September 25, 2012 10:08 am
    Every single day "We The People" lose a little more freedom. And if Obama get's re-elected we will continue to lose more Freedom and Liberty! Obama is still blaming the 9-11 attacks and murder of our Ambassador and 3 navy seals on a video.
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  • messiah101 wrote...
    FISH
    September 25, 2012 4:30 pm
    Yes they all feed off each other. Commieblaster .com is my new favorite. I swear it must have been set up by the Dems to make the Rightys look like idiots
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  • messiah101 wrote...
    FISH
    September 25, 2012 4:31 pm
    Of course we "Lose a little more freedom" no matter who is in charge. Remember the TWO political parties are in Washington to make laws and laws infringe on Freedom. But thats are form of government
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  • Chuck Gould wrote...
    The Mormon church is only technically a charity...
    September 24, 2012 8:25 am
    Seems like the bulkd of the "charitable donations" made my Mitt Romney go to the Mormon Church.

    The Mormon Church has to rank among the wealthiest institutions in the United States. They do a lot of good with some of the money that is donated, for sure, but it isn't like they are hurting for cash. There is a large corporate infrastructure (almost like a government) that sucks up a lot of the money before any of it gets put to work.

    Not just the Mormons, either. How many times does some Protestant church someplace decide to build a larger sanctuary, with cushier pews, fancier stained glass windows, a half million dollar sound system, and state of the art climate control? The $millions that get spent by church members to improve their *own* lives and Sunday morning comfort can all be written off as a "charitable deduction".

    I wonder if Jesus thought that the priests adding yet another layer of gold to the Temple in Jerusalem were performing a "charitable" act?

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  • GloScot wrote...
    You're invited, Chuck.
    September 24, 2012 8:37 am
    You are invited to my church anytime to witness the opulence of our one suite of a converted tri-plex cinema with bad carpeting, a 20-year-old sound board and equally old chairs...and a monthly church budget of about $5,000 with $3,215 going toward rent. That's likely the case for most churches, too, not the Crystal Cathedral-type you describe.
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  • Chuck Gould wrote...
    GlosScot...and should your church ever decide
    September 24, 2012 9:06 am
    to build a new $multi-million facility with state of the art everything, a helicopter landing pad for a celebrity preacher,designer fabrics on the pew cushions, and priceless original art decorating all the walls, every dime solicited from the parishoners can be written off as a "charitable" donation.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • GloScot wrote...
    Until the politicians...
    September 24, 2012 9:36 am
    change for themselves the tax code, I will gladly call all contributions charitable donations. Do you blame people for following the law? Can't blame people for taking advantage of a tax system that multimillionaire politicians all take advantage of. Unless the blame is just, again, based on jealousy because they have more money than you.
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  • Chuck Gould wrote...
    back to GloScot
    September 24, 2012 9:46 am
    It isn't a matter of the law or the tax code. Romney followed both.

    If a person sees no difference between building a mega-church for the comfort and enjoyment of its members or putting money to work directly in social engagement then fine. No problem. Those people are entitled to their perspective. The tax code likewise sees no difference.

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    GloScot
    September 24, 2012 11:31 am
    The Beef is your running your Church on my tax money.Your 100% tax exempt. Why?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • ron prevost wrote...
    Completely off topic (or maybe not), but charity.
    September 24, 2012 9:34 am
    I remember long ago Father Andrew, who walked or hitched rides almost everywhere, was given a car by a parish member to make his life a bit easier. ... He was thankful and enjoyed his gift, but a week later everyone noticed he was no longer driving his car.

    When asked, Father Andrew replied that he no longer had the car. ... It seems a young man with a family had no car to get to his job and no way to buy one.

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • ron prevost wrote...
    continued charity
    September 24, 2012 9:36 am
    Father Andrew had given the young family man the car.

    And went back to walkinh as he always had.

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Chuck Gould wrote...
    Ron, many people would disapprove of Father Andrew
    September 24, 2012 9:49 am
    Give a man a car, and he drives for a day.

    Teach a man how to earn a car, and he can drive for a lifetime.

    I think Father Andrew did a fine and noble thing, but in what way did the recipient of the car demonstrate "personal responsiblity" to get himself to work?

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • ron prevost wrote...
    True story, Chuck.
    September 24, 2012 11:58 am
    Nothing especially noble on the part of the young man. But 35 years later, I still nod occasionally when I see him. He is now retired from that job he was able to keep because of the gift of the car.

    But the story isn't his. It is the selflessness of Father Andrew.

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • ron prevost wrote...
    Oh, and BTW, Chuck
    September 24, 2012 11:59 am
    sometimes we give a man a fish just because he needs to eat today.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Ron P
    September 26, 2012 5:46 am
    The GOP would disapprove of Father Andrews charity ,it would be branded as REDISTRIBUTION of wealth and we simply can't have that in this country. After all it would lessen the haves and help the have nots
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  • ohyea53 wrote...
    Of course people neglect to mention
    September 24, 2012 8:28 am
    he paid 35 percent corporate taxes plus 14 percent “Capital gains” taxes. That always seems to slip the minds of some.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Chuck Gould wrote...
    Not true, ohyeah
    September 24, 2012 8:36 am
    Romney's tax return, for his personal income, is what is up for discussion here. An individual is running for POTUS, not some corporation.

    And the only corporations that pay 35% tax are those with *no* deductions. Good luck finding one. I believe that Boeing, for instance, pays an effective corporate tax rate of $ZERO. We can be extremely confident that none of Romney's enterprises are paying 35% corporate tax.

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    ohyea53
    September 24, 2012 2:53 pm
    Why is it your side clings to that BOGUS 35% figure? Its been proven time and time again that although it exists NO one pays it. Its a BOGUS FICTIONAL NUMBER it means NOTHING
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • GloScot wrote...
    Envy
    September 24, 2012 8:31 am
    Dave wrote: "It's somewhat unsatisfying. Because he could give away fifty percent or even 90% and still have more money than most of us." And your point is what, Mr. Ross? ALL of these presidential candidates are filthy rich. I haven't been able to relate to any of them in my years of voting. Well, perhaps Bill Clinton was pretty close to being an average joe guy, financially, before becoming a well-paid speaker he is now and was able to pay off all his post-presidential debts. But again, all of these politicians have more money than any of us. I believe it's highly hypocritical to focus on Mitt Romney and his wealth when all of them are doing quite well. Funny, all the reports I have read show that our president doesn't give much away at all. So who's the better humanitarian?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • maplefish wrote...
    HYPOCRIT Liberals
    September 24, 2012 8:32 am
    Not a peep bout John Kerry or any of the Hollywood elite that Obama asskisses on a daily basis. You people are disgusting! Pick & choose which Rich people are OK? And since when is it a crime to be wealthy? What a bunch of envious, jealous SHEEP! Obama's CLASS Warfare rhetoric has sucked you in like mindless twits you are. Obama's got nothing see to run on so he goes after successful people. Obama despise th AMERICAN DREAM....."You Didin't Build That"!
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  • Rick W7PSK wrote...
    So Mr. Ross
    September 24, 2012 8:37 am
    Obama promised if he didn't do certain things in his 1st 4 years he would resign as president.

    You going to hold him to that, or give him a pass?

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  • Chuck Gould wrote...
    Sorry, W7PSK, but I mistook this for a thread about Romney's tax faux pas
    September 24, 2012 8:59 am
    Obviously, the very first thing to do in such a case would be to try and switch the topic to the shortcomings of Obama, right?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Rick W7PSK wrote...
    No I was just pointing out
    September 24, 2012 9:07 am
    that Dave is the one that loves to constantly point out Romney's shortcomings but ignores Obama's completely.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Rick W7PSK wrote...
    And lets see if he will talk about Obama's Taxes
    September 24, 2012 9:09 am
    and what he paid and how much he makes, since Dave seems to want to know a lot about Romney's taxes how about breaking down Obama's as a contrast and comparison.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • sportsguru wrote...
    It's getting to the point
    September 24, 2012 8:39 am
    That the more he reveals the more that his campaign goes down in flames. I can't wait for the debates to come,lol.
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  • maplefish wrote...
    So guru
    September 24, 2012 9:04 am
    Hows that Hope & Change workin out for you? As I know you have a pretty much recession proof business. You seem like a smart guy. I can't believe you buy this moron's rhetoric. Tax the rich, Class Warfare, you didn't build that, wealth distribution, ZERO Foreign Policy, $6 Trillion in NEW Debt ( don't need your debt lecture) the most divisive President in recent history! Obama is an absolute fraud and failure...plus, he's totally impotent without his TelePrompter....you really want 4 more years of this IDIOT? You know he' going on " The View" again for the 15th time.... We don't need another celebrity. We need a leader. Obama is NOT a leader.
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  • messiah101 wrote...
    FISH
    September 24, 2012 3:00 pm
    You really need to come up with some NEW material. Your sounding like a recording, Do you and the Welfare Queen AJ share sources?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • maplefish wrote...
    It's all true
    September 25, 2012 10:10 am
    Why would I ever stop spreading the truth about Obama. He is a FAILURE and a LIAR! You didn't build that....
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • It's me! Ha ha! wrote...
    Chuck, here is a quote from Obama.
    September 24, 2012 8:44 am
    Three years ago today, a freshly-inaugurated President Obama said of his plan to fix the financial crisis that “if I don’t have this done in three years, then there’s going to be a one-term proposition.”
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • SeattleNative wrote...
    Why so bigoted, Chuck?
    September 24, 2012 8:48 am
    You do realize that all those years that Romney was a priest and a bishop, he served others on his own time and with zero compensation, don't you?

    Why are you such a hater of a man who has been, by anyone's stretch of imagination, a phenomenal steward of his time, talent, and treasure?

    Or are you just another person who thinks success is a four letter word?

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  • Chuck Gould wrote...
    Hey, Native. I don't hate Romney, he has put himself in a hilarious position
    September 24, 2012 8:57 am
    and when that happens to a public figure its absolutely OK to laugh.

    Having enjoyed a modicum of success in my own life, no- I don't think it's a four letter word.

    I spend a half work-day, each week, serving others on my own time and without compensation so of course I respect people who do the same.

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  • It's me! Ha ha! wrote...
    I cannot either, SG.
    September 24, 2012 8:49 am
    I cannot wait for Romney to ask and pursue Obama on this question, How is the ObamaEconomy?

    Hey Parrots! How are your Dear Leaders re immaculation chances?

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