Former Massachusetts Gov. Mitt Romney will “probably” release his tax returns in April of this year – assuming he’s the Republican presidential nominee by then.
Sadly, that outcome appears to be a safer bet with each passing day, as evidenced by the latest polls as well as the Secret Service protection Romney is now getting as the “presumptive nominee.”
The assimilation with this guy is Borg-like, isn’t it?
Anyway, in an effort to begin bracing for the impact of his “probable” tax release, Romney told reporters on Tuesday that he currently pays an effective income tax rate of fifteen percent on his vast (and expanding) personal fortune.
Why does that number matter? Well, it’s significantly lower than the 25 and 28 percent rates that most American taxpayers are currently paying. It’s also lower than the 25 percent rate Romney told South Carolina Republicans that he believes they ought to be paying during a debate in Myrtle Beach, S.C.
Translation? Romney isn’t going to cut your income taxes if you elect him president …
Anyway, back to the point: Why is Romney paying a small percentage of his income in taxes than you are? Well, Romney doesn’t have a job at the moment – which means that virtually all of his income is coming from investments. He did get around $374,000 in speaking fees over the twelve months ending in February 2011 – but that was a fraction of his income.
In fact, Romney referred to the amount as “not that much” money.
Ah … rich people problems.
Look, we don’t begrudge Romney for making sh*t tons of money. Nor do we begrudge him for paying a lower tax rate on that money than most people pay on their income. No … our beef is with the federal government for making the rest of us pay higher rates (which inhibits the consumer economy, stifles employment growth and limits people’s earning potential).
Well, in a way we guess our beef is with Romney given his refusal to “spread the relief around” by proposing lower tax rates for everyone.
Of course that sort of refusal to embrace real tax relief is par for the course from an establishment “Republican” like Romney.
Meanwhile on the flip(per) side, raising capital gains taxes would be disastrous for our economy – and if any Democrat cares to challenge that assessment, then we would point them to former U.S. President Bill Clinton, whose capital gains tax cuts helped usher in a period of robust economic growth in this country.
Bottom line? It isn’t that Mitt Romney’s taxes are too low … it’s that yours are too high. And Romney doesn’t care enough to lower them.
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By rob January 17, 2012 at 5:35 pm
A gibbons money on acid. Romeny is one stupid fuck.
By ray January 17, 2012 at 5:39 pm
Let Romney release his tax records when THE ONE releases his COLLEGE TRANSCRIPTS.
By Debbie January 17, 2012 at 9:20 pm
Mitt should release his 2010 tax returns, and 2009 as well as 2011, because Mitt will try to fudge on the tax returns he shows to the public.
By ceilidh10 January 17, 2012 at 5:46 pm
Romney is entitled to make as much as he wants and that is all there is to it. God bless him and his income. May we all in 2012 make a ton of money like him and prosper.
By Debbie January 17, 2012 at 9:13 pm
Bull. Romney has cheated and abused people in obtaining his money. Romney makes a ten thousand dollar bet, and gives a woman fifty bucks that is unemployed. Romney is a self-centered dufus.
By Debbie January 17, 2012 at 9:22 pm
Yes, and to have the sister in law of David T. Fischer, Mitts Michigan bundler sell my home, as Mitt said Foreclosed homes for investors to rent out!
Yes, Mitt the next blog piece is Julies letter taped to my home, and Hatch’s recorded phone call. I am sending it out the press!
By Debbie January 17, 2012 at 9:26 pm
Fits News will get a copy of it too. What Hatch said on the phone is incredible! Our handy dandy tape recorder got him recorded in a legal recording. It will show just how KIND the Romney family is, (corrupting court systems) and David T. Fischer to Mitt Romney! (both are dorks)
By ;) January 17, 2012 at 10:25 pm
The income isn’t the problem Cielidh10, it’s the 25% tax rhetoric for everyone else that’s not a millionaire that’s the problem.
It’s a bit much to pay less than 15% by Romney’s own words yet crow for 25% for everyone else.
By Civics 101 January 17, 2012 at 5:49 pm
The President of the United States can do a lot of wickedly good (and bad) shit, like drop bombs on foreign countries and take a $4 million dollar Hawaiian vacation – but one thing he CAN’T do is lower – or raise – your taxes.
Romney should release his tax returns soon after he wins SC, and let those who care get all whipped up that he makes more money than (most of) the rest of us, so by the time the election rolls around, we will be back to worrying about the Government taking too much OUR money rather than not enough of Mitt Romney’s.
By Richie Rich January 17, 2012 at 5:53 pm
Yep, there is a real irony in him calling for 25% taxes(is that supposed to be something to rally behind?) while he’s paying 10-15%.
In fairness to him, he’s in the same category as all the other oligarchs though.
I’m for zero on income tax, but knowing the gov’t will never live on half what it takes in now I think there is merit to a flat tax with no deductions. I just think that it should be the same amount that Mitt pays now for everyone else.
By Selfmade January 17, 2012 at 6:16 pm
The answer is simple 0% income tax and a 100% estate and gift tax. Everybody starts from zero and has to make it on their own. The purest form of capitalism. No wellfare and no money from daddy. Produce or die and spend it before you die.
By Torch January 17, 2012 at 8:27 pm
And 100% capital gains tax as then Romney would have to work for a living.
By Really? January 18, 2012 at 10:27 am
I’m not going to come out and call your suggestion wrong or stupid, but how does your 0/100 plan deal with folks who avoid the estate gift tax by transfer of gold or good old cash to heirs? Just like how the current IRS can’t catch the stripper, drug dealer, or hair stylist who gets paid in cash and spends that money directly on goods, thereby failing to pay income tax AND reducing her taxable income.
By Really? January 18, 2012 at 10:28 am
Or the really easy end-run: joint accounts.
By snodgrass January 17, 2012 at 6:18 pm
He’s just throwing the press a bone. I doubt if he pays anywhere near fifteen percent. You’ll never know for sure. The powerful take care of each other.
As George Carlin reminded us, “It’s a big club…and you ain’t in it.”
By Robert January 17, 2012 at 7:26 pm
Not sure how Mitt pays 15% with his earnings, but I assume he has wonderful CPA’s handling things.
Most Americans do NOT pay 25 or 28 percent……there is big difference between what is deducted from paychecks and what is your actual tax.
If someone pays 25% and up, then they make over $250,000 per year. Most Americans do not.
By Richie Rich January 17, 2012 at 9:04 pm
The problem with your statement Ed is that when you account for the various flat taxes, like gas tax, cable/phone, states sales tax, etc. et al you get way above 25% for those making US median income.
So while the “income tax” may be lower, they lose out on the day to day living costs that have various flat taxes on them they can’t avoid in terms of a percentage of income.
By Debbie January 17, 2012 at 9:15 pm
Romney has off shore accounts, and his family runs their investments though Solamere, the Romney family own investment firm for their family. They also have investments with Goldman Sac’s.
By Robert January 18, 2012 at 7:15 am
Rich….lumping all possible taxes we each pay everyday is not the way to report average income tax.
The facts are that the average American pays around 15%. All other taxes are not income taxes. You don’t have car, you don’t need gas, so no gas tax. You don’t have phone, no phone tax, etc, etc.
Our believe our local taxes are a bigger burden on individuals than our Federal taxes.
And the notion of 0% tax rate is absurd.
By edrollins January 17, 2012 at 7:43 pm
Obama gross income in 2006 was 983,826 , he paid 261,487 income tax
his effective rate was 26.58%
2007 gross was 4,139,965, he paid 1,288,407 income tax his effective
rate was 31.12%
2008 gross was 2,736,107, he paid 786,948 income tax his effective rate
was 28.76%
2009 gross was 5,623,690, he paid 1,653,840 income tax his effective
rate was 29.41%
By edrollins January 17, 2012 at 7:46 pm
Bill Clinton gross income in 2006 was 15,858,422, he paid4,271,614
income tax his effective rate was 26.94%
By Robert January 17, 2012 at 7:50 pm
Since most of Romney’s income is from investment, and investment income is taxed at lower rate than normal earned income, maybe that explains the 15%.
But, he will leave the door open to the 99 percent argument…..
We all know our tax codes are not fair nor equal.
By Jan January 17, 2012 at 8:07 pm
You’ve got to love at what Republican dysfunction and obfuscation has wrought. The mega-wealthy presumptive presidential nominee of the party that has spent the last decade bitching that taxes on the wealthy are too high, is goaded by his competitors into admitting on national television he pays less of his income in taxes than a public high school teacher or a common factory worker.
Boy that is going to make a great soundbite add.
By Cid January 17, 2012 at 8:13 pm
These Republicans here trying to poo poo this issue are mistaken
The “free enterprise”verbiage ain’t going to help Romney
This is going to piss off a LOT of middle class people
Many don’t want to hear his capital gains speech
They don’t have any capital gains because it takes every penny for them to maintain a semblance of a middle class life
By bob January 17, 2012 at 8:18 pm
Here we are, an America where work is penalized vs sitting on your butt collecting investment income.
By kongfuchimp January 17, 2012 at 8:37 pm
Unlike Clinton and Obama who were notoriously cheap in terms of donating to charity prior to their presidential elections, I bet Romney gives at least 10% of his pre-tax income to charity.
By Sailor January 17, 2012 at 9:29 pm
Prior to being elected president, Clinton made $35,000. a year as governor of Arkansas. Obama had written a couple of best selling books, so he did somewhat better.
By Jan January 18, 2012 at 9:52 am
By charity you mean the Mormon Church. I remind you that each of us pays a portion of his donation to the Mormon Church while he pays a tax rate lower than a majority of people posting on this site.
By Debbie January 17, 2012 at 9:18 pm
Mitt Romney is unemployed and he wants the American tax payer to hire him, after he fires all the working class men and women. Get ready for the eight dollar an hour jobs Mitt will be giving to the American public, while Mitt lines up high paying jobs for his kids, their wives and families.
By You are stupid January 17, 2012 at 9:52 pm
Are you talking marginal rate or effective rate. BIG DIFFERANCE. But you wouldn’t mow that. Oh yeah. Bring all of our groups home. Like Ron Paul wants. Now that is a brilliant solute
By Ken E. January 17, 2012 at 11:05 pm
If you’re actually a Ron Paul supporter, you’re not doing his cause any favors.
By bluetruck January 18, 2012 at 9:55 am
Mitt Romney will NOT release his income tax returns now. Mitt Romney will NOT be the Republican party nominee if he he releases his income tax returns now. The Republican Party is being setup for a October surprise. Newt Gingrich needs to tie Mitt Romney’s failure to release NOW Mitt Romney’s tax returns to Mitt Romney’s Electability. Speak up NOW Mr. Speaker before it is too late.
http://www.quickmeme.com/meme/35ob97/
http://www.quickmeme.com/meme/35md07/
http://www.youtube.com/watch?v=w-aeD1HXjaY
By ? January 18, 2012 at 2:59 pm
Is “Mr. Speaker” like “Mr. President”? Once you’re one of either you never lose the title? Does that include if you have to resign the position in disgrace and end your “career” althogether for a while?
“To educate a man in mind but not in morals is to educate a menace to society.”