Romney’s campaign needs a distraction from weeks of negative media coverage. Forgetting to mention the troops in his convention speech, then jumping the gun on the Benghazi crisis, and calling half of America welfare victims, Romney has not had a great month. Well today, it’s about to change, and I am not sure if releasing his taxes is a good thing, or just the best distraction he’s got right now. At 3:00 PM ET, Governor Romney will release his tax returns and at least change the subject.
According to MSNBC, Romney paid $1.9 million in taxes for an effective tax rate of 14.1%. If rich people like Romney are paying below 20% in taxes, when the effective rate is 36%, why are they advocating cutting taxes even more at a time when our national debt is growing exponentially. Check this out the Romney family gave three times as much to charity…than they paid in taxes. Romney also took $2.2 million in tax deductions.
Regarding the newly-filed 2011 Tax Return:
- 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.
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