Romney says he pays about 15 percent in income tax

[EpyonXero]

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romney says he pays about 15 percent in income tax
by kasie hunt, associated press – 22 minutes ago

florence, s.c. (ap) — after weeks of stalling, mitt romney did an about-face on tuesday and said he will release his tax returns in april and that they will show he pays close to 15 percent of his income in taxes.

Romney, a multimillionaire, has been under pressure from his rivals for the republican presidential nomination and others to release the information. He'd previously said he wouldn't release it. He suggested tuesday that he would make public only one year's worth of information, for 2011.

Speaking to reporters after a campaign stop in south carolina, romney said most of his income comes from investments, not regular wages and salary. The tax rate on investment income is 15 percent, much lower than the 35 percent rate applied to wages for those in the highest tax bracket.

"what's the effective rate i've been paying? It's probably closer to the 15 percent rate than anything," romney said. "because my last 10 years, i've ... My income comes overwhelmingly from investments made in the past, rather than ordinary income or rather than earned annual. I got a little bit of income from my book, but i gave that all away. And then i get speaker's fees from time to time, but not very much."

romney has resisted calls to release his tax returns, insisting that he and his wife, ann, have complied with federal law that requires them to disclose information about their financial holdings.

But in a debate monday night, texas gov. Rick perry insisted that romney release his returns, saying that the party needs to fully scrutinize its nominee now instead of later. Former house speaker newt gingrich said he will release his tax information this week.

"i know that if i'm the nominee, people will want to see the most recent year, and see what happened in the most recent year," romney said, suggesting he'd release the couple's 2011 tax information. "we'll wait until the tax returns for the most recent year are completed, then release them."

romney's wealth — he is worth between $190 and $250 million — puts him among the wealthiest americans. But if most of his income is from investments, it could help him to significantly lower his federal tax bill compared to people who make money in other ways.

The top federal tax rate for investment income — qualified dividends and long-term capital gains — is 15 percent. By comparison, the top tax rate for wages is 35 percent, on taxable income above $388,350. Wages are also subject to social security and medicare payroll taxes.

At 15 percent, romney's federal income tax rate would still be higher than the tax rate paid by most americans.

On average, households making between $50,000 and $75,000 will pay a federal income tax rate of 5.7 percent this year, according to projections by the tax policy center a washington think tank.

However, when payroll and other taxes are included, that same household would pay an average federal tax rate of 16.6 percent.

Overall, the average american household will pay 9.3 percent in federal income taxes — and 19.7 percent in all federal taxes.

In the 2008 presidential race, republican john mccain released two years of his tax returns and then-sen. Barack obama released six years of tax information.

Ohlemacher reported from washington.

Copyright © 2012 the associated press. All rights reserved.

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[pauldun170]

I don't have a problem with this.
The guy is a 64 years old, had a successful career which he left to pursue politics in the mid 90's.

Yes he did well back when he was working in the private sector and built up some wealth. Now his %'s are comparable to other retiree's in that age group.

If he gets preferential tax treatment for income generated from investments vs playing baseball or making movies...fuck it. I'm all for it.

[askmrjesus]

Originally Posted by pauldun170

I don't have a problem with this.
The guy is a 64 years old, had a successful career which he left to pursue politics in the mid 90's.

Yes he did well back when he was working in the private sector and built up some wealth. Now his %'s are comparable to other retiree's in that age group.

If he gets preferential tax treatment for income generated from investments vs playing baseball or making movies...fuck it. I'm all for it.

Agreed.

I would be much more interested in the tax code loop holes afforded to Mitt, that made it possible to bank 150 mil in the first place. The offshore accounts he likely had back in the 80's, would be much more telling when it comes to his stance on what is "fair".

JC

[derf]

Originally Posted by pauldun170

I don't have a problem with this.
The guy is a 64 years old, had a successful career which he left to pursue politics in the mid 90's.

Yes he did well back when he was working in the private sector and built up some wealth. Now his %'s are comparable to other retiree's in that age group.

If he gets preferential tax treatment for income generated from investments vs playing baseball or making movies...fuck it. I'm all for it.

I do have a problem with this. In fact I would like to see the last few years worth of his tax returns, because my bet is that this year, when he is pressured to post his tax returns he will utilize a lot less loopholes and other ways of not paying taxes. The reason he is only going to pay15% and not 6% is because his people made a business decision as to how much taxes he should pay and not look bad, but also not go broke (ha!).

The reason McCain released 2 years is that he did the same thing, thats all he planned for. Obama was able to release a number of years because he wasnt super rich and his tax deductions didn't make him look bad.

Really what it comes down to, is that if you are gonna be accountable stop trying to hide stuff and actually be accountable

[goof2]

Be accountable for what? I don't care if he used legal "loopholes" to lower his tax liability. In fact I would judge him as pretty damn stupid if he didn't use the options available to lower his liability under the law. At the same time I'm OK with limiting those "loopholes" and simplifying the tax code. The problem is that won't be happening any time soon. I would guess there are somewhere north of 1 million people in this country who depend on the complexity of the tax code for their careers. Very few politicians are willing to piss off a voting block that size.

[derf]

Originally Posted by goof2

Be accountable for what? I don't care if he used legal "loopholes" to lower his tax liability. In fact I would judge him as pretty damn stupid if he didn't use the options available to lower his liability under the law. At the same time I'm OK with limiting those "loopholes" and simplifying the tax code. The problem is that won't be happening any time soon. I would guess there are somewhere north of 1 million people in this country who depend on the complexity of the tax code for their careers. Very few politicians are willing to piss off a voting block that size.

I wouldnt judge him for using any loopholes, I use as many loopholes as I can. The only people who he needs to be accountable to is the voting public, and if his statements are that this tax return is just like all the previous ones and thats not true then yeh I have a problem with that. I also deeply detest is that they try and present themselfs as something that they are not.

[Homeslice]

Yeah, only agreeing to release 1 year raises questions.

[askmrjesus]

Originally Posted by goof2

Be accountable for what?

Accountable for the shit he's spewing on the campaign trail. His standard GOP talking points are just rehashed Reagonomics. "Give the Corporations (they're people, my friends) what they want'', and we'll all be happy.

Ninja Mormon please.

His Kung Fu is weak. Partly because Ninjas are Japanese and Kung Fu comes from China, but mostly because the idea that unfettered business is the key to prosperity for what used to be the "middle class'', is complete and utter bullshit.

There are certainly things that still roll down hill. Shit, crumbs, fat girls, and blame. I like fat girls. Until they roll down a hill, covered in shit and crumbs, and then blame me for building the hill. That's Mitt,( in a slightly hard to sleep tonight due to disturbing metaphors kind of way) nutshell.

JC

[goof2]

Originally Posted by askmrjesus

Accountable for the shit he's spewing on the campaign trail. His standard GOP talking points are just rehashed Reagonomics. "Give the Corporations (they're people, my friends) what they want'', and we'll all be happy.

Ninja Mormon please.

His Kung Fu is weak. Partly because Ninjas are Japanese and Kung Fu comes from China, but mostly because the idea that unfettered business is the key to prosperity for what used to be the "middle class'', is complete and utter bullshit.

There are certainly things that still roll down hill. Shit, crumbs, fat girls, and blame. I like fat girls. Until they roll down a hill, covered in shit and crumbs, and then blame me for building the hill. That's Mitt,( in a slightly hard to sleep tonight due to disturbing metaphors kind of way) nutshell.

JC

How many years of tax returns does he have to release to be accountable for this babble?

[Homeslice]

Nobody is forcing him to release anything. He is free to do as little as he needs in order to land the nomination.

Unfortunately that won't be much, considering people's solitary focus on nominating someone "who can beat Obama" rather than someone with real ideas.