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Romneys paid $1.94M in federal taxes for 2011

By Tom Raum

Associated Press

POSTED:
LAST UPDATED: 08:37 a.m. HST, Sep 21, 2012


WASHINGTON » Mitt Romney and his wife, Ann, paid $1.94 million in federal income taxes on 2011 income of $13.7 million, most of it from investments, for an effective tax rate of 14.1 percent, his campaign said today.

That's slightly above the 13.9 percent rate the couple paid for 2010.

The Romneys were to release their full 2011 returns late today.

Romney's taxes have emerged as a key issue during the 2012 presidential race. He released his 2010 tax returns and a 2011 estimate in January but has declined to reveal his returns from earlier years.

Romney's fortune and his long association with Bain Capital, the private equity firm he cofounded, have become issues in his campaign against President Barack Obama.

His campaign earlier estimated that Romney would pay about $3.2 million in taxes for last year.

Romney paid about $3 million in federal income taxes in 2010 — or 13.9 percent.

Critics, including Obama, have urged Romney to release more than just the two years of returns and follow his father's model. When George Romney ran for president, he released 12 years of tax returns.







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HollyJHuber wrote:
Romney gives more to his Mormon Church than he pays in taxes. Giving to a church is NOT charity. He obviously cares more for his church than he does for this country. Sick man!
on September 21,2012 | 08:52AM
jekat2003 wrote:
I don't recall reading anywhere in the article where it states that the returns were incorrect or fraudulent. He paid whatever tax that was owed on his income. Why is he "sick" because that's less than what he gave his church. Do you pay more than what the tax on your return says you should pay? I didn't think so. If you were in his position would you pay more than what was owed on your return? I didn't think so. And before you start blaming Bush's tax cuts don't forget that Obama and his democratic controlled congress all voted to extend the cuts.
on September 21,2012 | 08:58AM
iwanaknow wrote:
So..........if Mitt gives 10% (and more) to the Mormon Church and more taxes to State/Feds (what ever he is legally bound to pay).....what's the beef?
on September 21,2012 | 09:03AM
allie wrote:
He is no philanthropist. He took every advantage of a tax code that favors the super rich at our expense!
on September 21,2012 | 09:20AM
AhiPoke wrote:
"at our expense!" What "expense" are you referring to?
on September 21,2012 | 09:33AM
lee1957 wrote:
PLease give one specific "advantage" he used.
on September 21,2012 | 03:14PM
DiverDave wrote:
Correct lee1957, When a liberal takes a income deferment or a tax credit it is OK. When Romney takes the same deductions the liberals call them "loopholes".
on September 21,2012 | 03:25PM
st1d wrote:
better a morman than a mor on
on September 21,2012 | 07:28PM
DiverDave wrote:
This is why we should all be happy that there are successful people in the U.S.. Romney paid in to the system almost $2,000,000 dollars last year. You can see why the top 1% of all wage earners pay a whopping 37% of all Federal taxes collected. The top 5% of wage earners pay 59% of all collected monies, and the top 25% of wage earners( which includes the first two categories) pay 87.3% of all taxes collected! On the other side almost 50% of all wage earners pay no taxes at all. So, next time you "free" handout people swipe your EBT card at the 7-11 for chips and soda say a silent prayer for those "bad rich people" that are paying for it!
on September 21,2012 | 10:48AM
copperwire9 wrote:
DDave, I surely do hope you spend some time in poverty, maybe a year or two, in order to enhance your comprehension of what it means to make so little income you don't pay income tax.
on September 21,2012 | 12:41PM
DiverDave wrote:
I wouldn't say such a bad thing. Bad Karma dude! I wish only the best for ALL people. But, as a very great man once said, "the poor will always be among us".
on September 21,2012 | 01:26PM
Kuniarr wrote:
HolyjHuber you are one sick person to make up a sick story that Romney gave more to the Mormon Church than taxes.
on September 21,2012 | 09:16AM
allie wrote:
true..and 14% is nothing for such a rich rip-off artist
on September 21,2012 | 09:19AM
64hoo wrote:
and you allie and holyjhuber don't know what your talking about. romney gives 19% of his income to chairty not the church and the media don't tell you that when he was governer of mass. for 4 years he did not take any pay as governer and brought a 1.5billion deficit down to zero you don't see the liberal media say that about him you only listen to what all those channels tell you. you folks are robots believing what the media tells you. they won't tell good things about him.maybe you people don't have a mind of your own. letting the media control your life.
on September 21,2012 | 09:34AM
AmbienDaze wrote:
I agree with you 100%, hon.
on September 21,2012 | 10:20AM
lee1957 wrote:
So what is your major, political science or women's studies?
on September 21,2012 | 03:16PM
hawaiikone wrote:
allie, why don't you google "opsec" and learn about the "president" you support. Then get back to me..
on September 21,2012 | 05:03PM
palani wrote:
The Romneys' donated $4 miilion to their choice of charities in 2011, which was almost 30% of their gross income. How can you say that a church is not a charity? Is it because you give ZERO, HollyJHuber?

In comparison, the Obama's reported about 20% of 2011 income in charitable deductions, not too bad a percentage. On the other hand, the very stingy, crazy Uncle Joe Biden and spouse took advantage of a paltry 1.5% in charitable deductions for 2011. In fairness, this is typical for many Democrats, who tend to be much more generous with other people's money than their own.

source: [http://www.forbes.com/sites/kellyphillipserb/2012/04/13/president-obama-and-vice-president-biden-release-2011-tax-returns/]


on September 21,2012 | 09:47AM
walaau808 wrote:
Church = 10%. Taxes = 14.1%. Please teach me the math that says 10%>14.1%?
on September 21,2012 | 12:22PM
lee1957 wrote:
Where did you get churches=10%? That may be a standard tithe, but there is nothing in the article about how much he
on September 21,2012 | 03:20PM
nodaddynotthebelt wrote:
$3.2 million and $1.94 million are quite different figures. In other words, he paid less than what they estimated he paid. That is $1.24 million dollars in difference and when it is in the millions that is quite a difference.
on September 21,2012 | 09:28AM
64hoo wrote:
remember he gives 19% of his income to chairty same as when you give to chairty you get some back on your taxes everybody does when you give to chairty.
on September 21,2012 | 09:39AM
alfhawaii wrote:
how about paying 30% like the rest of the working americans.
on September 21,2012 | 09:40AM
WooWoo wrote:
Do you know the difference between your marginal tax rate and your effective tax rate? You did not pay an effective tax rate of 30% unless you made several million dollars. You didn't even pay a marginal rate of 30% unless you made several hundred thousand dollars. Do some research, and then post again what you really paid as an effective tax rate.
on September 21,2012 | 11:04AM
lee1957 wrote:
Get a grip, and a clue.
on September 21,2012 | 03:22PM
alfhawaii wrote:
churches should pay taxes also
on September 21,2012 | 09:40AM
64hoo wrote:
your math is full of hooey the working americans pay 17% to 23% if you make under 250,000 after that you pay 30 to 33% when you make 250 thousand or more.
on September 21,2012 | 09:48AM
palani wrote:
Why is that, alfhawaii? I'd rather see Romney's $4 million in charitable donations go to his church than to a wasteful federal government. Or, do you believe that some charities are more deserving of favorable tax treatment than others?

From George Orwell's Animal Farm:

"All animals are equal, but some animals are more equal than others"


on September 21,2012 | 10:01AM
kainalu wrote:
Hey! Maybe it's just me. But I wouldn't mind earning so much income that my taxes due are nearly $2-million. If this were the case, my yet-to-be-born descendants would already have all their medical and retirement needs covered. Because if you owe $2-million in taxes, you're money alone earns more than the average working-class stiff.
on September 21,2012 | 09:55AM
Kuokoa wrote:
...and so? I paid about the same percentage is Romney. Whati of it? And yes, giveing to the Church IS charity because the churches do a lot of community outreach with the funds they collect.
on September 21,2012 | 10:07AM
ya_think wrote:
People like allie, HollyJHuber and alfhawaii feel that if your smart enough to earn that kind of money then you should be punished and made to share it with them so that they don't have to work so hard or at all.
on September 21,2012 | 10:49AM
Anonymous wrote:
I'm sure the details will follow, but here is the bottom line: The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income. Did the Obamas donate 30% of their income to charity?
on September 21,2012 | 11:10AM
palani wrote:
See my post above. The Obama's donated 20%, the Bidens 1.5%.
on September 21,2012 | 12:44PM
lee1957 wrote:
My hat is off to the President for his generosity. The VP, not so much.
on September 21,2012 | 03:24PM
entrkn wrote:
That's 10 years of financials Mitt... not 1 year... this rat has the spine and character of a sewer rat!!
on September 21,2012 | 12:17PM
hawaiikone wrote:
Classy comment.
on September 21,2012 | 04:15PM
walaau808 wrote:
Church = 10%. Taxes = 14.1%. Please teach me the math that says 10%>14.1%?
on September 21,2012 | 12:22PM
Classic_59Chevy wrote:
This comment has been deleted.
on September 21,2012 | 01:10PM
palani wrote:
Yes, it's RMoney!
on September 21,2012 | 01:48PM
st1d wrote:
$1.94 million paid for income taxes.

that's $1.94 million more than all of the 53% of americans that don't pay income taxes put together.


on September 21,2012 | 05:44PM
primowarrior wrote:
Quote from the Romney Campaign site: "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." In other words, sounds like the Romneys only claimed part of their allowable deductions for the year in order to pay a higher tax rate just to keep it in line with his previous statement. Interesting to note that, they will have three years in which to file an adjusted return and reclaim the extra taxes they paid, which I'm sure they will do after the election.
on September 21,2012 | 05:52PM
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