Romney releases tax returns

Mairuzu · Sep 21, 2012

Romney releases 2011 tax returns | National News - KFI AM 640 More Stimulating Talk Radio

NOTE FROM TRUSTEE BRAD MALT

BRAD MALT | SEPTEMBER 21, 2012

This morning, Gov. and Mrs. Romney filed their 2011 tax return with the IRS. At 3:00pm today, the Romney for President campaign will be posting the 2011 return online.

The complete 2011 tax return, with full schedules, statements, and attachments, will be made available with all other previously-disclosed information at www.mittromney.com/disclosure.

Also posted will be a notarized letter from the Romneys' tax preparer, PricewaterhouseCoopers, LLP (PWC), giving a summary of tax rates from the Romneys' tax returns for the 20-year period of 1990-2009.

In advance of the posting of these new documents, I wanted to provide some top-line details.

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.

As with the 2010 tax return, the 2011 tax return will appear as four separate documents. It includes Governor and Mrs. Romney's Form 1040 as well as three underlying Massachusetts trusts detailing the sources of their income. Those are The W. Mitt Romney Blind Trust, The Ann D. Romney Blind Trust, and The Romney Family Trust.

The investments within the trusts are managed on a blind basis by me, the trustee. I have sole responsibility for making, holding and disposing of the investments.

Regarding the PWC letter covering the Romneys' tax filings over 20 years, from 1990 â€“ 2009:

In each year during the entire 20-year period, the Romneys owed both state and federal income taxes.

Over the entire 20-year period, the average annual effective federal tax rate was 20.20%.

Over the entire 20-year period, the lowest annual effective federal personal tax rate was 13.66%.

Over the entire 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income.

Over the entire 20-year period, the total federal and state taxes owed plus the total charitable donations deducted represented 38.49% of total AGI.

During the 20-year period covered by the PWC letter, Gov. and Mrs. Romney paid 100 percent of the taxes that they owed.

Finally, in addition to new documents related to tax filings, the campaign will also be posting on the same website physician letters for both Gov. Romney and Rep. Ryan, making public their current state of health.

After you have reviewed all of the newly-posted documents, you may have further questions. The campaign asks that you direct them to an e-mail account set up for that purpose. That e-mail address is returns @ mittromney.com.

Thank you.

R. Bradford Malt is a partner at Ropes & Gray, LLP. He has been the trustee of the Romney's blind trust since 2003.

Read more: http://www.kfiam640.com/cc-common/n...l??feed=104668&article=10436987#ixzz27878ReQs

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Bajhshot · Sep 21, 2012

I really dont care about his tax returns really, but I would have released them earlier. If I had been Mittens I would cheated on my taxes the whole time. Yea I would have, gov doesnt deserve my money. Fuck the gov, I would cheat on my taxes now if I knew how.....lol

Flemian · Sep 21, 2012

So, when do we get a copy of the real tax returns?? Not the ones it took a few weeks to docture up.

Mairuzu · Sep 21, 2012

I have no idea how accurate the source is but so far this is the only news I could find on it since im not a Romney supporter

HighMountainSkier · Sep 21, 2012

ZzZzZzZzzz. Wake me up when Rmoney starts talking about economic policy.

RC Flyer · Sep 21, 2012

What does it really matter? Think about it, if he was cheating do you think the current admin would not know? I am sure the IRS has been told too look closely at all of them. But yet the IRS has not questioned him on the topic...

According too the news, he has never paid under 13% federal taxes. You and I pay more because we can not afford the staff to find loop holes to pay less, he can...

It is not a crime to stay on the edge of the laws...

Stigma · Sep 21, 2012

Who gives a fuck about some tax returns?!

I love how the media creates a issue then solves it and acts like we give a fuck.

Mairuzu · Sep 21, 2012

Whoever mentioned that this was the birther side of the democrats had it spot on.

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