What Do Romney’s Tax Returns Show Us? Here’s a Look
- Posted on January 24, 2012 at 7:36am by
Jonathon M. Seidl
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AP
WASHINGTON (The Blaze/AP) — Republican presidential candidate Mitt Romney paid about $3 million in federal income taxes in 2010, having earned more than seven times that – $21.7 million – from his investments and making him among the wealthiest of American taxpayers.
At the same time, Romney gave nearly $3 million to charity – about half of that amount to the Mormon Church – which helped lower his effective tax rate to a modest 14 percent, according to records his campaign released early Tuesday.
For 2011, he’ll pay about $3.2 million with an effective tax rate of about 15.4 percent, the campaign said. Those returns haven’t yet been filed yet with the Internal Revenue Service.
The Washington Post notes the returns show the Romneys have been very generous:
None came from wages, the primary source of income for most Americans. Instead, Romney and his wife, Ann, collected millions in capital gains from a profusion of investments, as well as stock dividends and interest payments.
The couple gave away $7 million in charitable contributions over the past two years, including at least $4.1 million to the Church of Jesus Christ of Latter-day Saints. Romney’s family has for generations been among the Mormon Church’s most prominent members.
The Romneys sent somewhat less to Washington over that period, paying an estimated $6.2 million in federal income taxes. According to his 2010 return, Romney paid about $3 million to the IRS, for an effective tax rate of 13.9 percent.
The former Massachusetts governor had been under pressure in recent weeks to release his tax returns, his GOP opponents casting him as a wealthy businessman who slashed jobs in the private sector. Rival Newt Gingrich made public his returns on Saturday, showing he paid almost $1 million in income taxes – a tax rate of about 31 percent.
Romney’s campaign confirmed the details of his tax information after several news organizations saw a preview of the documents. He had said planned to release his returns in full Tuesday morning, and campaign officials would be prepared to discuss them in detail with reporters.
“You’ll see my income, how much taxes I’ve paid, how much I’ve paid to charity,” Romney said during Monday night’s debate in Tampa. “I pay all the taxes that are legally required and not a dollar more. I don’t think you want someone as the candidate for president who pays more taxes than he owes.”
Romney’s 2010 returns show the candidate is among the top 1 percent of taxpayers. The returns showed about $4.5 million in itemized deductions, including $1.5 million to the Church of Jesus Christ of Latter-Day Saints.
Before the tax records were released, Romney’s old investments in two controversial government-backed housing lenders stirred up new questions at the same time his campaign targeted Gingrich for his work for Freddie Mac.
Gingrich earned $1.6 million in consulting fees from Freddie Mac even though Romney has as much as $500,000 invested in the U.S.-backed lender and its sister entity, Fannie Mae.
The dimensions and the sources of Romney’s wealth, which he has estimated to be as much as $250 million, have become pivotal issues in the roiling GOP primary campaign. For months, Romney dismissed calls to release his personal income tax records. But after mounting criticism from his rivals and others, coupled with his stinging weekend loss to Gingrich in the South Carolina primary, Romney agreed to release his 2010 return and 2011 estimate.
Romney already has acknowledged that his current tax rate is about 15 percent, a level far lower than standard rates for high-income earners and similar to the capital gains rate. “I’m proud of the fact that I pay a lot of taxes,” Romney said.
The current lowest rate for long-term capital gains is 15 percent, but a higher rate of 20 percent had been in effect since 1981 until President George W. Bush signed into law a massive tax cut program in 2001.
Romney’s vast investments contain other funds than the ones he profited from as a Bain Capital executive. But it was unclear whether he had any direct role in handling the investments in Fannie Mae and Freddie Mac that appear on his 2012 presidential disclosure.
One investment, listed as a “Federated Government Obligation Fund” and worth between $250,000 and $500,000, was a mutual fund that included both Fannie Mae and Freddie Mac assets among a larger pool that included other government securities.
The holding was not listed in Romney’s blind trust, which led some Democratic Party activists to suggest that the investment was under his direct control.
“He is relentlessly attacking Newt Gingrich over his ties to Freddie Mac despite the fact that he personally invested up to a half a million dollars in both Fannie Mae and Freddie Mac,” said Ty Matsdorf, a senior adviser with American Bridge 21st Century, a PAC associated with Democratic Party and liberal causes.
Former GOP Rep. J.C. Watts, a Gingrich supporter, said Monday that Romney was on a slippery slope calling his opponent a lobbyist and raising doubts about Gingrich’s work for Freddie Mac. But he did not directly address Romney’s investments with the lender or with Fannie Mae.
“Some might see it as splitting hairs. But Newt Gingrich was not walking the halls of House and Senate,” Watts said on a conference call arranged by the campaign. “He was never doing the hand-to-hand combat doing the lobbying, consulting, whatever you want to call it.”
A Romney campaign official who insisted on anonymity to discuss that investment in greater detail said that Romney’s trustee had bought the government investment fund in 2007, before the housing crisis broke.
The Romney official said that the government fund was purchased through a charity trust that does not appear in Romney’s presidential disclosure but will show up on his income tax return for 2010. That trust, called a Charitable Remainder Unitrust, is a standard tax strategy among the wealthy that provides investors with a fixed payout each year. What remains in the account at a later date, or when the investor dies, is turned over to charity, the official said.
Romney does not directly control the investment account, Romney campaign senior adviser Eric Fehrnstrom said earlier on Monday. “His investments are controlled by a trustee,” Fehrnstrom said.
Separately, Romney’s IRA retirement account lists both a Fannie Mae and a Freddie Mac security, each worth between $100,000 and $250,000. But because those are in Romney’s IRA, they also appear to be under control of the trustee.
Tax experts said Romney’s income tax returns may contain other charity structures and tax strategies designed to both boost his income and charity donations, while minimizing his involvement because of his presidential ambitions.
“Regardless, the emerging picture was of a man of great means who contributes mightily to charity,” Reuters reports.
—
Associated Press writers Kasie Hunt and Brian Bakst in Tampa contributed to this report.
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Comments (212)
garyM
Posted on January 24, 2012 at 9:28amIt suddenly occurred to me that under Obama, anyone can give to Alquita and get a charitable contribution on their taxes. Using the freedom of religion and the establishment claus wrongly, anyone could give to Islam and get a tax deduction! RIGHT?
Report Post »13th Imam
Posted on January 24, 2012 at 9:44amDid Mitt follow the law?? Did he create the Tax laws?? Did he follow the Tax Laws??
Tim Geitner Didn’t. John Corzine Didn‘t Chuck Rangold Didn’t
Report Post »Clive
Posted on January 24, 2012 at 10:32amheres what i take away from his tax returns.
mitt paid 13.9% tax rate on 22 million dollars. I pay a 30% tax rate.
mitt has his money in switzerland, bahamas, and luxemborg to avoid paying tax.
and these are the tax returns that he IS showing us, imagine what hides in the ones he’s too ashamed to produce. taxed enough already… yeah, IVE been taxed enough already, he hasn’t.
Report Post »PPMStudios
Posted on January 24, 2012 at 10:59am@CLIVE
Why do you “imagine what he hides…”? He‘s paid his taxes already when he ’earned’ the money as income. Now, he’s living off the interest (14%). So, in a sense, he’s paid almost 45% on each dollar he’s earned.
The ‘off-shore’ accounts have already had the initial taxes paid.
But really, why do you care? In what way does his income affect you? How do his earnings effect your life? Point is… They DON’T!! Be happy for him not jealous of his success!!
Report Post »kevinsan
Posted on January 24, 2012 at 11:17amno he hasn’t paid 45%, you dont get taxed on the money u put in, you just get taxed on the interest. But I do agree that he has paid enough including charity
Report Post »rmcgee2539
Posted on January 24, 2012 at 11:37amMitt’s 14% tax rate is not the whole story, The government has already
taken 35% at the corporate level. Looks like Mitt paid a total around
50% as far as how much money the government took.
Am I mistaken?
Report Post »OutOfTheAether
Posted on January 24, 2012 at 11:53am@Clive
Take a closer look at your W-2, my friend. If you are paying 30% FEDERAL tax (and that‘s what’s being discussed) You’re either living in Canada or you are doing something very seriously wrong with your tax return, or you’re paying one heckuva lot in State and local taxes. If you look at the IRS’ tax tables, all us working stiffs pay a FEDERAL tax of just under 19% (18.9) if you’re single, or 13.6% if you are married. In other words, Romney paid out the same, percentage-wise, as the rest of us!!! (13.6 to 15%). What’s the issue? I certainly wish I could have the fun of paying out 6 million to some charities.
Now if you’re living in Canada, you’ve got no input here, if you’re paying the high State and local taxes – I’d think about moving to another part of the country
Report Post »justin.blake
Posted on January 24, 2012 at 12:18pmSo Romney INVESTED in Fannie and Freddie. Meaning he put his OWN money at risk. Newt took money FROM Fannie and Freddie. Big difference here people. The lame attempt to tie Romney to the downfall of the housing market/mortgage crisis is pathetic. While Fannie/Freddie were doing things to eventually cause harm to their investors and to the public at large, Newt was ‘advising’ them. Romney had his money on the line and likely lost a fair amount when it all went down. I also love the fact that the only charity listed that he donated to is his church, in another vain attempt to manufacture some shady compact between him and the Latter Day Saints. Its called ‘tithes’ and its biblical. Shoddy reporting here folks, nothing more.
Report Post »arx
Posted on January 24, 2012 at 12:28pmSo to sum up the Blaze: Gingrich is a liar, Romney is generous….repeat.
Report Post »Hobbs57
Posted on January 24, 2012 at 12:36pmI think the thing most people are missing, especially, clive, is that when we are allowed to have our own money, many people pay the amount they would have been taxed out to charities. This means that we get to direct our income to the causes WE choose, not have an over bloated government take 15% from us, and actually make only 5% of it serve the actual cause. Just as the days when there were orphanages, I know some story like to make them the most terrible places, and I am sure some were, but these places were funded with private dollars and over looked by those funders to ensure their money was taking care of the children under their care. It is knowledge that has lead to fear, that has lead to us trying to control everything in this world, but only getting worse results than if we just let it be free.
Report Post »Luke611
Posted on January 24, 2012 at 12:57pmClive,
If you pay 30% it may be demonstrative of the victimization you are experiencing from the overwhelming convuluted tax code we, as Americans are subjected too. It could also mean that you are a lazy dumbas s for allowing yourself to be manipulated and used without fully studying deduction opportunities. Using a short form is not conveinent, it only makes more money for the government.
I‘d like to believe that you’re not a dumbas s, that you are only lazy which makes you a victim of your own lack of initiative to seek truth, and do for yourself.
Now as for Romney only paying such a limited amount, albeit legally; tax …would you not want the benefit of someone like this managing your money?
Of course you would.
Report Post »The_Jerk
Posted on January 24, 2012 at 12:58pmTaxes are not the issue if he followed the law. Envy becomes the issue.
Report Post »iblvingd
Posted on January 24, 2012 at 1:02pmI think everyone is missing the point! This is America where at the “present day” we “still” have the freedom to decide how to make money and use the money. If we didn’t have those freedoms, we wouldn’t be having this discussion, because there would be no jobs and….err go…no money!
The problem is, that not everyone has guts to get out and work and take risks! But it sure is easy to covet what other people have and what they do with their money.
It is this idiotic self centered covetous, he said she said mentality that will be the demise of our country!
Wake up People!
Report Post »ednapearl
Posted on January 24, 2012 at 1:05pm@ Clive
outoftheaether is correct you need to look at your W-2. The other reason you might be paying 30%, you are making an income $500,000 and above with little or no deductions. Perhaps you need to change your accountant or tax lawyer, perhaps you need to look into investments. If you are making over $500,000, good I am happy for you. The average percent tax rate for 87% of income taxpayer is between 12% to 15%. But yet we never talk about the 47% who earn income but don’t pay income tax.
Report Post »tommee
Posted on January 24, 2012 at 2:37pmHey PPMSTUDIOS… very little, and most likely, none of Romney’s remuneration was taxed as income during his time with Bain. Mitt was not paid by the hour. His earnings, like profits from all private equity firms, were listed as capital gains, interest, bonuses, dividends, etc. Not only did he not pay taxes on income, he also used a loophole of deterred earnings to his advantage. That means no taxes are paid at all until some time in the future when the money is represented in a taxable form. Romney’s offshore accounts and tax loopholes allowed him to legally avoid paying anything near comparable rates to what the average American pays.
Romney didn’t commit a crime by his low tax payments. What his returns do show however, is how the tax system is stacked with all kinds of advantages for the wealthy that are not available to the average American. Why did this happen? Congress was bought by wealthy lobbyists to legislate tax advantages for them.
Report Post »Clive
Posted on January 24, 2012 at 2:48pmmost of his “charity” went to his fruity mormon church.
i live in chicago, and i have a cpa do my taxes. i’m in a higher tax bracket than most, but i still basically pay twice as much tax, as a percentage as mitt, because my income is “earned”… its not capital gains, i actually worked for this money. Imagine that.
Anyway, its not hard to do the math here folks. he pays 13.9. i pay 29.7. i don’t care what he donates to his cult, he can buy all the magic underpants he wants. His income needs to be taxed as mine. He is not “paying his fair share”. I’m not “jealous” of him, thats ridiculous, that man doesn’t have anything i want.
All of this is pointless, mitt can’t win a damn thing. Newt can’t win a damn thing. We had a whole bunch of losers run this election term, and now we are likely stuck with obama for another four years, thanks GOP.
Report Post »firstHat
Posted on January 24, 2012 at 6:07pm@clive
Report Post »Even if you are right, and I do not believe you are, Romneys tax history supports the idea that capitalism works. He ended up paying more than his “fair share” simply because he was taxed less. Even if you feel compelled to discount his tithe (and my very leftist Anglican church asks that of me) his charitable donations exceed by far his required taxes. Does this mean that our tax laws are as fair as they should be? Does it mean i like romney? No! But when the powers that be are arguing that the system of capitalism doesn’t work and that the worker and lower middle class (me) are the oppressed, Romneys example suggests otherwise and we need to acknowledge that
Clive
Posted on January 25, 2012 at 11:24am@firstthat
good points… but heres the problem… i’m glad mitt gave a bunch of money to charity, thats great. but there are MANY people like mitt, and its on each of these persons individual honor to do that. I think most people (especially those not running for president), aren’t going to voluntarily give 3 million dollars to charity. They will likely give far less, or nothing at all. The problem isn’t with mitt, he has covered his a$$ with his charitable deductions, and he used every legal loophole to pay as little as he possibly could into our system. its that we are taxing people, who don’t really work for their money, twice as much as people who ACTUALLY work for their money, and i suppose “trusting them” to give a bunch away to charitys of their choice, which probably isn’t happening. Capital gains need to be taxed at the same rate that we pay, period.
It doesn’t matter if the corporate profits were taxed previously. Corporatiosn pay tax, and then the individual pays tax on it when profits are cashed out. If you are suggesting that he shouldn’t pay the same taxes as we do, on the profits he is given, just because a corporation already paid taxes, you are high. The corporation paid taxes beforehand, HE paid nothing.
Report Post »NoTalkStink
Posted on January 25, 2012 at 3:25pm@clive
Report Post »I don’t want to embarrass you but your misinformation is showing! Mitt Romney’s church is always first on the scene at disasters with food, clothing, hygienic items and voluntary labor but they never advertise it. They help millions each year struggling with job loss, hunger, and medical bills. But they never advertise it. They just do it with no reward asked or expected. There are many LDS living near you. Next time ask one of them before you say things that are uninformed, misinformed, or designed with prejudice or malice in mind.
turkey13
Posted on January 25, 2012 at 4:40pmRepublicans and Democrats hate a man like this . This may start anew trend. Congress people actually paying taxes. Remember when obama went into office and 6 out of 7 had to decline positions from obama except Timmy. Then there was Charley Rangle who got caught and since he was friendof Nancy – she had to let him off whike she was draining the swamp. It is also bad to give to churches – it might make less people go on wellfare.Nancy used to give to the Catholic church but quit when she met with the Pope and he refused her Sainthood because of the abortion issue.
Report Post »tifosa
Posted on January 25, 2012 at 9:06pmc‘mon nobody’s foolish enough to be willing to accept tax forms that were prepared AFTER he knew he’d have to disclose them…would they?
Report Post »tifosa
Posted on January 25, 2012 at 9:14pmbtw, he makes $57,000/day, without working, and pays 14% tax, has an offshore account (at least one) to avoid taxes… Uh yeh, bring on the election :^)
Report Post »CWW
Posted on January 24, 2012 at 9:25amJohn Kerry can make a joke when he ran for President about “marrying up” and everyone has a good laugh at his enormous wealth.
Nancy Pelosi can make $65 Million Dollars in a single year and not rile any suspicions over her new sudden financial wealth.
If you have a (D) after your name then it’s ok to be rich but, should a Republican have their own money then they’re somehow unworthy and are to be scorned as if they’d stolen it from the poor.
Its the same ol’ double standard we all know to well…. Democrats hold a different scrutiny over themselves.
Report Post »spankadonkey
Posted on January 24, 2012 at 9:47amSay what you want but PLEASE don’t remind us of BOTOX Nancy so early in the morning.
Report Post »cosette
Posted on January 24, 2012 at 1:09pmAnybody who wants an eyeopener- google senate personal wealth. Scroll down to John Kerry. He has assets of 215 million dollars. Now correct me if I’m wrong, but I don’t recollect the news media even mentioning his wealth. And he didn’t even work for it, he married into it. The selective outrage of the progressives is absolutely mind boggling . I see that Newts’ outrage over the dupllicitouss nature of the MSM has fallen on deaf ears. They continue to self destruct.
Report Post »cranberry
Posted on January 24, 2012 at 9:08amWell everybody now got what they want, to put their beady eyes on paper and to see what he makes. Its a capitalist country, he is free to make what he did, and good for him to be so smart! I wish it were me! All the more reason for him to manage our government as President. Go Mitt!
Report Post »garyM
Posted on January 24, 2012 at 9:03amFrom the story:
Report Post »But it was unclear whether he had any direct role in handling the investments in Fannie Mae and Freddie Mac that appear on his 2012 presidential disclosure.
______________________________________________________________________________
It’s amazing to me how so much stuff about Romney can be unclear and you can claim to know so much about Newt! You guy’s motives are clearly seen by anyone who has a half of a brain!
Jack
Posted on January 24, 2012 at 4:12pm@GARYM
WELL SAID !!!
It is amazing to me how this website, gbtv, the writers on this site & Glenn Beck himself can be so obvious about this here’s what they are doing:
1. Endorse Bachmann or Santorum, but don’t really help them by, speaking well of them all the time and then treat them as if they are hiding something. Thereby looking like your honest and just want the truth.
2. Commit 80% of your entire programming to bashing Gingrich for things he said about former US Presidents, all the while never admitting that he ever done anything good (Reforming welfare / balancing the budget etc..) And also don‘t bring up his voting record cause there’s really nothing there to condemn him.
3. Don‘t bring up anything negative about brother Romney but for God’s sake don’t endorse him.
WHAT A JOKE, YOU TOUGHT US TOO WELL GLENN NOW WE SEE THRU YOU!!!!
Report Post »thegrassroots
Posted on January 24, 2012 at 8:52amSo Romney’s INVESTED In Freddie and Fannie! LOL
Sheeeesh and Funny and Yep! America IS SO ONTO Romney and His Favorite Character Assassination Card!
BHO’s Favorite Card Too!
Keep Use’n That Dum-Dem PlayBook, Romney. You‘re Look’n Less and Less Presidential By The Second!
Keep Fire’n That Smear Gun RomBama! How Do You Like The Splatter of That Mud BackFiring All Over You?
THANKS, Romney, For The GREAT LAUGH So Early This Tuesday Morning!
NEWT 2012
Report Post »TEA4Me
Posted on January 24, 2012 at 10:22amTGR,
I’m not calling you an idiot, but you should re-read the article. The investments in Freddy and Fannie a small part of a mutual fund that was controlled by a Trustee and purchased BEFORE the housinig crash. Any money manager worth his salt is going to have you invested in Govt backed securities in 2007… If YOU had and IRA or 401K, YOU were probably getting some of that action back in 2007, genius.
This is GOOD for Romney. He comes off as a compassionate, law abiding, tax-paying citizen. If you are a Newt fan, you have your own “splainin” to do. I wouldn’t worry about what I am sure you consider a very disappointing Tax Return released by Mitt.
Report Post »LibertyGoddess
Posted on January 24, 2012 at 11:09amSince when is “investing in Fannie” the same as advising them and signing legislation in their favor and ultimately having them crash? If Mitt was still invested in them, he would have LOST his money in them.
Report Post »slr4528
Posted on January 24, 2012 at 11:33amGrassroots
All I will say is Newt supporters show their ignorance when they knock Romney’s blind trust for investing $500,000 in government investments like Fannie and Freddie MAC. His trust invested in the company and is taking a risk that these government agencies are stable and they will make a return on the initial investment.
Newt was paid money by Freddie to influence politicians to pass legislation that would benefit the special interests of fannie and Freddie. There is no comparison. Newt has also employed the same practice with his 33 million dollar think tank where he pushed the national healthcare mandate for several years. Newt would take money from pharmaceutical companies and medical companies to promote their drugs and solutions with favorable legislation that would benefit their interests. It is amazing how well a company can do when you are paying someone off on the inside who has connections and influence to pass legislation that would directly benefit your companies products and services. We all can thank Newt Gingrich for Medicare Precription D this was his baby and he made alot of money from big pharma by pushing it through Congress.
I have reached the conclusion that the majority of Newt’s supporters are blue dog Democrats who are evangelicals that believe it is the governments place to have big programs to take care of people.
Report Post »Newt himself obviously has a great love for FDR since he has stated this on the record several times.
OutOfTheAether
Posted on January 24, 2012 at 11:57amSLR4528, you’re spot on. The last I knew, what they called what Newt did was nothing more than Conflict of Interest at the very least. Or maybe Graft (isn’t the illegal?)
Report Post »justin.blake
Posted on January 24, 2012 at 12:21pm@ Grassroots – INVESTED is very different than being EMPLOYED BY. Newt got paid for providing services to Fannie/Freddie (what he did is still nebulous), whilst Romney had his own money on the line, win or lose. Quit trying to make that fact out to be more than it is! You make ME laugh!
Report Post »MacPharlan
Posted on January 24, 2012 at 2:55pmSo investing in a company and NOT working for them is the same as getting paid by them to work FOR them?
Good grief, you really think this guy controls his own investments? He did not get rich by being an idiot.
Report Post »selaromyar
Posted on January 24, 2012 at 8:50amThis is fine and I hope this put to rest what people around the nation were asking. See there is no smoking gun at all. It is a person that made money the legal way and gave to his church. Now this is tight rope that some people do not want to walk on, since the fingers that point there are three more that are point back at them. I hope that we can move on from here.
Report Post »garyM
Posted on January 24, 2012 at 9:33amWE’LL MOVE ON UNTIL Jesus appears and says ok guys, time to separate the sheep and the goats!
Report Post »Believer33
Posted on January 24, 2012 at 7:54pm@Gary
Shut up!
Report Post »RJL
Posted on January 24, 2012 at 8:48amTo whom much is given, much is required. It’s not about how much you give it’s about how much you keep. Tell me Beck is not for Romney? The Blaze goes into a lot of detail on Romney’s tax return. All the while bashing again Newt on Fanny and Freddie. And in the mean time Romney is investing in these two corrupt government entities. If Romney is our Republican Rep. then he while go down the same as McCain.
Report Post »garyM
Posted on January 24, 2012 at 9:34amand don’t forget: he he
But it was unclear whether he had any direct role in handling the investments in Fannie Mae and Freddie Mac that appear on his 2012 presidential disclosure.
Report Post »thegrassroots
Posted on January 24, 2012 at 10:01amRomney must have a HUGE STAFF of his peeps dedicated to keeping track of which side of issues he came down on when he last spoke about said issues.
It’s gotta be hard to have the job of trying to find clarity where there is none.
The deceitful weave a web that they eventually become tangled in = Being UnClear Is Romney’s Downfall!
NEWT 2012
Report Post »LibertyGoddess
Posted on January 24, 2012 at 11:11amDo you always show your ignorance this early in the day? The article was written by the Associated Press. The Blaze posted it because it is on 100% of the other news outlets. Give it a rest. Only a religious bigot would be so scorned.
Report Post »IAManAmericanCitizen
Posted on January 24, 2012 at 11:33amWell when you are owned by the candidate, you probably should support him, no?
http://endoftheamericandream.com/archives/bain-capital-owns-clear-channel-rush-limbaugh-sean-hannity-glenn-beck-michael-savage-etc
Report Post »RJL
Posted on January 24, 2012 at 12:08pmSo gaudass read the post from citizen on who owns Romney? Why does the Blaze have to plagiarize? I listened to Becks radio show this morning and from 10:21 to 10:39 he ranted and re-hashed the progressive nonsense about Newt. We have two enemies in this election. Obama/Democrats and the news media. The way I see it Newt is the only one that can go toe to toe with both. The entire Congress and House are dominated by progressives and Newt will be the only one to stand up to them. Also gaudass why are most of your posts accusing people of being bigots? hmmmm…tells me one thing that you are looking in the mirror at yourself…..
Report Post »milo75
Posted on January 24, 2012 at 8:47amPut yourself in Romney‘s shoe’s. If you were running for President For six years don’t you think you would have your taxes looking good for that reason alone. With charitable givings and all. I say follow his dad’s rule of thumb. Release 12 years of taxes so we can see how you truly are. Anybody can make thier taxes look good for 2 years when they have been running for President 6 years.
Report Post »LTinUT
Posted on January 24, 2012 at 11:07amWith that logic, Newt has had his sights on the presidency since the 80′s when he was married to wife #2 and possibly earlier. Oh, and he has only released ONE year whereas the other candidates haven’t released anything yet. Traditionally, the release in done in April but Newt pushed the issue as a way to attack capitalism.
Report Post »LibertyGoddess
Posted on January 24, 2012 at 11:12amYou posted this same comment on Huffington Post. You really are unhappy and bitter.
Report Post »kevinsan
Posted on January 24, 2012 at 11:19amHe released 20 years of taxes, did you listen to the debate at all?
Report Post »RightThinking1
Posted on January 24, 2012 at 12:32pmAl Gore was running for President for 8 years. His charitable contributions? I do not recall the exact number, but it was around $350.00.
Report Post »My wife and I give to genuinely charitable causes in excess of 10% of our income. I suspect that those who suspect Romney’s motives for charitable giving do so because they do not give themselves, and thus do not understand that others do.
It is a little like the Dems constantly accusing the Republicans of voting fraud, it’s projection of their own values.
tifosa
Posted on January 25, 2012 at 9:20pmHe didn’t “release 20” he released 2011 (potentially finalized AFTER this debacle) and a “guess” at 2012.
Report Post »garyM
Posted on January 24, 2012 at 8:45amProverbs 6:
Report Post »16 There are six things the LORD hates,
seven that are detestable to him:
17 haughty eyes,
a lying tongue,
hands that shed innocent blood,
18 a heart that devises wicked schemes,
feet that are quick to rush into evil,
19 a false witness who pours out lies
and a person who stirs up conflict in the community.
Athinkerinaseaoflibs
Posted on January 24, 2012 at 8:40amCouple of things that should be noted that are often overlooked:
1. Capital gains tax is a second wack by the Government at the money. All of the money that is taxed under Capital Gains has been previously taxed at the full rate of income tax. I am sure Gingrich is fully aware of this and I think I can remember him arguing that Captial Gains is a bad tax.
2. Romney’s donations are healthy when compared to a typical American. They enormous when you compare it to a typical liberal. Never forget that slick willy declared a deduction for his charitable donation of a pair of used underpants.
3. Any moneys given to a typical church (including the Church of Jesus Christ of Latterday Saints) is so much more efficiently used when compared to the government there is no comparison. Better than 50% of government is used in admin. Nearly none the funds(<5%) in the LDS Church are used for overhead.
Report Post »LibertyGoddess
Posted on January 24, 2012 at 11:14amWhat an excellent post!
Report Post »OutOfTheAether
Posted on January 24, 2012 at 12:02pmAmen
Report Post »florida123
Posted on January 24, 2012 at 8:36amI could care less how much Mitt made good for him, the only problem i see is his 15% to the IRS is 10% less than most small business owners pay the gestapo. This is totally screwed up! It should be the other way around Small Busness owners pay 15% and Captial Gains should be 20-25%. This is part of what is wrong with America punish those that actually create something or provide a service and reward those that push paper around on a desk………….
Report Post »happ77
Posted on January 24, 2012 at 9:01amCapital gains is money that was earned at some point and full taxes were paid on it.
Report Post »It was then reinvested into the economy and IF a profit is made then it’s taxed at 15%.
This is designed to spur investment which benifits the country far more than Goverment spending.
ABO
MoniqueF
Posted on January 24, 2012 at 11:59amIn small words. The business already paid taxes on this money, just like every other business. Now, Romney is paying tax on the interest he earned on his investment.
Report Post »OutOfTheAether
Posted on January 24, 2012 at 12:10pmAnd, I might add, risking losing it altogether. That’s the nature of investing
Report Post »MacPharlan
Posted on January 24, 2012 at 2:58pmHello, he already paid the 35% corporate tax on the earnings, the original money. This is the government double dip on the ‘earnings’. It is setup that way to encourage risk and investment.
Report Post »karenm
Posted on January 24, 2012 at 8:27amAre you people a bunch of commies or what? Since when do we care if someone made a lot of money. I guess you are all jealous because you don’t have enough brains to do it yourself.
Report Post »garyM
Posted on January 24, 2012 at 9:38amLots of people got enough brains to make money, they just don’t like to rob people without a gun. You’ve been had by many companies you deal with everyday, they are not satisfied with a good profit, they‘ll add stuff on your bill and charge you an ungodly amount for services so they can pay their CEO’s millions in bonuses. I for capitalism but not crony capitalism!
Report Post »LibertyGoddess
Posted on January 24, 2012 at 11:35amGary, you don’t know what crony capitalism is either. These companies that were saved, were saved from bankruptcy. You know, when 100% of the people working at them lose their job. Good for Bain Capital to take their own monies, re-invent the companies, and turn them into profit-making machines. At least the corporations survived to pay more taxes each year to socialists like you in entitlements!
Report Post »copatriots
Posted on January 24, 2012 at 8:24amMy issue is with Newt and the “contract work” with Freddie. He is being extremely deceptive about this issue. Tell me what in the world Freddie would have needed a “historian” for in their daily business. Give me a break. Freddie (and Fannie as well) became nothing more that campaign contributors. Newt was a lobbyist for them, plain and simple. I just don’t trust him.
Report Post »LTinUT
Posted on January 24, 2012 at 11:16amAND… he was hired by the chief LOBBYIST, not the CEO or the director of the ‘history’ department.
Report Post »kevinsan
Posted on January 24, 2012 at 11:22amI feel like this issue is clear as day, but I‘m getting scared to how many people don’t see it this way.
Report Post »copatriots
Posted on January 24, 2012 at 5:46pmI know that industry very well, Kevin. The last thing a guarantor of mortgage-backed securities needs is a “historian”. Especially since the “history” of mortgages as the industry ultimately became goes back to the lack 1960‘s and 1970’s.
Trying to understand your statement though, how is it clear to you what Newt was actually doing for Freddie? What do you think he accomplished for them?
Report Post »thegrassroots
Posted on January 24, 2012 at 8:23amRomney Is Absolutely A Blessed Man!
It‘s A Shame That He Hasn’t Been Funding Research for Cures for The Cancers and Other Diseases Plaguing Mankind.
With ALL the Dollars He’s Poured into Failed Presidential Campaigns, Including This One, Romney Could Have Bought HUGE Inroads Leading to GREAT CURES.
What A Waste!
NEWT 2012
Report Post »Athinkerinaseaoflibs
Posted on January 24, 2012 at 11:01amRomney has been generous. Do you want him to empty his bank account every year? That is a poor strategy in the long run.
Report Post »LibertyGoddess
Posted on January 24, 2012 at 11:16amWhat a comment coming from a Newt supporter. Newt should be in jail, his earnings are 100% from working in the government. He is an influence peddler! Did newt give 10% in charity? You are very arrogant (and socialistic) in your thinking.
Report Post »kevinsan
Posted on January 24, 2012 at 11:25amAnd Stop Typing Like This, It Is Very Hard To READ
Report Post »MoniqueF
Posted on January 24, 2012 at 12:06pmIt sounded to me like he has donated millions of dollars to charity. What percentage of your salary have you donated?
Report Post »Geyser
Posted on January 24, 2012 at 1:02pmDo you or any other people realize how much humanitarian aid is provided by the LDS Church worldwide? The Romneys, and hundreds of thousands of LDS like them, give the biblical 10% to their church and the Church uses it to do a tremendous amount of good in the world; mostly among third world countries to combat poverty and suffering. Could Romney be doing more? I’m sure he could. Does he do a tremendous amount of good? Yes he does. Who among us is in a position to throw rocks at him?
Report Post »kvn4th
Posted on January 24, 2012 at 3:07pmthegrassroots:
You are obviously a Newt hack on his campaign payroll….even if you deny it.
Report Post »Believer33
Posted on January 24, 2012 at 8:07pmThat was possibly one of the stupidest post I have ever seen. Well done idiot!
Report Post »hauschild
Posted on January 24, 2012 at 8:21amI don’t care how much you make – having to give that kinda coin to a corrupt organization like the federal government is crime.
Report Post »garyM
Posted on January 24, 2012 at 8:15amBeck you know that and you and your people plainly convict yourself of being Romney supporters not because Romney is the most electable, because he is not. I will not venture to say why, I just know you are! Anyone with half a brain can see that!
Report Post »karenm
Posted on January 24, 2012 at 8:26amYou don’t have half a brain. I listen to Glenn everyday and he is for Rick Santorum. I suppose you support Newt- the progressive.
Report Post »tomazo55
Posted on January 24, 2012 at 9:14amKaren,
Without getting insulting, Beck was for Bachmann and Santorum; everyone knew neither would ever get to the Nomination. Yet, you never hear him say anything about Mitt, only that he needs a paper bag to prevent hyperventilation when he talks about Newt. Just sayin…
Report Post »LibertyGoddess
Posted on January 24, 2012 at 11:17amBe careful GaryM…your religious bigotry slip is showing. You make a comment without researching the facts. Beck was behind Michelle, then he switched to Rick. Beck is 10x the man you are. He is a Mormon who can vote for someone not of his faith.
Report Post »nilo
Posted on January 24, 2012 at 8:15amIf he made his millions legally, then it is his business, and not mine!! And if he didn’t, then it is the peoples business to bring him to justice. Has Mitt been accused of breaking the law? Not that I know of. This is another attempt to keep him and the other candidates off course in this nomination process. If and when it is found that the law has been broken, THEN, AND ONLY THEN is it important.
This is a strange situation the the Republicans have let the left create for themselves. The Republican party is doing to itself what Obama’s minions would have done to them — destroy themselves.
Report Post »wbalzley
Posted on January 24, 2012 at 10:10amActually, I think it is refreshing to hear some good news–we have a candidates that actually PAY their taxes and give to charity!
Report Post »Common.Cents
Posted on January 24, 2012 at 8:13amHe gave more to charity than Newt made.
Report Post »TeaPartyForRomney
Posted on January 24, 2012 at 8:31amHe gave more percentage-wise than Newt did. Newt gave 2%, not even tithings worth. Romney gave 14%, 10% to tithing. As faith based idealism, that is very telling, no matter what church it is for.
Report Post »garyM
Posted on January 24, 2012 at 8:11amRomney’s vast investments contain other funds than the ones he profited from as a Bain Capital executive. But it was unclear whether he had any direct role in handling the investments in Fannie Mae and Freddie Mac that appear on his 2012 presidential disclosure.
Report Post »____________________________________________________________________________
Like Ann Coulter said on your show one day while talking with you Beck, “come on Glenn I know Romney has told you that privately”!
In other words Ann is well aware that Beck and Romney have regular communications!
I find this statement below to be BS:
But it was unclear whether he had any direct role in handling the investments in Fannie Mae and Freddie Mac that appear on his 2012 presidential disclosure
disenlightened
Posted on January 24, 2012 at 8:25amRomney’s investments have been in a blind trust since 2002. He has no control over where his money is invested. Shows real brains on his part.
Report Post »karenm
Posted on January 24, 2012 at 8:38amI see now why you have stupid comments You said, ” It seems like a noble move but it‘s clear that if he hadn’t gave it, he would have gave it to the government.” I think you need to go back to English class. Since when do you know how to read a mans motives about why he gave money to his church. Keep drinking the Newt cool aid.
Report Post »111gecko
Posted on January 24, 2012 at 8:09amYou may not agree with this man’s religion, but anyone who gives 15% of his income to the Church is OK with me. It will be spun that he only oays 15% income tax, but if you add in the charitable contributions, he is well over 30% in ‘giving’..you would think the left would love to see this ‘redistribtution’…how much did Biden give to charity again???
Report Post »Nothing to see here, but a succesful man that many will be jealous of….
garyM
Posted on January 24, 2012 at 8:19amIt seems like a noble move but it‘s clear that if he hadn’t gave it, he would have gave it to the government. Anyone who gives to any church for that reason only, well I’ll let you figure it out. His accountants tell him exactly how much he can pay in charitable contributions to prevent paying taxes. God looks at the motives of the heart too, not just the act!
Report Post »Exiled
Posted on January 24, 2012 at 8:24amI’d rather give to a church than the government ANY day. Not routing the money through the government saves a dozen middle-men that each take their cut.
Report Post »disenlightened
Posted on January 24, 2012 at 8:28am@ GARYM
Mormons tithe 10%. Romney tithes 10%. I don’t think we need to read anything sneaky into it.
Report Post »Icnivad
Posted on January 24, 2012 at 9:13amIf you are a mormon, like me, you will pay your tithing. No matter what. If it forces you to pay more taxes, or you are already struggling, or someone suggests you don’t for your own good, what do you do? Pay your tithing. Romney’s a mormon. That much is clear.
Report Post »Dahart
Posted on January 24, 2012 at 7:59amNewt may not have been walking the Halls of Congress himself,but that is because he paid some else to do that for him. Power and influence is Newts end game.
Report Post »SpankDaMonkey
Posted on January 24, 2012 at 7:46am.
Report Post »Does it matter? The Man is BUTT RICH. The man did something I wish I could have done. And if any of us come’s up with a Killer Idea before we die, you to could live that Life……..
Belzar
Posted on January 24, 2012 at 7:53amI bet Mitt has never dug ditches, drove a taxi, tended bar, served in the military, nor worked in a laundry, for wages in order to earn enough money to attend college while supporting a family of four.
Report Post »lukerw
Posted on January 24, 2012 at 8:14am@BELZAR
Is not the American Dream… to Work and build Wealth… so that your Children will have a better Life? Is this not getting ahead on one’s merits… as the Pursuit Of Happiness?
Who would want to Take Away this Ability?
Report Post »disenlightened
Posted on January 24, 2012 at 8:15am@ BELZAR
So what if he hasn’t done any of that. Would digging a ditch make him a better person, or just a dummy for not doing something more profitable for a living? If you think there’s something noble about ditch-digging, be my guest. And if you really want to feel good about yourself, you can hang out at Home Depot with the illegals.
Report Post »thop1960
Posted on January 24, 2012 at 8:23am@Belzar
Do you know something Romney doesn’t? He said again last night that he was not born into his money, he earned it by working. Yes, he earned with white-collar jobs but that does not change the fact that he earned it fair and square. The people who choose not to recognize that are occupiers and democrats. Whether he has ever picked up a shovel is irrelevant. He went out and made a life for himself, don’t take that away from him just because you are jealous and a self loather who has a crappy life and job. Do something about, like Mitt and many other Americans have.
Report Post »SpankDaMonkey
Posted on January 24, 2012 at 8:55am.
Belzar I bet you Voted for Obama……
Just exactly what part of what I said did you not understand?
The Work for it Part, or The Work for it Part?….
Report Post »CerebralRealEstate
Posted on January 24, 2012 at 9:47am@Belzar
Don’t be a hater. Parents, teachers, on the Left and on the Right constantly preach to kids to study and work hard in school and plan for their future so they can CHOOSE what they want to do when they grow up and be successful. Many of them look at the field and decide they don’t think they can get there (or they don’t want to get there by digging ditches). But then, for those who listened & have chosen a good profession they enjoy & have realized success, we scorn them for being too successful – because that is somehow bad??? If that is the conservative movement’s opinion, then point me to the party that hails success and UNDERSTANDS that most people in this country who become wealthy worked for it – and did not steal it from anyone. Point me to the party that still understands that the more wealth each individual citizen has, it actually benefits everyone. Contrary to overwhelming belief in this country, there IS NOT A FINITE AMOUNT OF WEALTH in this world. You don’t have to take it from anyone to have it. This pouting because someone else has something and you don’t, or you worked harder for it than they did is absolutely irrelevant. You should have figured out a better way to be successful. It’s what CS Lewis describes as “Pride from the bottom up.”
Report Post »Psytoxic
Posted on January 24, 2012 at 11:19am@Belzar
This is for you Belzar. Looks like manual labor to me.
Report Post »http://www.youtube.com/watch?v=oNJZrJVDpbY
slr4528
Posted on January 24, 2012 at 11:54amRomney gave his inheritance to charity so when he says he and Ann created their own wealth..that is a fact. Romney is a very focused smart individual who worked hard to get what he has in life.
He worked hard in college. He graduated number one from the conservative college,Brigham young majoring in economics. He went on to graduate from Harvard near the top of his class studying law and business where he graduated near the top of his class with a law degree and an MBA.
Romney is clearly a fiscal conservative which is demonstrated by his actions in turning around the Olympics,MA government and his private businesses.
Romney‘s charitable contributions is off the charts when you compare them to Biden’s and Obama’s.
How anyone who “claims” to be a Republican can knock Romney on his taxes is beyond my comprehension. I truly believe that there are a lot of people in the Republican party that call themselves Republicans when in actuality they are more like blue Dog Democrats who are socially conservative but believe in big government programs like Gingrich. I really think that is why Gingrich won in SC.
Report Post »Belzar
Posted on January 25, 2012 at 8:08amHold on … I am not saying anything against wealth. I feel if someone can attain it, so can I. Working hard builds character. I have achieved all my goals. I have worked very hard and in the 15% bracket so I do not slight anyone that is wealthy except Buffet who is panding to O’bama. No, I did not vote for O’bama and have been a conservative way before some of you were born. Most Americans are not born into wealth and have achieved great things. ABO .. I just think someone of the working class that has worked hard and is conservative could related better and do a much better job as President. I just think Mitt is a RINO.
Report Post »Gonzo
Posted on January 24, 2012 at 7:43amThis whole tax return thing is a red herring. His taxes were fine four years ago when he ran. He knew he would be running again, do you really think he would be cheating on his taxes knowing he would be a contender for the Republican nomination in 2012? Even if you don’t like him, you can’t believe he is that stupid.
Report Post »bpodlesnik
Posted on January 24, 2012 at 8:06amAgreed. And if anyone has a problem with him paying $3 million dollars for one year’s worth of taxes, you are crazy. Because it is probably more then you will pay in taxes, throughout your whole life.
Report Post »nzkiwi
Posted on January 24, 2012 at 8:09amCorrect, Gonzo.
Report Post »Exiled
Posted on January 24, 2012 at 8:26amHeck, that‘s more than I’ll MAKE in my entire life.
Report Post »MSGT
Posted on January 24, 2012 at 8:45amYour right Gonzo. This whole election is full of red herrings. Every candidate up there is tossing them around.
Report Post »Stuck_in_CA
Posted on January 24, 2012 at 7:42amAs long as he earned his $ legally, what’s the big? If his conscience is clear, and OK with the way he earned it, fine. But ANY candidate found to be intentionally lying, well, that’s another thing.
Report Post »I want the truth about all these guys.
Darla_K
Posted on January 24, 2012 at 9:23amYes, the truth. If he is on the up and up I say congratulations for being a smart investor. May all your money make you happy. :) Lucky man..
Report Post »poverty.sucks
Posted on January 24, 2012 at 7:40amPlease show us how much Romney made while the economy crashed 2008-2009.
Report Post »Gonzo
Posted on January 24, 2012 at 7:45amSince when is making money a negative to conservatives? You people are letting Obama and his Alinsky devotees frame the argument. Big mistake.
Report Post »poverty.sucks
Posted on January 24, 2012 at 7:52amSince when is it Ok to say one is to open and honest then not to be open and honest in regards to a politicians financial affairs.
Report Post »disenlightened
Posted on January 24, 2012 at 7:59am@ POVERTY.SUCKS
Capitalism has fed more people than all the world’s government programs combined.
Report Post »Gonzo
Posted on January 24, 2012 at 8:32amPoverty, what deep dark secrets were revealed in Romney’s tax returns 3 years ago? Think he‘s been dealing dirty the last 3 years all the while knowing he’s running for POTUS again? You may not like him and he’s not my favorite but, I don‘t think he’s a stupid man, do you?
Report Post »kevinsan
Posted on January 24, 2012 at 11:31amreally? why not Gingrich’s tax returns for those years as well?
Report Post »