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White House Hits Romney on Tax Returns and ‘Income Disparity’

White House Hits Romney on Tax Returns and ‘Income Disparity’

His wealth and taxes suddenly a campaign focus, Mitt Romney said Tuesday he pays an effective federal tax rate of “about 15 percent.”

The White House, which expects the former Massachusetts governor to win the Republican nomination and take on President Barack Obama this year, had Press Secretary Jay Carney say the following:

This only illuminates what (Obama) believes is an issue, which is that everybody who’s working hard ought to pay their fair share. That includes millionaires who might be paying an effective tax rate of 15 percent when folks making $50,000 or $75,000 or $100,000 a year are paying much more.

Watch Jay Carney field questions concerning Romney’s taxes via CBS:

Romney was asked about his taxes shortly before he left South Carolina for a fundraiser in New York.

“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 income.”

By his own account, Romney hasn’t received a regular paycheck since he left Bain Capital in 1999. Most of Romney’s taxable income comes from investing the money he made there.

He donated income from his time running the Salt Lake City Olympics to charity. He also told reporters Tuesday that he has donated the proceeds from the sale of his book, “No Apology,” to charity.

Romney told reporters he also received money from speechmaking before he announced his presidential candidacy early last year “but not very much.” He provided no details, but in his financial disclosure statement, released last August, he reported being paid $374,327 for such appearances for the 12 months ending last February.

Romney said in the Monday debate he probably would release at least one year‘s returns in April because it’s tradition.

“I have nothing in them that suggests there‘s any problem and I’m happy to do so,” he said then. “I sort of feel like we’re showing a lot of exposure at this point.”

Some Republicans aiming to defeat him in Saturday‘s South Carolina primary are probably hoping he’ll make his records public sooner than that.

“I think we ought to rename our flat tax. We have a 15 percent flat tax, so this would be a Mitt Romney flat tax and all Americans would pay the rate that he paid,” Newt Gingrich, the former House speaker who runs second in some polls in South Carolina, said. Gingrich is expected to release his own returns on Thursday.

Romney’s remaining nomination foes emphasized in the debate in Myrtle Beach on Monday night that whatever vulnerabilities he might bring to a campaign against Obama, the party should know about them now. In the debate Monday night, Texas Gov. Rick Perry insisted that Romney release his returns, saying that the party needs to scrutinize its nominee now instead of later.

Does Gov. Rick Perry have a point?

With unemployment high and the country still struggling to recover from the worst recession in decades, Obama’s re-election campaign has signaled it intends to “make income disparity a central part of this year’s campaign,” according to the Associated Press.

“It’s not for us to call on someone to release his tax records,” Carney said, “But it is an established tradition for presidential candidates to release their tax records.”

At the White House, Carney boasted that as a candidate in 2008, Obama released multiple years of tax records and has disclosed his returns annually since becoming president.

He said George W. Bush and Bill Clinton did the same thing, as did “nominees for each party for years and years and years.” In a jab at the Republican front-runner, he said Romney’s father, George Romney, released his own returns when he ran for the White House in 1968.

However, as a few analysts have pointed out, it may be unwise for this White House to bring up the topic of unreleased documents.

The Associated Press contributed to this report.

Comments (133)

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  • TemayElbor
    Posted on January 18, 2012 at 3:37am

    I believe that this is not the appropriate time to disclose ROMNEY’s tax return. The right time will come to disclose it….when he is declared a GOP presidential nominee.

    At this point in time, he is only a private citizen who is merely competing for a nomination, and such disclosure is not necessary.

    This clamor for the disclosure of his tax return at this stage of his campaign is a trap, to test him on his judgment in timing. ROMNEY is not a crook nor a thief, he is clean in the eyes of his God and man. He is a man of God.

    But, We The People, should demand such tax return disclosures from all ELECTED OFFICIALS and APPOINTED OFFICIALS who are already doing their duties and whose decisions affect us all…such as Pres. Obama, Nancy Pelosi, Bernanke, Geithner, Bloomberg, and others; and might as well include, such currency manipulator George Soros.

    It might be worth noting, what percentage they give to charity or their church versus their income and LET US COMPARE THEIR RECORD WITH MITT ROMNEY. “FAIR SHARE???????”

    We The People want to see who did GOD “open the windows of heaven” to, as a reward for obeying the Tithing Law. Let us not be envious of Mitt Romney. God’s favor is with him.

    Report Post »  
    • GETLIFE
      Posted on January 18, 2012 at 4:52am

      “I believe that this is not the appropriate time to disclose ROMNEY’s tax return. The right time will come to disclose it….when he is declared a GOP presidential nominee.” –TEMAYELBOR

      Mitt?….Is that you , Mitt?

      Report Post » GETLIFE  
    • 2theADDLED
      Posted on January 18, 2012 at 5:06am

      What if he is the nominee and then discloses and we find out he is just as corrupt as any other politician
      who then is the standby nominee or are we stuck with him. It is simply a process of transparency to insure the best nominee is chosen as the nominee. After all Obama was elected by uninformed voters do we need to make that mistake again.

      Report Post »  
    • idarusskie
      Posted on January 18, 2012 at 5:48am

      Obama give about 10% to charity. The problems come when they get in Office these politicians seem to make millions. how is that possible?

      Report Post »  
    • SheriS
      Posted on January 18, 2012 at 7:21am

      Finally someone with a sane and very good statement! I hope we Americans have learned it is better to have wealth, class, and a politcal background when you enter a race for President! Mitt knows how to lead, he had done that and did very well, he is very smart and actually held a job in a company that actually made money! Compare Mitt’s record with the current POTUS and you will see a hugh difference! Mitt has never been a career politico as he was focused on his business and his family—–Mitt is the total opposite of the current liberal in the WH!

      Report Post »  
    • Cavetroll
      Posted on January 18, 2012 at 7:30am

      I believe when we see O’s real Birth Certificate, tax returns and college transcripts … Mitt should reveal his taxes

      Report Post » Cavetroll  
    • Hobbs57
      Posted on January 18, 2012 at 8:10am

      I agree with you guys, these candidates are a sorry bunch of money and power grubbers. The only two who are not, is Romney and Paul. I don’t care what any of you say or think, Santorum has made his life and his millions off of what the tax payer gave him. Newt is a pure product of the system, as slimy as a snake, dirty as pig, and angry as a hog. In all seriousness, this man Newt “the socio-path” Gingrich, is not only tearing the party to pieces, but is the very reason my Mother is now jobless at the age of 57. After over a decade of dedicated work, all the women busted their butt’s at this company, trying to save it from collapse after Newt poisoned them. Mr. Brainchild, using his political prowess to entice the company into buying into his “pilot program”, that Mr. Newt promised wopuld not only be the future of the company but save the government millions in medicare costs, DID NEITHER. Nope, instead, the company lost 23 million, closed two buildings, which housed probably around 600 plus good paying nursing jobs, and most likely are looking to be sold. Worst part is, the company probably could have survived, but Newt assured them, to hang in there with these programs. Yeah, Newt still made his money, and the company still had access to him, just like Arcapita, the First Islamic Investment bank who does business only according to Sharia Law.Yes, these guys have access to Newt, a paid member of his expensive group, Canter for Health Transformation. Look it up. sourcew

      Report Post » Hobbs57  
  • lukerw
    Posted on January 18, 2012 at 2:28am

    The Great Leap in Income Disparity…. was caused by Clinton & his NAFTA… sending Middle Class Jobs of Production outside the US… while increasing Corporate Profit… turning the Production Ecomomy into a Service Economy… resulting a Larger & Growing Income Gap between the Larger & Growing Classes.

    And, PROGRESSIVES, both Democrat & Republican supported this!

    Report Post » lukerw  
    • TeaPartyForRomney
      Posted on January 18, 2012 at 2:34am

      PALIN ENDORSES A CLOSET PROGRESSIVE, CRONY CAPITALIST, AND CAREER POLITICIAN
      They can’t be all bad.

      I still can’t believe Palin would back a crony capitalist and career politician in SC. That is everything she said she was fighting against. Now she is backing Gingrich: http://url2it.com/lhle

      Report Post »  
    • PATTY HENRY
      Posted on January 18, 2012 at 3:00am

      SHOVE IT WH….ROMNEY has already disclosed his holdings, I wouldn’t release my tax returns until I knew I had the nomination…why should he??? GROW UP people. I‘m glad he’s not some bloody push over and I’m glad he can say NO WAY when it is not necessary.

      OBAMA talking about TAX RETURNS? Give me a break…. the king of faux background information??? Sickening. I hope ROMNEY doesn’t disclose any more until he is the nominee.

      Report Post » PATTY HENRY  
    • ramburner
      Posted on January 18, 2012 at 4:22am

      @TeaPartyForRomney; Now we know who she is! After all; she was selected by one of the biggest Progressives of all as a running mate! I am happy to hear who she really is, and now I can cross her off any open list I have that was waiting to hear her place her hat in the ring. Palin can keep her hat on her head, she is no better than any other Progressive.

      Report Post »  
  • TyrannyNoMore
    Posted on January 18, 2012 at 2:13am

    Here is a great video with some humor mixed in, that exposes Romney for the fraud he is.
    http://www.youtube.com/watch?feature=player_embedded&v=ARnzBOkKAiE

    Report Post » TyrannyNoMore  
    • TeaPartyForRomney
      Posted on January 18, 2012 at 2:19am

      That is a load of crock. Look at this site, set up by a Tea Partier, it proves your little film completely false on Romney’s stance on abortion, gay marriage, and Ronald Reagan ( http://www.TeaPartyForRomney.com )

      STOP SPREADING LIES ABOUT ROMNEY AND START TELLING THE TRUTH, WATCH THE FILM

      Report Post »  
    • OhFlynn
      Posted on January 18, 2012 at 8:50am

      that video is the correct mitt romney…http://www.youtube.com/watch?v=ARnzBOkKAiE&feature=share PLEASE GOD HELP US IF ROMNEY WINS ITS OVER

      that other video is all lies, and no teaparty is supporting Mitt! i think Obamas people are funding and pushing Romney….anyone who gets ahead of him the MSM hammers back down!

      Report Post » OhFlynn  
  • flagkeeper
    Posted on January 18, 2012 at 1:58am

    So many hate a “Dudley-Do-Right”, but must rely on shallow pretexts to justify it to others. Hmm, why is that? What if said pretexts are proven false? To those, I would say, just go ahead and say what you really mean. See how it makes you look.

    Report Post » flagkeeper  
  • Viper1
    Posted on January 18, 2012 at 1:58am

    This is absolutely perfect. Romney could offer a trade one for one. Let’s each look at taxes, transcripts and anything else you want to compare and once that is done let’s see who has the most impressive background. I have always been told look at someones friends and it will show you all you need to know about the person. Does Mitt have any current or Ex-communist that have actually worked for him on his payroll. Oh, I’m sorry, is that question off limits?

    Report Post »  
  • ldaopines
    Posted on January 18, 2012 at 1:55am

    Glad Romney has been successful in business. He earns and spends his own money, while Obama redistributes OTHER PEOPLE’S money for votes. I’ll take the “earner”.

    Report Post »  
  • sillyfreshness
    Posted on January 18, 2012 at 1:50am

    Romney should release his tax returns when Obama releases his real birth certificate….or his school transcripts.

    Report Post » sillyfreshness  
  • pamela kay
    Posted on January 18, 2012 at 1:41am

    While we are at it maybe we need to see a list of all the campaign contributers for each candidate and the amount that was donated. I bet the American People would be shocked to see the tax retuns and the campaign contributers. Sounds like it might be interesting. Lets go straight to the congress and the senate as well.

    Report Post » pamela kay  
  • bullcrapbuster
    Posted on January 18, 2012 at 12:52am

    13th Generation American…”Except most of his investments are betting that companies will fail, He doesn’t create anything”
    That is pure bull crap. I would ask you to explain your Obammunist talking point but i doubt that you have the mental wherewithal to do so.

    Report Post » bullcrapbuster  
    • Dudydoo
      Posted on January 18, 2012 at 1:39am

      Still waiting on that NDAA story… Romney said last night that he would of signed it. Then doubled down when given the chance to clarify. Only one candidate said they would repeal it. Romney is McCain, is McSame status quo.

      Report Post »  
    • TeaPartyForRomney
      Posted on January 18, 2012 at 1:50am

      PALIN JUST ENDORSED GINGRICH…

      I can’t believe Palin just came out and said that she would vote Gingrich in SC. ( http://url2it.com/lhld ) She is completely a disappointment now. She said she wouldn’t vote for a crony capitalist, Gingrich is the worst kind, possibly fighting against the right, remember that he won’t release the contract with Freddie Mac which may spell this out exactly. She said she wouldn’t vote for a career politician, who is the longest running career politician, Gingrich. And what about the fact that he is the largest big government candidate that we have.

      AT LEAST SHE COULD HAVE VOTED FOR SANTORUM. BUT HE TOO IS A CAREER POLITICIAN. ROMNEY AND PERRY ARE THE ONLY TWO LEFT THAT ARE WHAT SHE WANTED IN A CANDIDATE, YET PERRY WAS FOUND TO PROMOTE HIS BIG DONORS. SO ROMNEY WAS THE ONLY CHOICE LEFT. DISAPPOINTING

      Report Post »  
  • abbygirl1994
    Posted on January 18, 2012 at 12:43am

    Hell I want to see Obama’s taxes.. plus his income. oh and yeah his real birth certificate.. You can say all you want to Obama, but I still will not vote for you.. Never in a million billion years would I ever give you my vote.. And anyone swayed by anything you say.. well they have deep mental problems! God help us!

    Report Post » abbygirl1994  
    • AxelPhantom
      Posted on January 18, 2012 at 1:21am

      I want to see his Thesis from college as well as his transcripts.

      Report Post »  
    • LeadNotFollow
      Posted on January 18, 2012 at 1:50am

      I‘d like to see Obama’s balance on his Swiss bank accounts, his Middle East bank accounts, his Africa bank accounts, etc.

      Report Post »  
  • Diane TX
    Posted on January 18, 2012 at 12:34am

    Speaking of taxes, is the Country keeping it’s eye on little Timothy Geithner?

    Report Post »  
  • 13th Generation American
    Posted on January 18, 2012 at 12:34am

    Wow are you in like 10th grade

    Report Post » 13th Generation American  
  • brother_ed
    Posted on January 18, 2012 at 12:30am

    I think Tim Geihtner should release his tax returns,,,Oooops, he seems to have misplaced them.

    Report Post » brother_ed  
    • pamela kay
      Posted on January 18, 2012 at 1:32am

      BROTHER-ED, Wasn’t there allot of Democrats a few years ago that had not paid their taxes? Not that I support Romney, but its kind of like the dems are the Pot that is callin the kettle black. Crap, is it ok for me to say that?………………………………Is some one going to pull the race card on me? I am sure there are plenty Obama spies here.

      Report Post » pamela kay  
  • seeker9
    Posted on January 18, 2012 at 12:28am

    What about the DemoMarxists that cheat on the already low taxes? Think of all the children they have starved!

    Report Post » seeker9  
  • JJ Coolay
    Posted on January 18, 2012 at 12:25am

    Bill O’Reilly explained it pretty well tonight and I think Mitt should simply do the same.
    First and foremost, Romney is paying his taxes according to the law. He’s not cheating on his taxes, so if it’s 15%—the so be it. If people don’t like that, then they can talk to their local lawmakers.
    Secondly, he‘s getting the rate he’s getting because he invests his income. By investing, you get a discount, which is a good thing because it encourages investments from wealthy people. If they weren’t given discounts on taxes, there would be no investments and then whatever the hell kind of economy we have now would be that much worse with no investors. Remember, there is a risk to investing, so without that discount, what incentive would there be for people to invest?
    This is a simple explanation and Mitt should spell this out Thursday night.

    Report Post » JJ Coolay  
    • brother_ed
      Posted on January 18, 2012 at 12:33am

      Well said.

      Thanks for the thoughtful comment.

      Report Post » brother_ed  
    • 13th Generation American
      Posted on January 18, 2012 at 12:34am

      Except most of his investments are betting that companies will fail, He doesn’t create anything

      Report Post » 13th Generation American  
    • JJ Coolay
      Posted on January 18, 2012 at 12:40am

      13th, what a stupid comment. Why would you want to invest in a failure? It directly helps your own investment to invest in something that will succeed.

      Report Post » JJ Coolay  
    • seeker9
      Posted on January 18, 2012 at 12:41am

      @13th…can
      So where do you get your info? Mitt left Bain in 1999. What do you know of his investments?

      Report Post » seeker9  
    • abbygirl1994
      Posted on January 18, 2012 at 12:46am

      Your absolutely right myself I would like to see all of the other candidates taxes.. and lets do everyone in this administrations too..

      Report Post » abbygirl1994  
    • Luke611
      Posted on January 18, 2012 at 1:20am

      13th
      Hopefully you will learn from Mr Romney’s lead and come to the reality that paying your taxes in a “short-form” is doing the government a favor. Regardless of the minimum wage that you empower, change your practices of tax payment, collect your purchase receipts and begin doing a long form, and use every legal deduction available.

      Report Post »  
    • flagkeeper
      Posted on January 18, 2012 at 1:40am

      I’ll bet you 10,000 pesos this is all according to plan. Give em enough rope to hang themselves. The trap is intended mainly for the DNC media, but Newt and the gang just can’t resist the chum, so they too will be made to look like whiney lefty losers. That is, when we all find out how much he donates to charity in and out of church. It had to be this way. That is, it had to be demanded rather than offered to work. Now everyone and their mother is demanding it. Careful what you wish for. Remember what Obama donated to charity? There is his change. Just wait. Romney always lets them run with the narrative to corner themselves where they are inadvertantly exposed to the full inertia of the mainstream media’s publicity machine. Who need Super Pacs when you can co-opt the media. LOL!!!! We will soon see the so-called King of Bain standing in the ashes of his opponents. Hows that for dramatic??? Muah ha ha ha! Newt’s new theme song will be, “Oops, I did it again”.
      Anyone see a pattern? He has given them so many gems and “gaffes”, right??? “Corporations are people, too”, the Obama ad where he quotes John McCain, “I’ll bet you $10,000″, Newt should give back the Fannie Freddy money, “I like to be able to fire people”, etc. They all got overreactions that end up hurting the accusers, but give Romney more spotlight in the process, where he offered plausible, if not legitimate excuses and nailed them to his 25% floor. Well, he gave them a lot of rope on Monda

      Report Post » flagkeeper  
    • Gonzo
      Posted on January 18, 2012 at 7:10am

      The one fact they all leave out is that he paid a much higher rate when his money was initially earned. He was probably paying 40% on his money when he earned it. Now that his money is working for him, why should he have to pay a penny on it? So, the 15% is the second time his earnings will be taxed. When he dies and passes it on to his kids, that money will get hit a third time! They all need to explain this stuff.

      Report Post » Gonzo  
    • Mateytwo Barreett
      Posted on January 18, 2012 at 7:17am

      I have no interest in his tax returns- I am more interested in his birth certificate.

      Report Post » Mateytwo Barreett  
  • possom
    Posted on January 18, 2012 at 12:19am

    Obama‘s spent more on partie’s than everyone who has ever posted on this site has made in their lifetime’s. Show us your record’s Mr. failure and chief!!!!!!!!!!!!

    Report Post » possom  
  • SaraG
    Posted on January 18, 2012 at 12:08am

    As far as I can tell, Obama didn’t release his tax returns until April of 2008 and then he dumped 7 years at once.

    I think this is a be careful what you wish for situation as the whole country will probably be very surprised when they see how much, percentage and dollar-wise, the Romney’s give to charity. And that will be in addition to not taking a salary as Governor or with the Olympics.

    Report Post » SaraG  
    • Detroit paperboy
      Posted on January 18, 2012 at 12:57am

      @13 generationwelfarerecipient
      Yeah im in 10th grade you little b%#?ch… Yr mamma’s callin go home… She put your dry sheets back on your bed, you little pisswilly…

      Report Post »  
  • livedasawsj
    Posted on January 18, 2012 at 12:03am

    Romney should come clean on what gods he serves…that’s more important than his tax rate.

    Report Post » livedasawsj  
    • brother_ed
      Posted on January 18, 2012 at 12:31am

      Huh??

      Report Post » brother_ed  
    • SekndAmendment
      Posted on January 18, 2012 at 1:47am

      Somehow it always degrades to religious attacks… Do you people not know how to have a debate?

      Report Post »  
    • READRIGHTHERE
      Posted on January 18, 2012 at 3:45am

      When they realize they have lost the battle on issues like Bain and his Governing Record then they find themselves with little choice. Unfortunately for them, the attacks on his religion aren’t sticking, and he looks more Presidential everyday. And those who repeat trite and inaccurate statements regarding his church, its leaders, and its founding are becoming a sounding brass or a tinkling cymbal.

      Report Post »  
  • 321481
    Posted on January 17, 2012 at 11:56pm

    Hey JAMESTHETEAPARTYMAC, I am with you on the women showing their wears. It degrades the Blaze and Beck should get on this and correct it.

    Report Post »  
  • 321481
    Posted on January 17, 2012 at 11:53pm

    Romney should release his tax returns, in handling the situation like he did it made one think he had something to hide. As far as the “white house” insisting Romney release his tax returns, it is a laugh, this from a man that wouldn’t release his birth cert. until recently, his school grades, thesis, etc. Obama is the most two faced Prez. this country has ever had!!

    Report Post »  
  • Stoic one
    Posted on January 17, 2012 at 11:52pm

    Hah ..yeah unreleased documents..fast & furious, solyndra, michelle’s vacation expenses… their house deal in chicago..

    to name a few.

    Report Post » Stoic one  
  • JamesTeaPartyMac
    Posted on January 17, 2012 at 11:52pm

    How Does Glen Beck Speak About Being Responsible and Having Honor When All I See On The Blaze Are Soft Porn Adds! Anyone Else Troubled By The Girls With Boobs and Bananas…It Disgusts Me!

    Report Post »  
    • Stoic one
      Posted on January 17, 2012 at 11:54pm

      Um that is not soft porn.. it appears to be diet ads

      Report Post » Stoic one  
    • Darmok and Jalad at Tanagra
      Posted on January 17, 2012 at 11:57pm

      Usually Google ads will monitor what sites you go to, and put the appropriate ad for your surfing style.

      Report Post » Darmok and Jalad at Tanagra  
    • Detroit paperboy
      Posted on January 18, 2012 at 12:10am

      I only come here for the soft porn…..

      Report Post »  
    • JJ Coolay
      Posted on January 18, 2012 at 12:20am

      Dark… that’s pretty funny. So the person complaining about the ad is being shown the ad because he goes to soft porn sites? LOL
      No wonder why I’m getting the ads I get… wink.

      Report Post » JJ Coolay  
    • brother_ed
      Posted on January 18, 2012 at 12:32am

      @JAMESTEAPARTYMAC

      I have never seen that ad…

      Report Post » brother_ed  
    • TelepromoterNChief
      Posted on January 18, 2012 at 1:02am

      All I get are ads featuring Chris Matthews in Boy Scout uniforms w very sHort shorts. I feel no tingle.

      Report Post »  
    • JJ Coolay
      Posted on January 18, 2012 at 1:38am

      That’s just weird man. :)

      Report Post » JJ Coolay  
  • Aloha Kaleiohi
    Posted on January 17, 2012 at 11:52pm

    I’m not for Romney but he should say that he will show his….when Obama shows all his law and school papers including his birth certificate (not the forged one)….And when Newts past marriages are brought out, it would be a good time to bring up obama’s homosexual lovers, and their Chicago style murders!

    Report Post »  
  • Maxim Crux
    Posted on January 17, 2012 at 11:49pm

    Sounds like Romney has released far more than Obama already. He should just release it all and then force all the unanswered Obama stuff back out in the open.

    Report Post »  
  • Darmok and Jalad at Tanagra
    Posted on January 17, 2012 at 11:48pm

    Romney Paying 15% is still better than Obama spending 5 Trillion.

    Report Post » Darmok and Jalad at Tanagra  
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