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AP: Romney Overpaid Taxes To Keep His Word!

From a shameless Associated Press:

Romney gives Democrats support for claim he manipulated tax deductions for political purposes

Saturday, September 22, 2012

WASHINGTON — Mitt Romney has given Democrats plenty of support for their claim he manipulated his deductions to keep his overall 2011 federal income tax rate above a certain threshold for political purposes.

Now that is a classic headline and lead from the Associated Press. For the record, the headline had been: "Democrats accuse Romney of applying a political strategy in filing his 2011 tax returns." But clearly that wasn’t quite biased enough. So they ratcheted it up.

The Republican presidential nominee, whose wealth is estimated as high as $250 million, seems hemmed in by a comment to reporters in August that he had never paid less than 13 percent in taxes in any single year over the past 10. Had he taken the full charitable deduction last year, it would have pushed his tax liability below 13 percent.

The former Massachusetts governor and his wife, Ann, could have claimed more in deductions, the trustee of Romney’s blind trust said when the candidate’s 2011 tax returns were released.

But, Brad Malt acknowledged, the couple “limited their deductions of charitable contributions to conform to the governor’s statement in August, based on the January estimate of income, that he paid at least 13 percent in income taxes in each of the last 10 years.” …

So now Romney is being attacked for 1) paying too much in taxes, and 2) for giving too much to charity without taking enough deductions. — Why isn’t he being praised for 1) keeping his word, and 2) being ‘patriotic’?

The tax returns had become a distraction for his campaign… Senate Majority Leader Harry Reid, D-Nev., had kept the issue alive by making an unsubstantiated and roundly criticized claim that Romney had not paid any taxes for 10 years. Romney’s statement about the 13 percent level had come in reaction to Reid’s assertion.

When is Mr. Reid going to apologize for his slander? And when is the news media going to investigate Reid’s slander and the rest of the slanders from Stephanie Cutter, David Axelrod, Nancy Pelosi and Debbie Wasserman Schultz?

Romney probably also will be reminded by the Democrats by something else he said in August. Defending his right to pay no more taxes than he owed, he said, “I don’t pay more than are legally due, and frankly if I had paid more than are legally due I don’t think I’d be qualified to become president.”

Isn’t it wonderful how eagerly the AP does opposition research for the Democrats. It’s almost as if they are an extension of the Obama campaign.

The decision of Romney’s trustee to limit the use of charitable deductions in 2011 in order to adhere to the candidate’s claim raised the eyebrows of several tax law experts.

Why? We have no way of knowing whether the Romneys have always taken the fullest deductions. Just like we don’t know if the Obamas have always taken the fullest deduction.

They noted that the trustee’s use of numerous tax strategies gives Romney the rare ability to loosen or limit his tax payments at will.

BS. Everyone can decide which deductions to take, and how much to take in their deductions. Besides, aren’t we constantly told that rich people should offer to pay more?

The Romneys donated roughly $4 million to charities last year, but only claimed a deduction of $2.25 million on their tax return, filed with the Internal Revenue Service on Friday.

That information, Reid said, “reveals that Mitt Romney manipulated one of the only two years of tax returns he’s seen fit to show the American people – and then only to ‘conform’ with his public statements. That raises the question: What else in those returns has Romney manipulated?”

This from a man who became rich through shady land deals. A man who has mysteriously gotten rich representing Las Vegas. A man who has never released a single tax return. Just like Nancy Pelosi and Debbie Wasserman Schultz have ever released a single tax return.

Romney made $13.7 million last year and paid $1.94 million in federal income taxes, giving him an effective tax rate of 14.1 percent. That was a bit above the 13.9 percent rate paid on 2010 income.

More precisely, the returns showed that the couple paid $1,935,708 in taxes on income of $13,696,951.

Romney, one of the wealthiest candidates ever to seek the presidency, paid taxes at a rate lower than taxpayers whose income was mostly from wages, which can be taxed at higher rates…

So what. That is the law. And that income has already been taxed at least once.

And, once again, we never head anything like this when John Kerry ran for office. And he was by far the wealthiest man to ever seek the Presidency. And his fortune is five times that of Romney’s.

Overall, the Romneys’ main tax return and separate forms for blind trusts totaled more than 800 pages. The blind-trust income came from hedge funds and other complex investment vehicles. The couple also reported $3.5 million in income “from sources outside the United States,” citing “various countries.” Their forms included filings on holdings in Switzerland, Ireland, Germany and the Cayman Islands.

Someone really needs to explain the concept of having a ‘blind trust’ to the news media. That means you have no control over where your money is invested. The Romneys have had their money in a blind trust since 2003.

The Obama campaign accused Romney anew of profiting from millions invested overseas and “loopholes and tax shelters only available to those at the top.” …

What a shock that they would continue their smears. But this is all part of Mr. Obama’s untiring effort to raise the tone in Washington.

Apparently hoping to resolve basic questions voters might have, the Romney campaign released a letter from his accountants saying that in the 20 years prior to 2010 the Romneys paid an average annual effective rate of 20.2 percent, never lower than 13.66 percent.

Notice how far down in this piece the AP buries this information. Which puts the lie to Harry Reid and the rest of the Obama campaign’s smears.

On average, middle-income families — those making from $50,000 to $75,000 a year — pay 12.8 percent of their income in federal taxes, according to Congress’ Joint Committee on Taxation. But many pay a higher rate…

Once again, the Romney income has already been taxed.

Several tax law experts said the newly released tax returns would not be much help in resolving critics’ questions about his finances…

Naturally. He is a Republican.

But remember when some of the people supposedly on our side said Romney had to release his taxes to take away this issue from the left? The response here proves once again that the news media and the rest of the left are never be satisfied. So why give them any additional fodder?

This article was posted by Steve on Monday, September 24th, 2012. Comments are currently closed.

3 Responses to “AP: Romney Overpaid Taxes To Keep His Word!”

  1. geronl says:

    Mitt Romney paid his due and then some. More than can be said for most wealthy Democrats, Timmay Geithner comes to mind. Did Joe Biden only give $300 to charity again? Did the rest go to pay for new hardwood at home?


  2. Reality Bytes says:

    While Treasury Secretary Geithner forgot to pays his all together. Bias? Hah!

  3. ilzito guacamolito says:

    Romney was right about what would happen if he released his returns. I am liking him more and more.

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