Romney Releases 2011 Tax Return – Paid 14% on Adjusted Gross Income!

Dear Commons Community,

Mr. Romney’s return for 2011 showed that he paid an effective federal income tax rate of 14 percent last year, or a little more than $1.9 million on adjusted gross income of about $13.7 million.

The Huffington Post provided the following details::

“At 379 pages, Romney’s 2011 tax return is nearly twice as long as his 203-page return from 2010. A full 267 pages of the latest return are devoted to listing Romney’s investments in 34 offshore corporations and partnerships, including 15 in the Cayman Islands. Of the 34 offshore companies, 30 are located in countries considered to be offshore tax havens by the U.S. Government Accountability Office.

Romney’s Swiss bank account, which appeared on his 2010 tax return, has disappeared. His personal Bermuda-based corporation, Sankaty, remains. Romney also shifted $111,081 offshore to a Bain Capital affiliate based in the Cayman Islands during 2011, and an additional $296,471 to a Golden Gate Capital fund, also organized in the Caymans.”

The New York Times is reporting:

“A letter from his accountants said his tax rate from 1990 through 2009 had never fallen below 13.66 percent but did not disclose the amount of tax paid. Mr. Romney’s 2010 return, which he made public in January, showed that he paid a rate of 13.9 percent.

Mr. Romney’s tax return for last year showed just how sensitive a political matter his wealth and tax rate has become. In a bit of reverse financial engineering, he and his wife, Ann, gave up $1.75 million worth of charitable deductions, raising his tax payments significantly.

Had he claimed all the deductions to which he was entitled in 2011, his effective rate could have dipped to near 10 percent, contradicting his past assurances that he had never paid below 13 percent.

But forgoing the full deductions available to him put him at odds with his own past assertions that he had never paid more taxes than he owed and his statement that if he had done so, “I don’t think I’d be qualified to become president,” as he put it to ABC News in July…

Harry Reid, the Senate majority leader, who had accused Mr. Romney of having paid no taxes for a decade, did not repeat his claim on Friday — but did not back down either.

“When will the American people see the returns he filed before he was running for president?” Mr. Reid said in a statement. “Governor Romney is showing us what he does when the public is looking. The true test of his character would be to show what he did when everyone was not looking at his taxes.”



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