Romney Releases 2011 Taxes; Gave $4 Million To Charity, Paid 14.1% Effective Rate (A Rate Significantly Reduced By His Huge Donations to Charity)

He gave 30% of his income to charity in 2011.

- 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.

Joe Biden, by comparison, gave an average of $369 per year before people started noticing. I think he might have upped this to the low thousands, just to avoid people noting that his "heart" is not nearly as large as he claims.

You know what liberals are claiming now? That he paid too much in taxes, deliberately, to keep his effective rate up.

Here's his certified summary of his taxes for the past twenty years:

- 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.

Oh: I want to whine about this. I have been sick all week and it's now hit a crescendo today. My head is just an egg filled with mucous.

And yet I soldier on, unbowed, and only slightly whining.

Spin: Reuters is pretending this is just awful for Romney. See, it must be awful; he released it on a Friday.

But note, not at Friday night, idiots. It's after Close of Business when Obama, for example, lets out his bad news.

posted by Ace at 03:13 PM

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