Mitt Romney, Average Taxpayer
It is time to stop saying any old thing with regard to Mitt Romney’s tax returns.
The voluminous publication of returns (800 pages) and summaries of taxes paid over the last 20 years by the Republican presidential candidate entertain a debate which too often obscures the facts.
Let us note in passing that these returns appeared last Friday because Romney sent his return to the IRS last Friday. The majority of American taxpayers send their return April 15. However, 10 percent request an extension, for example because their situation is complicated. This is the case for Romney. There is nothing extraordinary or suspicious about it.
It is false to say that Mitt Romney has sought to conceal the amount he paid in taxes in 2011 for months. In fact, Romney himself did not know the amount until last Friday. He had already indicated for months the magnitude of his taxes.
1) $1.9 million dollars in federal income taxes paid in 2011.
Mitt Romney paid nearly $2 million dollars in taxes to Uncle Sam last year. In proportion, he pays a little more federal income tax than the average American.
In absolute worth, on the other hand, Romney is a much wealthier taxpayer than the average American. Everyone knows this. He is not embarrassed by it.
The average American pays nearly 12 percent of his or her income to the federal government. Romney paid as much as 14.1 percent of his income.
That is not much, let me tell you.
This figure is deceiving because it fails to take into account the other mandatory contributions that Americans pay in addition to their federal income tax: One must also pay taxes toward Social Security and Medicare. In addition to these federal taxes, one must also pay taxes to their state of residence. They relate to income, property...
All in all, last year Mitt Romney paid 38.5 percent of his gross income in taxes.
You will remark that the media barely mentioned this crucial statistic — with reason. It does not assist in the portrayal of Mitt Romney as a wealthy fraud. Better to report the 14.1 percent statistic; that works better for the demonstration. Journalism works that way as well.
I went back and checked my own return: Last year I paid 37 percent of my income to the federal government and Maryland. Mitt Romney, in proportion, pays a little more than me.
This is what offends the Democrats: They want millionaires to pay proportionately much higher taxes than poor journalists, for example. If I were a naturally jealous journalist, I would cry scandal.
2) His income reached $13.7 million dollars in 2011.
The majority of Mitt Romney’s income is capital gains and dividends. These types are taxable at a rate of 15 percent — less than the marginal tax rate paid by many American workers, which can reach 35 percent.
The preferential tax rate for capital gains and dividends goes back to Bill Clinton, rehabilitated hero of the Democratic Party. That fact is a burden to the Obamamaniacal media.
3) Mitt Romney has paid taxes for at least the last 20 years.
This is the least of things.
Senate majority leader Harry Reid (D), who is also Mormon (but when one is on the left, being Mormon becomes a quality), claimed for months that Romney avoided talking about his taxes because he did not pay and wanted to hide his fortune in tax havens. This was false.
We will note in passing the quickness of Barack Obama’s campaign in reading the 800 pages published Friday afternoon. It only took several minutes for his press release declaring the documents incomplete and misleading to be written (it was probably already prepared). This was then consciously echoed by the media, which desires to block the path of the “Mormon Millionaire.”
4) Mitt Romney could have arranged to pay fewer taxes legally.
The candidate chose not to maximize the allowable deductions for his contributions to charitable organizations. Most notably, he gave $2.6 million dollars to the Mormon Church.
If he had given more, he would have reduced the sum of his taxes but would have fallen below the 13 percent average that he had asked his accountants to respect. And yes, in America one has the right to adjust his or her charitable contributions, notably to the church or churches of one’s choosing.
5) Romney’s overseas income amounted to $3.5 million dollars.
Mitt Romney’s fortune is managed by a “blind trust,” meaning that the candidate has delegated a representative to manage his money. In order to avoid a conflict of interest, he does not control or even know the details of this handling... This is what all candidates and presidents do, including Barack Obama.
This blind trust invested in various types of accounts, including speculative funds that were sometimes located overseas. Mitt Romney’s return, therefore, indicates active accounts in Switzerland, Ireland, Germany and the Cayman Islands.
It is not illegal for an American to have overseas bank accounts. It is illegal to hide them. The words “Swiss” and “Cayman Islands” sound evil to Democrats: They are synonymous with “tax shelters.” We ought to expect new attacks on this point: The average American does not possess a Swiss account. On this point, Mitt Romney is within his rights, but it is politically incorrect.
By definition, the person who pays more than $5 million dollars in taxes annually is an above-average taxpayer.
The voluminous publication of returns (800 pages) and summaries of taxes paid over the last 20 years by the Republican presidential candidate entertain a debate which too often obscures the facts.
Let us note in passing that these returns appeared last Friday because Romney sent his return to the IRS last Friday. The majority of American taxpayers send their return April 15. However, 10 percent request an extension, for example because their situation is complicated. This is the case for Romney. There is nothing extraordinary or suspicious about it.
It is false to say that Mitt Romney has sought to conceal the amount he paid in taxes in 2011 for months. In fact, Romney himself did not know the amount until last Friday. He had already indicated for months the magnitude of his taxes.
1) $1.9 million dollars in federal income taxes paid in 2011.
Mitt Romney paid nearly $2 million dollars in taxes to Uncle Sam last year. In proportion, he pays a little more federal income tax than the average American.
In absolute worth, on the other hand, Romney is a much wealthier taxpayer than the average American. Everyone knows this. He is not embarrassed by it.
The average American pays nearly 12 percent of his or her income to the federal government. Romney paid as much as 14.1 percent of his income.
That is not much, let me tell you.
This figure is deceiving because it fails to take into account the other mandatory contributions that Americans pay in addition to their federal income tax: One must also pay taxes toward Social Security and Medicare. In addition to these federal taxes, one must also pay taxes to their state of residence. They relate to income, property...
All in all, last year Mitt Romney paid 38.5 percent of his gross income in taxes.
You will remark that the media barely mentioned this crucial statistic — with reason. It does not assist in the portrayal of Mitt Romney as a wealthy fraud. Better to report the 14.1 percent statistic; that works better for the demonstration. Journalism works that way as well.
I went back and checked my own return: Last year I paid 37 percent of my income to the federal government and Maryland. Mitt Romney, in proportion, pays a little more than me.
This is what offends the Democrats: They want millionaires to pay proportionately much higher taxes than poor journalists, for example. If I were a naturally jealous journalist, I would cry scandal.
2) His income reached $13.7 million dollars in 2011.
The majority of Mitt Romney’s income is capital gains and dividends. These types are taxable at a rate of 15 percent — less than the marginal tax rate paid by many American workers, which can reach 35 percent.
The preferential tax rate for capital gains and dividends goes back to Bill Clinton, rehabilitated hero of the Democratic Party. That fact is a burden to the Obamamaniacal media.
3) Mitt Romney has paid taxes for at least the last 20 years.
This is the least of things.
Senate majority leader Harry Reid (D), who is also Mormon (but when one is on the left, being Mormon becomes a quality), claimed for months that Romney avoided talking about his taxes because he did not pay and wanted to hide his fortune in tax havens. This was false.
We will note in passing the quickness of Barack Obama’s campaign in reading the 800 pages published Friday afternoon. It only took several minutes for his press release declaring the documents incomplete and misleading to be written (it was probably already prepared). This was then consciously echoed by the media, which desires to block the path of the “Mormon Millionaire.”
4) Mitt Romney could have arranged to pay fewer taxes legally.
The candidate chose not to maximize the allowable deductions for his contributions to charitable organizations. Most notably, he gave $2.6 million dollars to the Mormon Church.
If he had given more, he would have reduced the sum of his taxes but would have fallen below the 13 percent average that he had asked his accountants to respect. And yes, in America one has the right to adjust his or her charitable contributions, notably to the church or churches of one’s choosing.
5) Romney’s overseas income amounted to $3.5 million dollars.
Mitt Romney’s fortune is managed by a “blind trust,” meaning that the candidate has delegated a representative to manage his money. In order to avoid a conflict of interest, he does not control or even know the details of this handling... This is what all candidates and presidents do, including Barack Obama.
This blind trust invested in various types of accounts, including speculative funds that were sometimes located overseas. Mitt Romney’s return, therefore, indicates active accounts in Switzerland, Ireland, Germany and the Cayman Islands.
It is not illegal for an American to have overseas bank accounts. It is illegal to hide them. The words “Swiss” and “Cayman Islands” sound evil to Democrats: They are synonymous with “tax shelters.” We ought to expect new attacks on this point: The average American does not possess a Swiss account. On this point, Mitt Romney is within his rights, but it is politically incorrect.
By definition, the person who pays more than $5 million dollars in taxes annually is an above-average taxpayer.
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