http://abcnews.go.com/Politics/OTUS...-tax-rate-2011/story?id=17291504#.UF28ToujKSo
"After being criticized for months over a lack of transparency when it came to his taxes, Mitt Romney has revealed his 2011 returns, which show the candidate paid $1.9 million in taxes on $13.7 million in income, an effective rate of 14.1 percent.
That figure falls in line with Romney's estimate in August that he paid "13.6 [percent] or something like that."
But Romney only reached the 14.1 percent mark by limiting deductions taken from his considerable charitable giving. Had the Romneys taken all of the deductions made available by their $4.02 million in 2011 donations, his effective tax rate could have been as low as 10.4 percent.
By not using all the available deductions, he paid an additional $500,000 to the federal government.
That decision contradicts a pledge Romney made during an interview in July, when he told ABC News he would not pay more in taxes "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. I'd think people would want me to follow the law and pay only what the tax code requires."
Romney made a similar remark in January during a GOP primary debate, when he said, "I pay all the taxes that are legally required and not a dollar more. I don't think you want someone as the candidate for president who pays more taxes than he owes."
Spokeswoman Michele Davis explained the mixed message, saying, "[Romney] has been clear that no American need pay more than he or she owes under the law. At the same time, he was in the unique position of having made a commitment to the public that his tax rate would be above 13 percent. He directed his preparers to ensure that he is consistent with that statement."
So Mitt has his taxes manipulated to pay more so that he keeps one pledge while breaking another. His low tax rate is due to that none of his income is from wages (actually working lol) and mainly from capital gains which is taxed at much lower rate than wages. And even worse is that if the republicans and Romney get what they want he would pay zero on capital gains. Luckily for Romney that isn't in effect yet or he would have had real hard time getting his rate over the 13% mark.
"After being criticized for months over a lack of transparency when it came to his taxes, Mitt Romney has revealed his 2011 returns, which show the candidate paid $1.9 million in taxes on $13.7 million in income, an effective rate of 14.1 percent.
That figure falls in line with Romney's estimate in August that he paid "13.6 [percent] or something like that."
But Romney only reached the 14.1 percent mark by limiting deductions taken from his considerable charitable giving. Had the Romneys taken all of the deductions made available by their $4.02 million in 2011 donations, his effective tax rate could have been as low as 10.4 percent.
By not using all the available deductions, he paid an additional $500,000 to the federal government.
That decision contradicts a pledge Romney made during an interview in July, when he told ABC News he would not pay more in taxes "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. I'd think people would want me to follow the law and pay only what the tax code requires."
Romney made a similar remark in January during a GOP primary debate, when he said, "I pay all the taxes that are legally required and not a dollar more. I don't think you want someone as the candidate for president who pays more taxes than he owes."
Spokeswoman Michele Davis explained the mixed message, saying, "[Romney] has been clear that no American need pay more than he or she owes under the law. At the same time, he was in the unique position of having made a commitment to the public that his tax rate would be above 13 percent. He directed his preparers to ensure that he is consistent with that statement."
So Mitt has his taxes manipulated to pay more so that he keeps one pledge while breaking another. His low tax rate is due to that none of his income is from wages (actually working lol) and mainly from capital gains which is taxed at much lower rate than wages. And even worse is that if the republicans and Romney get what they want he would pay zero on capital gains. Luckily for Romney that isn't in effect yet or he would have had real hard time getting his rate over the 13% mark.
