Tag Archives: romneys

Mitt Romney Tax Returns: Grossly Distorted By Media?

Is the media grossly misreporting the taxes paid by Republican presidential candidate Mitt Romney? According to one review of his 2011 return , very much so. Mitt and Ann Romney ‘s 2011 adjusted gross income (AGI) was about $18.6 million, with their total federal income tax coming to $1.9 million, or 14.1 percent. This number is a bit misleading, however, when analyzing Mitt Romney tax returns . It implies the Romneys kept 85.9 percent of what they earned, which isn’t the case. First off, they clamed $4.6 million in itemized deductions, including $1.3 million in state and local income taxes and $215,000 in real estate taxes. That’s more than $1.5 million they never saw, and the generous couple also donated $1.3 million in cash and another $921,000 in securities. Another $2.21 million they did not keep for themselves. The Romneys earned $2.2 million in qualified dividends and $6.8 million in capital gains in 2011, income taxed at the favorable rate of 15 percent. While this rate seems low, it has been taxed at the corporate level first at a higher rate – 35 percent. The government has been paid twice, in other words. Finally, the Romneys paid $103,000 in foreign taxes, which has nothing to do with offshore accounts, but global investments taxed in their nation of origin. According to this analysis, on $18.6 million of productivity, they paid $10.8 million in taxes and gifts to charity, keeping just 42.1 percent of what they produced. Yes, this still makes them extremely wealthy, and no, it does necessarily make Romney any more (or less) qualified to be President of the United States. Viewed through a different lens, however, Romney’s generosity and tax burden is not the example of responsibility-shirking greed his opponents might like you to believe. U.S. Presidential Election 2012 :   Obama-Biden Romney-Ryan View Poll »

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Mitt Romney Tax Returns: Grossly Distorted By Media?

Wired 25: The 25 Greatest Brooklyn Anthems Ever [Listen]

It’s a great day for Brooklyn. As the Barclays Center opens up for the first time today, the borough with the most pride in the city has even more to stick their chest out about. Led by a ton of investors, none more famous than one Jay-Z, Brooklyn, New York will never be the same again with the opening of the Barclays Center… Continue

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Wired 25: The 25 Greatest Brooklyn Anthems Ever [Listen]

Money Mitt’s Taxes Finally Released!!! Homeboy And His Boo-Thang Ann Made $14 Mil Last Year!!

Well it took long enough!!! And even though Robney’s shady azz released them to the public, the dude still gets a side-eye from us because what millionaire Presidential Candidate doesn’t have his prior year taxes wrapped up before April 15th like the majority of us normal folk?!?! Here’s the breakdown on Money Mitts numbers: The Robneys earned $13.69 million in 2011, mostly income from his investments, and paid $1.9 million in taxes for an effective tax rate of 14.1 percent. Romney earned $6.8 million from capital gains and another $3.6 million in interest. ZERO percent of his income came from wages which, you know, is the primary source of income for most Americans. Capital gains are taxed at a substantially lower rate than wages and salaries for high-earners. Romney earned about $190,000 in author and speaking fees, as well as $260,390 for sitting on the board of Marriott International. The Robneys donated $4.02 million to charity in 2011, nearly 30 percent of their income, helping to reduce their tax obligation AND the majority of Romneys’ charitable contributions went the Tyler Charitable Foundation (Romney’s own foundation). Romneys trustee released a statement saying that the Romneys only claimed a tax deduction for $2.25 million of those charitable contributions to engineer a higher tax rate than they otherwise would have paid. This move was to “conform” to the candidate’s statement in August that he paid a federal income tax rate of at least 13 percent of his income in each of the last 10 years. According to The Washington Post… At a Republican presidential debate in January, on the same night he released his 2010 tax returns, Romney scoffed at the notion that he would pay more taxes than he is legally required. “You’ll see my income, how much taxes I’ve paid, how much I’ve paid to charity,” Romney 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.” In case you didn’t know, Romney’s 2011 return is 379 pages long however, the 2011 return of VP candidate Paul Ryan is only 32. One other note–Romney’s 2011 income and tax obligation are significantly less than what his campaign estimated earlier in January. They released an estimate saying that Romney earned $20.9 million in 2011 and would pay about $3.2 million in taxes–for an effective rate of 15.4 percent. “The Romneys’ income can vary significantly from year to year, depending primarily on what investments are sold and how much they have appreciated or depreciated,” Davis said…the couple filed for an extension in April, as they had in prior years, because the investment information required to prepare their tax returns was not available by the April 15 tax deadline. She said, however, that all taxes owed for 2011 were paid by April 15 and that they filed their returns on Friday. Romney, like many other Americans with large investment portfolios, pays a lower tax rate than those whose incomes come from wages. Investment profits are taxed at a flat 15 percent rate, way below the highest rates taxed on “regular” wages. One last round of facts for you to take in: Barack released his 2000-2011 (Federal and Illinois) returns, Biden submitted his taxes from 1998-2011 (Federal, Delaware, and Virginia), and before that, Clinton released his taxes from 1992-1999. As far as Republicans are concerned, their release record is astounding. Mitt, Lyan, McCain, and Crazy Palin only released two years worth of taxes (Newt released one). Before that George Dubya and Shady Cheney both released 2000-2007 but…Bush only released partial returns. For tax year 2000, Bush released only his Form 1040; Cheney provided a summary of his taxes, but released no forms. SMH…Let the shadiness ensue. This is making us real happy that election season is almost over! Images via WENN

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Money Mitt’s Taxes Finally Released!!! Homeboy And His Boo-Thang Ann Made $14 Mil Last Year!!

Surprise! WaPo Hearts ‘Irrepressible’ Meghan McCain’s Memoir

She’s the heir to the House of Maverick – the Republican the liberal media establishment can love, who’s just as embarrassed by those icky conservatives as any network anchor or newspaper columnist. Like her senator and erstwhile presidential candidate dad John, Meghan McCain is a willing weapon for the media to use against her fellow Republicans. But unlike “the Maverick,” there’s little chance she’d ever be a threat to the real good guys – liberal Democrats.  To Washington Post Nonfiction Books Editor Steven Levingston, Meghan McCain is a “free-thinking college grad” (she’s educated, you see; she’s one of us ) joyfully bucking what she calls conservative “groupthink.” In the Sept. 1 Post, Levingston reviewed “Dirty Sexy Politics,” McCain’s memoir of her father’s 2008 presidential campaign. The book, he wrote, “is as much a scathing critique of the Republican Party as it is a passionate tale of life on the campaign trail.” And Levingston proceeded to relate that critique with undisguised relish. “McCain takes repeated jabs at the intolerant ethos of today’s Republicans,” Levingston wrote. “She rails at feeling left out: The party, she says, has been hijacked by the right wing and has rejected – to its detriment – the moderate politics that she and millions of other young conservatives espouse.” Because she dresses trashy, swears like a sailor and “has gay friends,” McCain has run afoul of the “intolerant ethos of today’s Republicans.” Even better for Levingston, besides her dad, McCain doesn’t seem to like any Republicans – certainly not two top-tier (and hence dangerous) politicians singled out in the book. Mitt Romney and his family, it seems, were just too wholesome for McCain. An Associated Press article quoted from the book: “[the Romneys] were all so handsome, in a tooth-whitener commercial kind of way, and so seriously wholesome.” She and her roommates wondered if the Romneys “could handle the constant drinking and swearing that went on in our campaign,” or “all the tawdry stories about crazy-sex you never read about.” Meghan feared her father would choose Romney as his running mate, and she would have to “stop laughing at him.” But no, it was worse than that. “When McCain met Sarah Palin, she ‘felt shaken and troubled,’ worrying like many others that the Alaska governor was not prepared for the national stage,” Levingston related. “Once the Palin clan climbed aboard, the Pirate Ship [as McCain called his campaign] started to sink,” Levingston wrote. But the facts don’t bear that out. McCain began climbing in the polls with the announcement of Palin as a running mate, and by Sept. 7, right before McCain’s disastrous handling of the financial crisis, the Real Clear Politics average of polls had it at a one-point race. Whatever Palin’s real impact on the McCain effort, she aroused jealousy on Meghan’s part. Levingston: From the minute Sarah arrived,’ McCain writes, ‘the campaign began splitting apart. And rather than joining us, and our campaign, she seemed only to begin her own.’ Palin’s arrival – this ‘sudden, freakishly huge, full-fledged phenomenon’ – was jarring for the potential first daughter, who found herself shoved into the background. Meghan didn’t take kindly to that and behaved so badly she was “effectively banished from the campaign,” according to Levingston. She admitted, “Here I’d been ruminating about how the Palins weren’t ‘ready for prime time’ when, in fact, it was me all along.” Readers shouldn’t be put off by the selfish, immature and ultimately unattractive young woman that emerges from Levingston’s review of “Dirty Sexy Politics.”  That would be to miss the important message Levingston imparted. Meghan “ended the campaign feeling alienated from her party and worried about its domination by the Christian right. Calling herself a passionate Christian, McCain fears the party will shrink and possibly become irrelevant if it narrows its agenda to ‘accommodate only one moral code.'” The Republican party might want to take a break from giving the Democrats what looks to be a historic and emphatic mid-term thrashing, and spend some time pondering its shrinkage and irrelevance.

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Surprise! WaPo Hearts ‘Irrepressible’ Meghan McCain’s Memoir