Republican presidential nominee-in-waiting Mitt Romney and his wife, Ann Romney, have declined to release more than one year's worth of their tax returns to the public so far, saying more in-depth records would only serve as fodder for his political opponents.
But the former Massachusetts governor has provided new details of his effective tax rate amid speculation that he paid little or no taxes at all over the past decade.
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Speaking to reporters this week, Romney said his effective tax rate over the past 10 years has been at least 13 percent.
"I did go back and look at my taxes and over the past 10 years," Romney said. "I never paid less than 13 percent. I think the most recent year is 13.6 or something like that. So I paid taxes every single year."
Senate Majority Leader Harry Reid has claimed Romney paid no taxes for 10 years - a claim that's based, Reid says, on a conversation he had with an investor with Bain Capital. That Romney has released his tax returns for only 2010 and an estimated filing for 2011 has only fueled speculation about his effective tax rate.
Romney's 2010 return show he and his wife paid more than $3 million in taxes and had an effective tax rate of 13.9 percent. The couple's estimated 2011 return shows the couple expected to pay about $3.2 million in taxes at an effective tax rate of 15.4 percent.
In his comments this week, Romney declined again to release more returns to the public.
"I just have to say given the challenges that America faces - 23 million people out of work, Iran about to become nuclear, one out of six Americans in poverty - the fascination with taxes I paid, I find to be very small-minded compared to the broad issues we face," Romney said.
The Obama campaign, in a written statement provided to the Boston Globe, said Romney's internal review did not suffice.
"Since there is substantial reason to doubt his claims, we have a simple message for him: Prove it," the campaign said. "Even though he's invested millions in foreign tax havens, offshore shell corporations, and a Swiss bank account, he's still asking the American people to trust him. However, given Mitt Romney's secrecy about his returns, coupled with the revelations in just the one return we have seen to date and the inconsistencies between this one return and his other financial disclosures, he has forfeited the right to have us take him just at his word."
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Comments
mitt paid more income tax than over 50% of the population.
I am offended by your commentary re Romney’s taxes and your “prove it” remarks. Did you ask the Clinton’s to show the information on their offshore accounts, when Hillary was running against Obama? Back then, a CFA from Virginia, was discussing those accounts on a radio station. Maybe you should investigate that situation. Also, why have you not asked Obama to provide all of his sealed records to the public? What could he be hiding? Do you truly think the public is stupid? Your commentary is the only stupid thing that I see here and I bet if I looked closely enough, I would see a pony standing close to you.
How about this: Romney will release the past 3 years of tax returns when the President releases his real birth certificate and his college transcripts
to harold, everett and dr. tom,
you are deflecting, as mitt the mannequin does. simple questions were asked and mitts answer was – i won’t tell you. Hillary, bill and the rest are fine for another conversation but for this one, why won’t he release the same amount of information even his running mate – p ryan did?
if there is nothing to hide then why try? just put them out there – say “see, i told you so” and then capiltalize on that honesty all the way to the white house. unless of course , harry reid is correct, he hides all his income , asks the american people to spend their money (fed tax dollars) on wars, etc…. when he hasn’t contributed a dime.
soemthing is very fishy. so rather than deflect, answer the question that is asked and move on.
also, just fyi, the president is exactly that – the president. if you don’t think he was vetted by every security agecy then you are living in fantasy land. this isn’t a job application for dishwasher where you can say – yeah i worked there, and no-one checks. grow up.
Mitt Romney has released just as much information as any other person running for the White House. Why is it everyone wants more from him? We all know this administration is using this as a distraction from the real issues.
The circus continues with Harry Reid’s innuendos getting coverage.
Reid has not furnished his income tax returns in any previous elections, that I am aware of. If the sitting president had any moral compass, he would have shut this distraction down.
Perhaps the reason he does not release his returns is that he gives a lot of money to others and he does not want to embarrass them by letting folks know.
Republican fire fighters are really alert.
Wake up, read and get the facts.
Lead by example Mr. Romney!
Can we trust you? I say NO!!!
I’m a Republician.
Ok, so Romney has money, big deal so do sport figures, Donald Trump, even Obama. The point I think is never mind the petty stuff. How about concentrating on the issues and not petty stuff to try and dig up dirt and stuff like that. Everyone probably has something they would like to stay hidden, even you Mr. Brewster.
If Mitt admits the tax returns “would be fodder” for his opponents, then he MUST be hiding something.
Obama has released the long and short forms of his birth certificate.
Mitt needs to come clean on the tax issue.
Most Mormons understand the reason he’s not releasing any more tax returns than necessary. It’s simple if you put yourself in his shoes and aren’t so cynical about it.
Just consider:
1) He almost certainly gives more than 12% every year to charitable causes, including 10% to his church.
2) The church teaches what Jesus taught, namely:
“Take heed that ye do not your alms before men, to be seen of them: otherwise ye have no reward of your Father which is in heaven.”
“Therefore when thou doest thine alms, do not sound a trumpet before thee, as the hypocrites do in the synagogues and in the streets, that they may have glory of men. Verily I say unto you, They have their reward.”
“But when thou doest alms, let not thy left hand know what thy right hand doeth: that thine alms may be in secret: and thy Father which seeth in secret himself shall reward thee openly.”
You don’t have to believe me – go ahead an ignore reality and all of the evidence that Mitt has the most sterling character of any politician we’ve seen since Eisenhower and Truman if you choose to do believe the lies…
How about this: Romney will release the past 3 years of tax returns when the Obama releases his real birth certificate and his college transcripts, his student loans and why he surrended his law license,
and who is the author of his fiction book “Sins of my Father”
Why is the economy still in such terrible shape after almost four years? Why hasn’t Obama gotten this country back on it’s feet? Can he do something or anything to get us out of this mess? Personally, I think the Obama administration can only make this bad situation worse. Its time to give the Republicans a chance.
The only reason that people are picking on Mitt Romney the most is because they find him as the biggest threat. He has plans that will make the U.S. better, but Obama just wants to stay in power and make the economy even worse than he has already made it. If Obama won this next election, there would be a heck of a lot more taxes, and we really need to get rid of the Obama Care!
We all know that Obama has done nothing to help our economy or our nation, but Mitt Romney will only give tax breaks to the rich and cut funding to those who need it. Does this really sound like a good idea to get the country back on track. The rich will get richer and the poor will get poorer. We are screwed irregardless of which direction we turn. I’ve heard it said, and agree, we must vote for who we believe will cause the least amount of damage. Either candidate will damage us and our nation. We have been failed by our political parties. It’s time for major political change.
A tax rate of 13.9 % amount at an amount of $3,000,000 million implies taxable income of $21,500,000… roughly. Most middle class Americans pay a tax rate of up 40% against an income of $100,000, or $40,000 dollars.
How does it make any sense to anyone that if Mitt had to pay 40% against his $21,500,000 (or $8,600,000) that the remaining $12,900,000 in income after taxes would leave him in jeopardy of foreclosure on his (many) homes, or leave him concerned about adequate health care, or not allow for significant, profitable investment, which leads to income gains from year to year.
Yet, the 40% tax rate on the middle class individual does just that… insufficient gross income to cover the cost of a mortgage (on their single home), inadequate health care, no opportunity for investment or revenue growth (throw in the spectre of becoming unemployed, and the picture gets worse).
This is why the continued tax cuts for the wealthiest 5% of Americans make no sense… And I think Mitt is more concerned about exposing the level of foreign vs. American investment in his portfolio than he is about exposing just how rich he really has become off the backs of middle and lower income Americans he now wants to lead.
I feel sorry for all his middle and low income supporters who are so blinded by the rhetoric about Iran, poverty and unemployment that they don’t realize Mitt is a poster child for why they (and the country as a whole) are in such financial turmoil.
Mitt has offered no solutions to the current predicament… just vapour promises and criticism… I think he sees the presidency as “a good investment opportunity”.
Jack, why would you say that “most middle class Americans” pay a 40% tax rate? The marginal tax rate for an individual earning $100,000 was only 28% last year. For a married couple, the marginal rate is 25%.
Furthermore, these are marginal rates. For a single filer making $100,000 in 2012, the “default” (no extra deductions, etc) effective tax rate is 21% (source: http://www.moneychimp.com/features/tax_brackets.htm).
If marginal tax brackets are 28%, and effective tax rates are about 21%, how can your claim of paying “40%” even possibly be true?
This is the problem. We can’t have a rational discussion about the issues because people are too concerned with making up blatantly false sensationalist numbers.
Is he alive? Then he paid taxes.
What difference does it make whether he exposes his personal tax records? What is anyone, other than someone opposing him, going to find in there? It doesn’t tell you what kind of man he is, where he volunteered his time, how he thinks. College records do! I could care less how many legal ways Mitt found in the tax code to take deductions! Show me one person who doesn’t take their allowed deductions!
Why aren’t people screaming for Obama to release his college records? Why did he seal them? I would much rather see the college records, work history, volunteer history and hobbies than I would to look at some tax return!
We have 2 very different approaches to dealing with our debt crisis with strong disagreement about how much the top tax brackets should pay. Romney is in the top tax bracket therefore his tax returns are very relevant.
Side note: Can anyone point to a historical example where supply side economics have stimulated the economy out of a recession? Building bridges and highways stimulates the economy. With interest rates so low, now is the time for smart stimulus spending. Unfortunately, Mitch McConnell has advised Republicans to reject everything that comes from Obama so they can say ‘he isn’t doing anything’. How cynical…
Grooming one’s self from a 2008 nomination campaign with preparations to position for the next election, it’s very unlikely Romney has skeletons to hide. Seriously, not paying american taxes in view of the next election… right!?
His motive appear more to stop the growing sentiment that he’s unrelatable to the american people by showing his income. Or, as Dave suggests, and most likely, he wishes to keep less attention on his charitable acts and recipients. It would probably suit Obama best not to open pandora’s box, as it will continue to place more positive character on his opponent.
I feel if Obama “unsealed” all of his history, then Romney might release more tax returns. Seems just to me. Bottom line, why is it necessary for him to release more returns? Only to feed Obama’s fire of criticism? What difference would his back returns make to the election. YET, Obama releasing all of his “sealed history” just might have a huge impact on the election!
In response to Everett, for your information Clinton, Bush and Obama turned over more than three years of tax returns. I guess they DO NOT have anything to hide right.
Circumstantially speaking, it seems Ann and Mitt Romney wish to keep their financial and tax matters private and who can blame them. I certainly don’t wish to share mine, only with those who have the need to know that information. But then again, I’m not vying for the U.S. presidency, and for all intents and purposes, transparency, to a degree, is expected. The Romneys effective tax rate indicated in this article is less than mine — his 13.9% and mine 14.24%. My AGI was under 100K, I had what most would agree are common itemized deductions, and I made charitable donations near $1300. The Romneys paid a dollar figure in taxes for a calendar year that practically surpasses what a person like myself would earn in an entire career. This in and of itself suggests considerable wealth. Wealth and assets held outside the United States (i.e., offshore assets) benefit the economies of those locales. This seems to be where the shoe pinches. Why should a couple who report yearly earnings of a quarter of a million dollars pay an effective tax rate less than a single person reporting earnings of less than 100K? It is no wonder the vast majority of the middle class are up in arms and the actual federal government revenue is far less than it should be. G. W. Bush, a republican, and an inept commander-in-chief contributed greatly to the recession/depression. Putting Romney in the WH, it seems to me, would be continuing the absolute nonsense of the junior Bush administration.