Tuesday, January 24, 2012

Willard's Tax Returns


It must be nice to be Willard and Ann Romney. I say this because they literally made money while they slept in 2010 and 2011. Neither Willard nor Ann had to punch a clock, report to an office or take direction from a supervisor. That says a lot about the man who wants to be the next President of the United States of America, a nation where 99% of the people MUST earn a wage.

Let's examine the wealth gap and look at the Romney's tax returns.


The Romney's earned $21.7 million in 2010 and $20.9 million in 2011. All of this income came from dividends and interest from investments.

From The Washington Post:

None came from wages, the primary source of income for most Americans. Instead,
Romney and his wife, Ann, collected millions in capital gains from a profusion of investments, as well as stock dividends and interest payments.

The couple gave away $7 million in charitable contributions over the past two years, including at least $4.1 million to the Church of Jesus Christ of Latter-day Saints. Romney’s family has for generations been among the Mormon Church’s most prominent members.


The Romneys sent somewhat less to Washington over that period, paying an estimated $6.2 million in federal income taxes. According to his 2010 return, Romney paid about $3 million to the IRS, for an effective tax rate of 13.9 percent.

For 2011, Romney estimates that he will pay about $3.2 million, for an effective rate of 15.4 percent. That’s in line with his earlier estimates, but sharply lower than the rates paid by President Obama and Romney’s closest Republican rival, Newt Gingrich.

"You’ll see my income, how much taxes I’ve paid, how much I’ve paid to charity," Romney said at a debate Monday night in Tampa. "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." He said his tax bill is "entirely legal and fair," adding: "I’m proud of the fact that I pay a lot of taxes."

Romney released his tax returns — nearly 550 pages, including the 2010 returns for three family trust funds and a foundation — in a bid to regain his footing in the Republican presidential campaign after stumbling badly in last weekend’s South Carolina primary.

This is the money quote literally and the quote that I advise all of you to think deeply on -

"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."

Thank you Willard, you've just confirmed what we already knew. The US Tax Code gives an unfair advantage to wealthier people and allows them to pay less taxes, percentage wise than the average person.

Will the release of these tax returns help Romney or hurt him?

Did the Romney's pay their fair share of taxes?
Is the US Tax Code fair?

Is it wrong to pay more taxes than you owe?
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