Mitt Says He Pays 15% Tax Rate (TPM)

[RandySF]

Mitt Romney hasn’t yet released his tax returns, but on Tuesday he confirmed the biggest nugget that Democrats have been salivating over: he pays an effective tax rate of just 15%.

“It’s probably closer to the 15 percent rate than anything,” Romney told reporters, noting that his income “comes overwhelmingly from some investments made in the past, rather than ordinary income or earned annual income.”

He added that he expects to release his tax returns in the spring — although it remains unclear which year of income he’ll actually release.



http://2012.talkingpointsmemo.com/2012/01/romney-rule-mitt-says-he-pays-15-tax-rate.php?ref=fpa

[Sarah Ibarruri]

1. Must be nice to be that wealthy and pay only 15%. He probably pays less. nt

[RevStPatrick]

6. And it must be nice to be so wealthy...

...that you have no idea how much tax you pay.
He has people who handle that stuff for him.
He just signs the check.

[gratuitous]

2. But YOU lazy bums pay a much higher tax rate

If you got your income the way Mitt does, sitting at home and collecting checks, you could pay a lower rate, too. Isn't it nice to be lectured on the work ethic by such a captain of industry, a true titan of the free market?

[exboyfil]

3. Put this in perspective

When you count both ends of Social Security nearly everyone earning wages pays the same effective tax rate to the Feds WITHOUT EVEN INCLUDING WHAT THEY PAY IN FEDERAL TAXES.

[ProgressiveEconomist]

4. 'rather than ordinary income'

IMO sounds like "carried interest". See http://www.democraticunderground.com/1002166148

[PRETZEL]

7. thanks,

i thought the same so it was good the see that discussion brought back.

[Atman]

5. Only when he buys a sandwich in New York City.

Otherwise, I doubt be pays anything in taxes.

.

[Yavin4]

12. To Mitt, A NYC Sandwich would be a Business Expense Write Off n/t

[Atman]

14. Except he would never buy a sandwich in NYC...

He'd send one of his staff out to buy if for him. And it would be a Kobe beef steak sandwich. And it would be served to him by naked virgins.

.

[Botany]

8. Mitt Romney says $362,000 is 'not very much' money

http://www.dailykos.com/story/2012/01/17/1055575/-Forget-$10k-bets--Mitt-Romney-says-$362,000-is-not-very-much-money

Please let this turd be the nominee

[Marrah_G]

10. I can't even begin to express how much I fucking hate this guy

[Proud Liberal Dem]

11. He's a living, breathing embodiment of the 1% IMHO

We will be fortunate to have him as the nominee during this election in particular.

[flpoljunkie]

9. More on this from the NYT...

January 17, 2012

Romney Says His Effective Tax Rate Is ‘Probably’ 15%
By MICHAEL D. SHEAR and ASHLEY PARKER

FLORENCE, S.C. — Under new pressure to release his tax returns, Mitt Romney on Tuesday acknowledged that he pays an effective tax rate of about 15 percent because so much of his fortune comes from past investments.

“It’s probably closer to the 15 percent rate than anything,” Mr. Romney said. “Because my last 10 years, I’ve — my income comes overwhelmingly from some investments made in the past, whether ordinary income or earned annually.”

The vast majority of the income Mr. Romney reported over 12 months in 2010 and ’11 was dividends from investments, capital gains on mutual funds and his post-retirement share of profits and investment returns from Bain Capital, the firm he once led. And Mr. Romney also noted that he made hundreds of thousands of dollars from speaking engagements.

“I got a little bit of income from my book, but I gave that all away,” Mr. Romney told reporters after an event here. “And then I get speakers’ fees from time to time, but not very much.”

Financial disclosure forms that candidates are required to file annually shows that Mr. Romney earned $374,327.62 in speakers’ fees from February of 2010 to February of 2011, at an average of $41,592 per speech. That acknowledgement came as Mr. Romney sought to keep the upper hand in his bid to swiftly wrap up the Republican presidential nomination, urging voters here on Tuesday morning to take the long view and begin focusing on defeating President Obama in the fall.

more...

http://www.nytimes.com/2012/01/18/us/politics/facing-pointed-attacks-romney-urges-focus-on-obama.html?hp

[Initech]

13. No way he pays 15%. I'm sure he forgot a decimal point somewhere.

I call BS on this one.