Romney finally released his 2011 tax returns—ain’t no more comin’ folks—and it’s more good news for the Romneys:
Republican presidential nominee Mitt Romney 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, his campaign announced Friday.
Romney earned $6.8 million from capital gains and another $3.6 million in interest, according to his tax return. None of his income came from wages, the primary source of income for most Americans. Capital gains are taxed at a substantially lower rate than wages and salaries for high-earners.
The man actually earned $260,390—think of that!—for “sitting on the board of Marriott International,” the Washington Post reports. Since he was running for president in 2011, what the hell could he have done to earn that much mulla?
Sitting on the board of Marriott for a cool quarter-mill? Damn.
There is much speculation about that should Mittens lose in November, he will go back and revise this return to recover some taxes paid that—believe it or not—he didn’t have to pay. The Post explains:
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, R. Bradford Malt, Romney’s trustee, said in a statement released by the campaign.
Romney campaign spokeswoman Michele Davis defend this bit of tax magic, and the fact that Mittens previously said he would not pay “a dollar more” than he owed, saying that 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. In order to be consistent with that statement, the Romneys limited their deduction of charitable contributions.
What does it say about the man and his riches that he has the power to turn a lie he told earlier in the campaign into a truth, at least for now? Money can’t buy love but it can turn a lie into the truth just like that!
The problem is that turning one lie into the truth made him a liar on something else he said, unless, of course, he does go back and re-engineers his return so as not to pay a dollar more than he has to.
And by the way, Romney released his estimated effective tax rate for the past 20 years and guess what? He says his effective rate was 20.2%, still mighty damn low for a man making bank.
Of course he won’t be releasing any of those returns so we can see for ourselves. Thus, despite the fact there is no reason to do so, we will just have to take his word for it because, dammit, there’s somethin’ in them there returns he doesn’t want us peons to see.