Mitt Romney Tax Returns: Grossly Distorted By Media?

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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.

Ann Romney and Mitt Romney

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:

 

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This man can't run a business any direction but straight into the ground, the same as he'll do to our country if we let him. Romney will destroy America with his ultra-religious views and his disregard for his fellow Americans. He'll send women back to the dark ages, while waging war against gays. This man is a disease on our Country.

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@ Samantha

actually Mitt Romney is Avery successful businessman. I dont know how you don't know that, for Mitt Romney started a small business and succeeded in creating large profits for a long time. If you don't think Romey can handle a business, you are highly misinformed or just ignorant.

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He's a successful business man...someone give this man our budget

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Oh but his tax return was real important when it went against him.

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3 weeks from the election and you bumbling idiots are still talking taxes? Or the 47%? Your guy Barack is not competent enough to be anyone's president and Biden is dumb as a rock on his best day. Nobody wants this guy for another 4 years. Is this all you can talk about HOLLYWOOD GOSSIP? What about 23 million out of work? How about 4 dead in Libya as the result of a Trailer? HAHAHAHAHAHAHAHAHA! You Democrats are so amateurish! You play the same song. Baaaaaaaaaaaaa Sheep Baaaa

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RELATE,

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still way below that of someone earning way less.... Not all of us can live off interest...Obama was not a trust fund baby he went to school on grants loans and scholarships. He is the American dream...Romney is spoiled and thanks he deserves to be President because of his wealth...He will never realty to the common folks no matter how much he tries. Obama /Biden 2012

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@ amomofthree

Yeah and look how much good it's done him? This mans money has grown because he knows how to handle business.

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@ lynn

Talking about mitt, not the loser I voted for the first time. But hey big bird need more welfare, the 44million he makes off selling his preschool tapes

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@ amomofthree

So the man who embodies the American Dream is from Kenya. Whatever makes you feel better. Also, just because Obama wasn't born into a wealthy family doesn't make him qualified to run the country.

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@ amomofthree

what your problem why u think obama better he worse obama believe everyone owe him everything because he black he spend tax dolalrs got us 16 trillion debt killing jobs worse president ever atleast mitt earn his money he has right to do whatever he job creater not killer want MITT.RYAN 2012 NOT OBAMA HE IS ANTICHRIST HE GOING TAKE ARE FREEDOM AWAY HE HATE AMERICA HE WAS NOT EVEN BORN IN AMERICA HE WAS BORN IN KEYNA ARE WAS IT INDOSINEA HE HATE AMERICA HE WILL CRIPPLE AMERICA IF HE DOES U WILL BE TO BLAME FOR BEING SO STUPID VOTE FOR THE DEVIL OBAMA AND HIS LIBERAL FRIENDS

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@ tammie

My god, you sound uneducated. First off, Romney does not create jobs. Never has, never will. Job production fell in his state while he was gov. He outsources jobs to China-firing Americans in the process-and people call him a good businessman. Ha! Obama has done FAR more for this country than Republicans and morons will give him credit for. Obama is what we need to keep this country on the healing path.

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@ Samantha

The unemployment rate dropped in mass. When he left office it was at 4% The new job production rate was the 4th lowest in the country because how can you grow jobs when practically everyone is already working?