Friday, September 21, 2012

Romney releases tax return, in 14 percent bracket in 2011

Posted By on Fri, Sep 21, 2012 at 1:41 PM

LOW TAX FANS: Romney, Griffin.
  • LOW TAX FANS: Romney, Griffin.
Mitt Romney has released his full 2011 income tax return. His effective tax rate of 14.1 percent on $13.6 million in income reflects that most of his income derives from investments, with their lower tax rate, than wages.

CNN reports:

Republican presidential candidate Mitt Romney has released his full 2011 federal income tax returns, fulfilling a commitment he made earlier this year.

Brad Walt, the trustee of the Romney’s blind trust, said the Romneys paid $1,935,708 in 2011 taxes on $13,696,951 in income. He said the Romneys’ effective tax rate for 2011 was 14.1%.

Also in the release, Walt said that during the 20-year period between 1990-2009, the Romneys paid an average federal tax rate of 20.2%.

In January, Romney released a summary of his 2011 taxes. In it, he and his wife, Ann, originally said they filed a joint 1040 reporting a joint income of $21 million and a tax bill of $3.2 million.

Oops. All Romney things are complicated. Turns out he overpaid (by not taking all deductions he could have claimed) so as to appear to have a higher rate. Cynics, well justified by experience, figure Romnney will amend the returns to capture the additional money in the future, when someone isn't looking, or it isn't so hot a topic.

And speaking of the lucky ducks in the upper income brackets:

2nd District Democratic candidate Herb Rule says Republican U.S. Rep. Tim Griffin, Romney's campaign chair in Arkansas, has some explaining about where he stands on Romney's leaked speech on the 47 percent moochers. "Derogatory" and "arrogant" is how Rule characterized the Romney speech. Rule blasted Griffin for suggesting that people who don't pay an income tax don't have skin in the game, for supporting a flat tax (same rate for rich and poor) and "scolding" people who "weren't born to rich parents like Tim Griffin's candidate was."

More on jump.

FROM RULE RELEASE

Rule said, “Arkansans, regardless of social status, deserve a congressman who cares about them and their well being. Griffin has a long record of doing the bidding for big money interests and Republican Party bosses. His out-of-touch reaction to Romney’s comments were predictable given his historical allegiances.”

Griffin is Romney’s campaign chairman in Arkansas.

As many are aware by now, in video-taped remarks to big-money donors, Romney said that 47 percent of Americans pay no income taxes, support President Barack Obama, and “believe they are victims … My job is not to worry about those people … I’ll never convince them they should take personal responsibility and care for their lives.”1

Griffin was quoted in the Arkansas Democrat-Gazette saying that Romney’s comments weren’t “artful” but that Romney was trying to say that too many people don’t pay income taxes. “The point is that no one should be in that category,” Griffin said. Griffin also said that only people with “skin in the game” would be interested in reforming the tax code.

Rule said, “Of course, the poorest among us do, in fact, have ‘skin in the game.’ Many of those not paying taxes are either, on Social Security or in jobs paying the minimum wage. All of them pay sales, property and other taxes.”

Rule added, “What we need to be doing instead of scolding them because they weren't born to rich parents like Tim Griffin's candidate was, is to pump up the economy, create more jobs and add to our job training programs to make America great again.”

In a recent speech at the Chenal Country Club in Little Rock, Griffin praised the Eastern European nation of Estonia for having a “flat tax,” and Griffin has previously spoken in favor of a “flat tax system in which everyone pays the same rate.”

Rule said, “This would be disastrous in high-poverty states like Arkansas, which has the third-highest rate of people with no income tax liability, the very people Romney and Griffin have no interest in.”

Tags: , , , , ,

From the ArkTimes store

Favorite

Speaking of...

Comments (31)

Showing 1-31 of 31

Add a comment

 
Subscribe to this thread:
Showing 1-31 of 31

Add a comment

More by Max Brantley

  • Executionpalooza

    Appearances count. I was struck by a single sentence over the weekend in a full page of coverage in The New York Times devoted to the killing spree in Arkansas, beginning with a front-page account of the recent flurry of legal filings on pending executions and continuing inside with an interview with Damien Echols, the former death row inmate.
    • Apr 20, 2017
  • Death Row inmates argue to keep stay of execution in place; urge 8th Circuit not to 'rush' analysis

    Early this morning, attorneys for nine Death Row inmates, filed an argument with the 8th United States Court of Appeals contesting the state's effort to override Judge Kristine Baker's order Saturday that halted executions scheduled this month.
    • Apr 17, 2017
  • Federal judge denies execution stay for Don Davis but larger stay continues

    Don Davis, who's been moved to the killing facility of the state prison for killing tonight at 7 p.m. if a stay of execution is lifted in another federal suit, sought a stay in another federal court Sunday, but the request was denied.
    • Apr 17, 2017
  • More »

Readers also liked…

  • Democrats name new House minority leader

    Rep. Michael John Gray of Augusta has been elected leader of the House Democratic Caucus, the minority party. He succeeds Rep. Eddie Armstrong of North Little Rock. He's a farmer and small business owner.
    • Sep 25, 2015
  • From Dallas, creative thinking about the Interstate 30 project

    An urban planner in Dallas says freeways are not always the answer. Incorporating some creativity already being used in Dallas and looking at the Interstate 30 project from a broader perspective, here are ideas that Arkansas highway planners have not considered. But should.
    • Nov 6, 2015
  • Al Gore remembers Dale Bumpers

    Former Vice President Al Gore, a former U.S. Senate colleague of Dale Bumpers, sent a statement on Bumpers' death Friday:
    • Jan 3, 2016

Most Shared

  • Executionpalooza

    Appearances count. I was struck by a single sentence over the weekend in a full page of coverage in The New York Times devoted to the killing spree in Arkansas, beginning with a front-page account of the recent flurry of legal filings on pending executions and continuing inside with an interview with Damien Echols, the former death row inmate.
  • Art bull

    "God, I hate art," my late friend The Doctor used to say.
  • Not justice

    The strongest, most enduring calls for the death penalty come from those who feel deeply the moral righteousness of "eye-for-an-eye" justice, or retribution. From the depths of pain and the heights of moral offense comes the cry, "The suffering you cause is the suffering you shall receive!" From the true moral insight that punishment should fit the crime, cool logic concludes, "Killers should be killed." Yet I say: retribution yes; death penalty no.
  • Judge Griffen writes about morality, Christian values and executions

    Pulaski County Circuit Judge Wendell Griffen, who blogs at Justice is a verb!, sends along a new post this morning.
  • The Ledell Lee execution thread

    Arkansas Times contributor Jacob Rosenberg is at the Cummins Unit in Grady filing dispatches tonight in advance of the expected execution of Ledell Lee, who was sentenced to death for the Feb. 9, 1993, murder of Debra Reese, 26, who was beaten to death in the bedroom of her home in Jacksonville.

Visit Arkansas

Haralson, Smith named to Arkansas Tourism Hall of Fame

Haralson, Smith named to Arkansas Tourism Hall of Fame

Chuck Haralson and Ken Smith were inducted into the Arkansas Tourism Hall of Fame during the 43rd annual Governor’s Conference on Tourism

Most Viewed

  • Lee's lawyer writes about executed man's last hours

    Lee Short, the lawyer for Ledell Lee, the man Arkansas put to death just before midnight last night, posted on Facebook the following letter of thanks for personal support and a bit about Lee's last hours, distributing his possessions and talking to family.

Most Recent Comments

Blogroll

Slideshows

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation