Quantcast
Connect with us

Romney earned 12 times more than Obama, had nearly half the tax rate

Published

on

Tax returns released by Republican presidential candidate Mitt Romney on Tuesday revealed that his 2010 effective tax rate was almost half of President Barack Obama’s, even though the former Massachusetts governor earned about $20 million more.

According to 2010 tax returns (PDF) released by the White House, the president paid $454,000 in federal taxes on $1.8 million earned — or about 25 percent of his gross income. Over the same time period, Romney paid about $3 million in federal taxes on gross income of $21.7 million, a rate of about 13.8 percent.

ADVERTISEMENT

Estimates released by the campaign showed that Romney expected to pay $3.2 million in taxes for 2011 on $20.9 million income, an effective 15.4 percent rate.

“I pay all the taxes that are legally required, not a dollar more,” the candidate boasted during a debate on NBC News Monday. “I’m proud of the fact that I pay a lot of taxes.”

Romney’s returns revealed that he gave $7.1 million in charitable contributions over two years, which included at least $4.1 million to the Church of Jesus Christ of Latter-day Saints.

The nearly 550 pages of documents released Tuesday also showed that Romney had a bank account in Switzerland, as well as investments in other tax havens like Luxembourg, Ireland and the Cayman Islands.

On a conference call Tuesday, a spokesman for the Romney campaign told reporters that the Swiss account was closed in 2010 and the candidate did not directly make decisions regarding any of the offshore accounts.

ADVERTISEMENT

“The income earned on that account is taxed just as any other domestic or other bank account owned by the blind trust,” Brad Malt, Romney’s trustee, explained. “These entities are not evading one dime of taxes.”

(H/T: Politico)

ADVERTISEMENT

Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

2012

Here are 7 wild, bizarre and pathetic moments from Trump’s ‘campaign launch’

Published

on

On Tuesday night, President Donald Trump held a rally that was billed as the official launch his re-election campaign — though he has never really stopped holding campaign rallies.

As expected, the president ranted, lied, and engaged in the raucous attacks that are central to his connection with Republican voters. Some of it was actually just sad, such as his continued obsession with Hillary Clinton.

Here are seven of the wildest, disturbing and pathetic moments from the rally:

1. He said Democrats "want to destroy our country as we know it."

Trump casually accuses Democrats of "want[ing] to destroy you and they want to destroy our country as we know it." pic.twitter.com/4K79KlbEeR

Continue Reading

2012

British PM candidates clash over Brexit as Boris Johnson skips debate

Published

on

Candidates to become Britain's next prime minister clashed over Brexit strategy at their first debate on Sunday but the frontrunner, Boris Johnson, dodged the confrontation.

The 90-minute debate on Channel 4 featured the five remaining candidates and an empty podium for Johnson, the gaffe-prone former foreign secretary and former mayor of London.

In sometimes ill-tempered exchanges, four of the five candidates said they would seek to renegotiate the draft Brexit divorce deal agreed with Brussels even though EU leaders have repeatedly ruled this out.

Continue Reading
 

2012

Michael Cohen ordered back to Congress on March 6

Published

on

President Donald Trump's so-called "fixer" is being asked to return to Congress for more questioning on March 6.

Outside of the closed-door committee hearing Thursday, Cohen said that the House Intelligence Committee is seeking further information, according to Washington Examiner writer Byron York.

Michael Cohen finished closed-door testimony before House Intel Committee, says he's coming back for another session March 6. Again: No reason for secrecy. Transcripts should be released ASAP.

— Byron York (@ByronYork) February 28, 2019

Continue Reading
 
 
Help Raw Story Uncover Injustice. Join Raw Story Investigates for $1 and go ad-free.
close-image