Mitt Romney’s tax returns show more than $42 million income over last two years

Mitt Romney paid $6.2 million in federal taxes over the last two years on income generated almost entirely on investments linked back to his days as a founder and partner in Bain Capital.

According to documents released by his campaign Tuesday, Romney earned $21.7 million in investments in 2010, and he will report another $20.9 million investment income in 2011.

In 2010, Romney paid $3 million in federal taxes but also gave about $3 million to charity—roughly half of that to the Mormon church—which lowered his effective tax rate to roughly 13.9 percent.

According to his 2011 tax return, which hasn't been filed yet, he'll pay $3.2 million in taxes with an effective tax rate of approximately 15.4 percent, according to his campaign. He gave $4 million to charity, including $2.6 million to the Mormon church.

The release comes after weeks of pressure from Romney's rivals for the candidate to release his financial information. After weeks of hedging, Romney finally agreed to release his tax information for the last two years. During Monday's presidential debate in Tampa, he pointedly declined to follow in the footsteps of his father, George Romney, who released 12 years of returns when he sought the presidency in 1964.

Romney said Monday there would be "no surprises" in his filings.

"I pay all the taxes that are legally required and not a dollar more," Romney said during Monday's debate. "I don't think you want someone as the candidate for president who pays more taxes than he owes."

But in the process, he took a shot at rival Newt Gingrich's tax plan. Romney noted that his income is almost entirely derived through capital gains and noted that under Gingrich's proposal—which would eliminate taxes on capital gains—he would have paid no taxes.

http://news.yahoo.com/blogs/ticket/mitt-romney-tax-returns-show-more-43-million-135129751.html

i won't take this to seriously
until i learn more about it,
BUT, if it's true...
HOLY $HIT that's LOT of money!!

Not only is Mitt "slick rick big business as usual" Romney all about big business, he is also big money and that's who he will listen to.

Even if you don't like Romney, here's something to chew on:

Mitt Romney gave a lot of money away to charity. Phil Klein explains

Typically, liberal rhetoric on taxes makes it seem as if the wealthy are getting a free ride on the backs of middle and lower-income Americans who are doing all the work and are really paying the taxes. But to put things on perspective, here’s what $3.2 million in federal taxes — Romney’s estimated 2011 burden — pays for:

— The monthly food stamp allowance for about 23,909 people.

— The cost of educating 302 elementary and high school students.

— The base salary (before bonuses and allowances) of 178 privates in the U.S. Army.

— The federal contribution to the benefits of 636 Medicaid enrollees.

In addition to his taxes, Romney has given around 16.4 percent of his income over the past two years to charity through his family charity, the Tyler Foundation. In addition to donations to the Mormon church, here’s where else Romney and his wife Ann donated money: the Boys and Girls Club of Boston, the Center for the Treatment of Pediatric MS, the Dana Farber Cancer Institute, Homes for Our Troops, and the Inner-City Scholarship Fund, among others.

Another way of looking at it is that in 2011 the Romneys paid out 42 percent of their income in taxes and charity. Here’s how I got there: Total tax (line 60) + foreign taxes (line 47) + state taxes and real-estate taxes + other taxes (Schedule A, line 9) + charitable contributions (Schedule A, line 19) divided by Adjusted Gross Income (1040 line 37).

Romney is Mr. big business and business gives to charity because it benefits business and wealthy individuals economically. If he did not give to charity he would have had to pay more in taxes and would not be able to write it off, but because he gave to charity he was able to write some of that off and get it back in his return and be rest assured they get a return.

My only real concern about ole Mittens is he believes the FED and Ben Bernanke are doing a "good job"....

HOLY SHITE! That's something Owe-Bummer would say! He did after all fill his entire cabinet with bankers and CEOs who caused the mess we are in!

He also believes you have to "cozy up" to special interest to "get anything done".....

HOLY SHITE! That's just "more of the same" that we are getting!

Dang.... I just talked myself out of considering him as a feasible candidate again if RP isn't the nominee.... back to the drawingboard!

Can't fault him for being wealthy except for the fact that rich people have a hard time understanding the ails of the poor....other than what they hear. When they see it, they still find it hard to believe, so we end up with "their opinion" of a cure.... we are living proof of how well that works!

SS..........it's not over. South Carolina is just one state. Newt will probably be exposed for the flip flopping hypocrite he is! It's happened repeatedly. Every candidate has been a flavor of the month! It's about to get dirty and the Newt has a horrible background!

Newter has 3 states in the south then the little piggy will be back wallowing in his mudhole again whining about media bias, attack ads, or calling Americans stupid or some dumb shite like that.

Either way, it will be Mittens or Paul in the end as only they have the funds and support needed to make it thru to the convention