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Mitt Romney Cops To Tax Rate ‘Closer To 15%’ And ‘Not Very Much’ From Speaking Fees

» 48 comments

After being challenged at Monday night’s South Carolina Republican Candidates’ Debate to release his tax returns, former Massachusetts Governor Mitt Romney loosened that jar a little bit on Tuesday, telling reporters that his effective tax rate was “probably closer to the 15 percent rate than anything,” explaining that his income came largely from investments, his book, and “speakers fees from time to time, but not very much.”

The Huffington Post reports that, in RomneyWorld, “not very much” equals $374,327.62 over a twelve-month period

From HuffPo’s Ryan Grim and Luke Johnson:

In Greenville, S.C., Romney was asked directly what his effective tax rate is. It was a hot topic of discussion at Monday night’s debate, at which Romney repeatedly declined to fully commit to release his tax returns.

“It’s probably closer to the 15 percent rate than anything,” said Romney on Tuesday. “For the past 10 years, my income comes overwhelmingly from investments made in the past, rather than ordinary income or earned annual income. I got a little bit of income from my book, but I gave that all away. Then, I get speakers fees from time to time, but not very much.”

Not very much? According to his personal financial disclosure, from February 2010 to February 2011, Romney earned $374,327.62 in speaking fees. A few months later, Romney joked that he was “unemployed.”

 

The progressive PAC American Bridge has already jumped all over Romney’s statement, releasing a web video that highlights Romney’s remark that his speaking fees amount to “not very much,” pointing out that Romney’s chump change is “more than seven times the median household income in America.”

They could have also gone with “that’s more than 37 bets with Rick Perry,” but who am I to criticize?

Tin-eared assessment of his speaking fees aside, Romney is probably wise to roll this out now (depending on what his actual tax return eventually says). He stands to suffer more from these revelations in the general election than during the primaries, so getting this information out now could blunt its impact down the road. If he’s smart, Romney will release his tax returns in fairly short order, and as long as they don’t show an effective tax rate below 15%, he should be able to get the worst of the Richie Rich attacks out of the way early.

If there’s any other embarrassing information in his tax returns, such as foreign investments, the same holds true; waiting to put them out will only amplify whatever harm they might do.

Here’s American Bridge’s new web video, which includes Romney’s remarks on his taxes, via YouTube:


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  • http://www.occupywallst.org/ (CAR)

    If Mitt released his tax returns he’d be sent to jail to bunk with Berni Madoff for life.

  • http://www.occupywallst.org/ (CAR)

    Criminal

  • http://mediamatters.org/ Leedog

    Mitt Romney is a fraud and Republicans deserve him!!

  • Anonymous

    This guy is the best cartoon of a One Percenter since the Monopoly Man.

  • http://pulse.yahoo.com/_HB62J5OFDLFHOMD3DXN2PCROKQ Matthew

    It’s convenient that Mitt Romney rhymes with ‘shit on me’

  • Anonymous

    He pays less taxes, percentage-wise, than soldiers and he complains that the rich are being taxed too much.

    “$374,327?­” laughed Romney, “Why that’s less then I paid my private chef in France while I was dodging the Vietnam War”

  • Anonymous

    I’ll never vote for him but not because he makes more money than me. He makes me feel as though I’m not worthy of the $378 per week unemployment. And I do pay income tax on that amount at the 12% rate.

  • Jardino

    Unless Mitt has most his income in offshore tax haven, the AMT (alternative minimum tax) should bite him at a marginal rate higher than 15%. He doesn’t understand his own tax return!

  • Gloves Clay Donahue

    Tax returns, sure. And then Carney dodges the transcript question. If Obama’s grades were good, they’d be framed and up on the Oval Office wall.

    White House press secretary Jay Carney is asked why President Obama hasn’t released his college transcripts. Carney dodges the question and tells the reporter, Ed Henry of FOX News, to ask the campaign.

    http://www.realclearpolitics.com/video/2012/01/17/carney_dodges_question_about_obamas_college_transcripts_i_would_refer_you_to_the_campaign.html

  • Anonymous

    Birth Certificate now grades? You guys should get Donald Trump on that…

  • http://pulse.yahoo.com/_NRXU7LAJ2DLVHPGX25WOQR3RI4 chris l

    It’s cute how the party that bows down to the Kennedy clan suddenly hates rich people.  Bwahahahahaha. 

  • Anonymous

    It’s not about rich I think its about paying your fair share.

  • Anonymous

    Come on, he is a job creator so he is required not to pay as much in taxes as the rest of us.  Afterall, there is the upkeep on his various mansions, the private jet, keeping his boys at ivy league schools, and of course running for president.  These things don’t come cheap.  Under his tax plan we would pay even more so he could pay even less.  When $400,000 is not very much for an unemployed guy that claims to be like you and me, you gotta feel sorry for him and pitch in.  Seems fair to me?

  • Anonymous

    Mitt doesn’t like “ordinary” income.

  • Anonymous

    Romney earns his income and is taxed at the capital gains level -15%

    Liberals who are bashing this don’t understand that Democrats also want capital gains to stay the same. 

    Warren Buffet, the hypocritical billionaire, wants to raise corporate taxes and federal income taxes on the rich – leaving in place capital gains, therefor allowing him to continue to be taxed at the exact same level as before.  It doesn’t cost him any money, and he gets to offer the warm fuzzy platitudes the left need to hear about “fairness.”

    The only way to achieve fairness would be flattening taxes and eliminating deductions so the corporation pays the same amount that the pizza shop does.  It brings in more revenue to the federal government and is less burdensome.

    Interesting fact for the day:  Obama’s new head of the OBM…came from Bain.

  • Anonymous

    Romney earns his income and is taxed at the capital gains level -15%

    Liberals who are bashing this don’t understand that Democrats also want capital gains to stay the same. 

    Warren Buffet, the hypocritical billionaire, wants to raise corporate taxes and federal income taxes on the rich – leaving in place capital gains, therefor allowing him to continue to be taxed at the exact same level as before.  It doesn’t cost him any money, and he gets to offer the warm fuzzy platitudes the left need to hear about “fairness.”

    The only way to achieve fairness would be flattening taxes and eliminating deductions so the corporation pays the same amount that the pizza shop does.  It brings in more revenue to the federal government and is less burdensome.

    Interesting fact for the day:  Obama’s new head of the OBM…came from Bain.

  • Anonymous

    Trump has already sent people to Obama’s school to dig up material and they can’t believe what they’re finding.

  • Anonymous

    I guess when Obama’s new head of OBM proselytizes for more tax cuts for the rich, that will be a relevant point. Till then, not so much.

  • Anonymous

    LOL Haha  Now we know why he wouldn’t release them… And I bet it is lower than 15%.

    “Corporations are people my friend”

  • Anonymous

    Question.  What does Obama’s college transcripts have to do with Romney’s wealth and amount he pays in taxes?  Apples and oranges.

  • Anonymous

    Where are all the cons? They don’t want to get near this one. lol

  • Anonymous

    Romney, the multi-millionaire running for the presidency, said he pays 15% in taxes. The rich get richer, at the expense of the working class. Here’ a multi-billionaire paying less(15%) than the average Joe who pay as much as 33%. It’s legal, but the elitist TEA-GOP-Republican party will not raise taxes on this group for any reason, but will raise taxes on every other Tom, Jerry and Harry and say these rich guys will generate jobs. The Big Banks who have been saved by Tom,m Jerry and Harry are hoarding millions and millions and they haven’t generated any jobs. This current Congress holds the economy hostage while the rich get richer. The concentration of wealth in the hands of fewer and fewer people and the concentration of power in stricter, less compassionate hands in all aspects of local, state and the federal government has colored the TEA/GOP/Republicans as the tormentors of the American dream. If you are tired of the extremist tactics and their confrontational attitude, Vote Democratic ticket.

  • Anonymous

    Conviction?

  • Anonymous

    The tax rate he pays on capital gains is the same rate everyone including you would pay on capital gains as it has been signed into law by the administration.   How is that criminal again?

  • Anonymous

    One percenters are bad and we should avoid aspirations to be one…
     
    Everyone stop playing the lottery!

  • Anonymous

    Wrong,  if the average soldiers pays about 10% of his income to Federal taxes….Romney pays 15%.  Thats 1/3 less…

    So what next?

  • Anonymous

    The unworthyness your feeling is due to the despair that is inevitable when oppurtunity is removed from society.   That tends to happen when investment is stiffled by crippling capital gains taxes…

  • http://www.occupywallst.org/ (CAR)

    So only murderer who get caught are criminals. Yes, I forgot.

  • Anonymous

    Which is what?  Please provide a percentage…

  • Anonymous

    I got an idea then.  Why don you take a risk and invest money in something, have that risk pay dividends, than you will pay 15% of those capital gains as well….

  • http://www.madcharles.com/ MadCharles

    The figures are coming out. 2 name a few:
    Clinton made 82 million in speaking fees between 03/06. John Kerry paid 12%  tax rate during his run for president.
    Romney already paid 35% on dividends in addition to an extra 15%. How about the 100 million dollar Al Gore ?
    Romney’s $300,000+ to the Mormon church is much better than Joe Bidens $235.00 total charity givings.

  • http://pulse.yahoo.com/_DVTSVY6AWWY7FGLAN2JREDKVCQ altascene

    No, no, no.  There’s no double standard here.  Clinton, Kerry, Biden, Obama, etc., are all fine, upstanding gents.  Romney, Gingrich, Perry, etc., are all racist, sexist, elitist, white, up-tight, and not all right S.O.B.s who are perfect representations of who the Republicans really are.  Get with the script, you brown-nosing rightist toadies.  The 22% of the population who define themselves as “liberal” will have none of your party-poopin’.

  • http://www.occupywallst.org/ (CAR)

    Is his capital tax rate 35%?

  • http://www.occupywallst.org/ (CAR)

    “How is that criminal again?” Multi-Millionaire’s use the corporate gains tax as a loophole of which to report their income so they don’t have to pay their fare share of taxes.

    The crime is Tax Evasion.

    Just Ask Warren Buffet:

    Buffett wrote, “Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as ‘carried interest,’ thereby getting a bargain 15 percent tax rate.… These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.”

  • http://www.occupywallst.org/ (CAR)

    Is Mitt in jail for Tax Evasion and Fraud yet? Just checking.

  • http://twitter.com/Kattyusa Katty

    Hey Car, I have some ocean-front property in AZ…apparently you’ve been into the Kool-aid.

  • Anonymous

    Joe Biden has never gotten rich as a US Senator.  His financial worth is less than a million.
    You can go ahead and stand up for a guy who doesn’t understand the fear of hunger or inability to have shelter.  After all, he ONLY made $374,327 from speaking fees – certainly just a drop in the bucket according to him, but it would pay off my mortgage and give me a comfortable living for the rest of my life.
    THAT is what is wrong with Mitt Romney.  There are rich people who know how poor people live and have gotten into the situation with them (like Bobby Kennedy) and then there are people like Mitt Romney who would never be comfortable sitting down at the table with my grandmother to eat the little food she prepared in her shabby but clean kitchen. 
    He doesn’t relate and never will.

  • Anonymous

    Mitt Romney has never worked hard enough to sweat in his life.  In fact, we would have to ask his wife if he has ever had a good sweat during sex.  The guy doesn’t know how to REALLY work and he certainly doesn’t know how to relate to anyone who does sweat on the job.

  • Anonymous

    Just paying air conditioning and occasional heat in his new 24,000 sq ft home in California would probably pay for the electric bill of a lot of poor people.

  • Anonymous

    It’s not about being rich – it is about relating to people who are poor, people who REALLY work for a living and above all, paying his damn share. and not putting his earnings off shore in the Cayman Islands so he can even escape paying the 15%.

  • Anonymous

    Why would you need to know what kind of grades he got over 20 years ago?  All you need to know is that he graduated Magna Cum Laude. 
    Did Mitt Romney graduate Magna Cum Laude?

  • Anonymous

    Oh bull shit.

  • Anonymous

    You are wrong about that.  If the soldier is stationed in a war zone, he doesn’t have to pay any taxes on his earnings.  He pays the regular rate when he returns home.

    so, Mitt Romney can clear this up by moving to Afghanistan and FINALLY putting on a US military uniform and then he can get the HUGE tax cut he wants.

  • http://www.madcharles.com/ MadCharles

    It’s Romney’s money. He earned it.  My computer is slow will you send me yours ? I’ll send you my address. I could sell mine at the garage sale. It’ll help pay my mortgage.
    If you need someone to pay your mortgage or for grandma’s food problem you might ask Bill Clinton. He’s made 87 Million  on speaking fees through 07 since he left office.And a lot more since. I have other names if you can’t connect with ol Bill.
    Get back to me on the computer thing.

  • Anonymous

    It’s not criminal.  It just isn’t fair, especially when the hardworking, middle class guy is paying 35%.  Yet, Mitt Romney is out on the stump squealing about “class warfare”.  Well.  He sure hasn’t identified how he is going to make it right.  He hasn’t identified how he is going to “close the loopholes given to people like himself but not the poor hardworking American” – you know, the one he puts disinfectant on his hands after he shakes their hand.

  • Anonymous

    Warren Buffet is right.  If the rich didn’t have “friends” in high places like the republicans in congress who continue to refuse to pass a bill removing those loopholes for “carried interest”.  That is how the bankers got away with paying so little on their “bonuses”.

  • http://www.occupywallst.org/ (CAR)

    Republicans: Working to destory America every single day.

  • http://www.occupywallst.org/ (CAR)

    Even Gingrich says Mitt Romney is a ‘cheat’ on taxes, and everyone should pay what he pays.

    http://thecaucus.blogs.nytimes.com/2012/01/17/gingrich-pokes-romney-on-taxes/

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