​Romney Tax Returns Reveal 14% Rate, Obama Paid 20%

Author: Jennifer HongBy:
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September 22, 2021

Mitt Romney’s release of his 2011 tax returns revealed a 14% bracket. The federal returns for President Barack Obama reveal that he’s in a paid 20% tax bracket in comparison to Romney.

However, the Democrats intent on making the former business executive’s wealth an issue. Within minutes after the release, the Obama campaign offered reporters 16 key questions regarding the Republican presidential candidate’s tax returns.

The Topics: His offshore investments; his continuing ties to Bain Capital, the investment firm he started in 1984 and left in 2002; his charitable deductions; and the vague details he released about two decades’ worth of returns.

The release of Romney’s returns bookends a week that opened with the release of a secretly recorded video of the GOP presidential candidate telling donors in May that the 47% of Americans who don’t pay taxes would vote for President Obama “no matter what.” That same day, his tax preparer, an accountant with the firm PwC LLP, finished his 2011 return.

The campaign said that for 2011 taxes, Romney had reduced the deductions he was claiming for charitable donations in order to maintain his promise that he had not paid less than 13% in taxes for any recent year. He also released a notarized summary of returns dating back to 1990, prepared by his accountant, saying the GOP candidate never paid an effective rate of less than 13% during that time.

Fred Slater, an accountant with the New York firm MS 1040 LLC, said that because Romney has not released actual tax forms for those years, it is impossible to know whether the conclusions of the tax accountant are accurate. “You are not showing us,” he said, “so some people will figure the worst.”

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