Wednesday, January 18, 2012

Romney pays 15% tax on $200m personal fortune

Mitt Romney: the gaffes in full, Josh Marshall, The Guardian
"As a fabulously wealthy man running to be the president of a country that prides itself on its middle class identity, Romney is permanently striving for the common touch while somehow keeping it real about just how different his life is from the average Americans'."
  1. "I'm also unemployed" June 16, 2011
  2. "Corporations are people, my friend" August 11, 2011
  3. "I'm running for office for Pete's sake, we can't have illegals" October 18, 2011
  4. "I'll tell you what, ten-thousand bucks? $10,000 bet?" December 10, 2011
  5. "I like being able to fire people" January 9, 2012
  6. "There were a couple of times I wondered whether I was going to get a pink slip" January 8, 2012
  7. "It's for the great middle class – the 80 to 90 percent of us in this country" September 21, 2011
  8. "I've always been a rodent and rabbit hunter. Small varmints, if you will." April 5, 2007
  9. "Don't try and stop the foreclosure process. Let it run its course and hit the bottom." October 17, 2011
  10. "Who let the dogs out? Who, who"

I'd make one change to Josh Marshall's list of ten. That would be
"I pay 15% tax on $200m personal fortune." January 17, 2012
"More reading from the Washington Post: Romney’s tax plan would cut his own taxes by nearly half
"The revelation that Mitt Romney pays a tax rate of around 15 percent opens the door to another question: How much would his own taxes fall under the tax plan he would pass if elected president?
"Here’s the answer, according to a new analysis by Citizens for Tax Justice that was provided to me this morning. Under his plan, Romney in 2013 would see his taxes cut by nearly half of what they would be if you use current law as a baseline. 
"Another way to put this: If Romney, whose wealth is estimated at as much as $250 million, is elected president and gets his way on tax policy, he would pay barely more than half as much in taxes than he would if Obama is reelected and gets his way — and the Bush tax cuts on the wealthy expire and an additional Medicare tax as part of the Affordable Care Act kicks in."
From So What About Romney's Offshore Tax Havens?
"His vast fortune is invested in dozens of funds linked to Bain Capital LLC, the powerhouse private equity firm he co-founded and led for 15 years. Several Bain funds have offshore connections and take advantage of tax breaks used only by the U.S. financial elite.

"His tax returns could shed light on how Romney and Bain use offshore strategies to avoid taxes, said Daniel Berman, a former U.S. Treasury deputy international tax counsel and now director of tax at Boston University's graduate tax program.

"Bain funds in which Romney is invested are scattered from Delaware to the Cayman Islands and Bermuda, Ireland and Hong Kong, according to a Reuters analysis of securities filings.'
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