It's All About Offshore Accounts and Effective Tax Rates

Posted on July 18, 2012 at 11:39 am by Bob Cesca

I’m almost positive that Romney isn’t releasing his tax returns because they’ll show he paid a ridiculously low effective tax rate for many, many years.

In 2010, the only year he’s released, Romney paid an effective tax rate of 13.9 percent. That’s basically the same as the marginal tax rate paid by a married couple earning $17,400 – $70,700 (give or take). The Romneys earned $21.6 million in 2010.

Some experts are speculating that Romney’s other returns could show an even lower effective rate.

And then he’s going to tell his followers that taxes in America are too high? Hilarious.

(h/t Jennifer Mayer Attorney at Law)

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  • http://www.politicalruminations.com/ nicole

    I believe that there are probably a couple of years [at least] during which he pretty much paid zero in taxes.
    I also don’t think that he will ever release those returns to the general public.

  • ElayneB

    They could also show donations to groups such as Planned Parenthood and NOW that his rabid base would never forgive him for.

  • muselet

    And Mitt Romney is doing this while complaining about the Obama administration’s supposed lack of transparency.

    –alopecia

  • JoyP

    I would venture to say that the majority of independent voters that Romney NEEDS to win this election file an income tax return. The fact that Romney will not pony up his returns as has been set by precedent reeks to independent voters. While we can relate that no one likes to pay taxes and we find ways to lessen our tax burden, we do it anyway. It’s a fact of middle class life. For the average person who dutifully files his return and pays his fair share of taxes, Romney’s refusal smacks of privilege and secrecy, that rich politicians are immune to scrutiny. I’m sure his returns are accurate and that he has taken advantage of every legal loophole there is. No one is saying he violated IRS laws but I think the refusal to release the returns is a big problem for Romney among undecided voters. Let’s face it, rich people can contribute mega-millions, but they only have one vote. Most of us can’t relate to off-shore accounts but we can relate to off-shoring.

  • R CB

    I think we are entering remarkable territory here. Romney is, today, the PRESUMPTIVE Republican nominee. I’m beginning to wonder if the party is willing to roll the dice on this man at the convention, knowing full well that the information in the returns is (we can only assume at this point) fatal to his campaign. What scenario might actually unfold, I have no idea. But I simply cannot see the Republicans (or the Democrats if the shoe were on the other foot) putting their faith behind a man who is actively – and openly! – hiding relevant information that every candidate in recent elections has released voluntarily. Simply amazing.