Tuesday, January 24, 2012

Mitt Romney To Pay $2.99 In Taxes For 2010-2011


by Marinol Mota, TYDN Business Affairs Writer
NEW YORK -- (TYDN) Venture capitalist and GOP presidential hopeful Mitt Romney released his 2010 tax returns Tuesday and an estimate for 2011 showing he is likely to pay $2.99 in taxes on income of $42.5 million over the two-year period, TheYellowDailyNews has learned.

The tax records show Romney and his wife, Ann, paid an effective tax rate of 0.00001 percent on their adjusted gross income in 2010. The estimate is the same for 2011.

Analysts said it marked the first time in the nation's history that a presidential candidate had ever paid taxes.

Well-placed Romney campaign operatives, speaking to TheYellowDailyNews on condition of anonymity because of the sensitivity of the topic, said Romney is expected to seize on the publication of his tax returns in the upcoming GOP presidential debates.

"He will highlight the injustice of him being taxed $2.99 by showing that he could have paid his limo driver an extra 3 cents a week had his income not been taken from him and given to welfare crack moms," a Romney campaign official with knowledge of the upcoming debates said in an exclusive interview with TheYellowDailyNews.


The tax data were first reported by TheYellowDailyNews in Tuesday's editions. The Pulitzer-prized winning news outlet was provided documents in advance of the wider media release later in the day.

Economists interviewed by TheYellowDailyNews said Romney's tax returns highlight that the rich are paying too much taxes, which is hurting the overall economy.

"That the Obama administration stole $2.99 from Romney shocks the conscience," Princeton financial scholar Howard Cashman said in an exclusive interview with TheYellowDailyNews. "That's $2.99 that could have been stimulating the economy."

According to the Tax Foundation, the average effective American tax rate is about 11 percent of adjusted gross income.


Photo: DonkeyHotey/Flickr

5 comments:

Sharon said...

I am wondering why this $2.99 is a big issue for Romney, when in fact, people who belong to low-income family need to pay higher taxes. Now, I am thinking of the negative things and results of Romney's proposition to increase the taxes of low-income families while giving the privilege of tax cuts to people who belong to high class economy. Well, that's if he'd win the presidential race. irs form 2290

Ryan Donovan said...

I had been unaware of the reality that I really could have already been claiming additional tax deductions as well as my standard deduction all these years, did anyone else? I thought you could only take the Standard deduction and that was all. There are many more tax deductions that are to be claimed while also claiming the standard deduction the IRS allows. Find out what the deductions are here: http://tax-defense-network-deductions.com/facts-about-deductions/tax-defense-network-standard-deduction/

Therence Sim said...

Penalty abatement brings much relief to a taxpayer because many times penalties can add as much as 25 percent of the total tax debt.

Kimberly Mullin said...

That's why it's better to apply for the IRS earlier than later to avoid any penalties for the tax you are going to pay. And what's good about it is that there's already a form 2290 electronic filing which will be more convenient for the taxpayers. All forms as well, were made available online for payers' own benefit.

Indiana Gepp said...

The properties of the politicians should be transparent to the public. News about their taxes is not new to us because this kind of news always comes out everytime that there is a running politician.