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01-24-2012, 03:56 AM
Republican presidential candidate Mitt Romney reportedly paid about $3 million in federal income taxes in 2010 on income of $21.7 million.
Romney's tax returns show most of his income came from investments. He also gave nearly $3 million combined to charitable causes and the Mormon Church, helping reduce his effective tax rate to less than 14%.
The former Massachusetts governor agreed to make public his 2010 federal tax returns, and his estimates for 2011, after opponents on both the left and right charged that he was hiding his income and assets. The issue has dogged his campaign in recent weeks and contributed to his loss to Newt Gingrich in Saturday's South Carolina primary.
Gingrich and his wife, Callista, paid $994,708 in federal taxes on gross income of $3,142,066 in 2010, according to copies of the couple's return. The 31.5% tax rate paid by the Gingriches is more than double the amount that Romney reportedly paid on his much larger income.
On the campaign trail, Romney touts the investments he led in big-growth companies such as Staples and Sports Authority, which now have tens of thousands of employees. His opponents, including his GOP competitors, have portrayed him openly as a greedy Wall Street "financial engineer" who made huge profits even when workers at firms he acquired suffered.
Romney's taxes were first reported early Tuesday in the Wall Street Journal and the Washington Post, which received advance copies of the candidate's return.
Romney's campaign plans to discuss his returns in depth with reporters Tuesday.
Just curious?
http://www.latimes.com/news/nationworld/...4824.story
Romney's tax returns show most of his income came from investments. He also gave nearly $3 million combined to charitable causes and the Mormon Church, helping reduce his effective tax rate to less than 14%.
The former Massachusetts governor agreed to make public his 2010 federal tax returns, and his estimates for 2011, after opponents on both the left and right charged that he was hiding his income and assets. The issue has dogged his campaign in recent weeks and contributed to his loss to Newt Gingrich in Saturday's South Carolina primary.
Gingrich and his wife, Callista, paid $994,708 in federal taxes on gross income of $3,142,066 in 2010, according to copies of the couple's return. The 31.5% tax rate paid by the Gingriches is more than double the amount that Romney reportedly paid on his much larger income.
On the campaign trail, Romney touts the investments he led in big-growth companies such as Staples and Sports Authority, which now have tens of thousands of employees. His opponents, including his GOP competitors, have portrayed him openly as a greedy Wall Street "financial engineer" who made huge profits even when workers at firms he acquired suffered.
Romney's taxes were first reported early Tuesday in the Wall Street Journal and the Washington Post, which received advance copies of the candidate's return.
Romney's campaign plans to discuss his returns in depth with reporters Tuesday.
Just curious?
http://www.latimes.com/news/nationworld/...4824.story
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01-24-2012, 04:37 AM
Over the past 3 years ive paid in around 18% federal.
Each year ive got a pretty healthy tax return though.
Each year ive got a pretty healthy tax return though.
01-24-2012, 06:36 AM
I don't know what I pay percentage wise for federal, but I it is around 35% total, federal, state, and all other taxes. I get a small return back at the end of the year, because of work related deductions(motel or a campsite for my rv, mileage travel to come home on the weekends).
01-24-2012, 01:21 PM
WOW, y'alls taxes are much higher than I thought people paid.
Do you pledge at your churches, if you go.
The IRS considers me "self-employed" and I am subject to some big tax-rate that I have already forgotten.
Due to that, a lady that teaches tax-classes at LWC told me to have the treasurer at the churches I serve consider my tithes/offerings as pledges, and to record the amount every week/every-time I give.
For someone that makes less than $20,000 my tax-rate would have been the same as a small business owner. For some reason that is how the IRS views Pastors, lol. I never want to be the person that "brags" about what they donate or give, because that is not the intention. I only tell you this so you may know a way to help out a cause that is close to your heart, but due to the amount that I gave to the churches, gas receipts, ministry/"business" expenses, etc... I paid in nothing.
I am sure when I get into a higher tax-bracket one day, I will have to pay in, one way or another, but for someone in any other job, with my income, they would probably get money back, instead of paying in. Yet, the IRS would have had me pay in something over 25% of it back.
Utilize your local charity or church, if you are willing to give, they are willing to help you as well. Just remember to ask the treasurer or the charity to keep a yearly record.
I hope this helps some of you. Some of you may make so much money that there is no way around it. I wont pretend to know tax law. However, it can only help, I'm sure.
Do you pledge at your churches, if you go.
The IRS considers me "self-employed" and I am subject to some big tax-rate that I have already forgotten.
Due to that, a lady that teaches tax-classes at LWC told me to have the treasurer at the churches I serve consider my tithes/offerings as pledges, and to record the amount every week/every-time I give.
For someone that makes less than $20,000 my tax-rate would have been the same as a small business owner. For some reason that is how the IRS views Pastors, lol. I never want to be the person that "brags" about what they donate or give, because that is not the intention. I only tell you this so you may know a way to help out a cause that is close to your heart, but due to the amount that I gave to the churches, gas receipts, ministry/"business" expenses, etc... I paid in nothing.
I am sure when I get into a higher tax-bracket one day, I will have to pay in, one way or another, but for someone in any other job, with my income, they would probably get money back, instead of paying in. Yet, the IRS would have had me pay in something over 25% of it back.
Utilize your local charity or church, if you are willing to give, they are willing to help you as well. Just remember to ask the treasurer or the charity to keep a yearly record.
I hope this helps some of you. Some of you may make so much money that there is no way around it. I wont pretend to know tax law. However, it can only help, I'm sure.
[SIGPIC][/SIGPIC]
01-24-2012, 03:07 PM
^
Exactly.
Exactly.
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