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The Romney campaign is releasing Mitt and Ann Romney's 2011 tax return today. The campaign previews a few of the highlights here:

In 2011, the Romneys paid $1,935,708 in taxes on $13,696,951 in mostly investment income.

The Romneys’ effective tax rate for 2011 was 14.1%.

The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income.

The Romneys claimed a deduction for $2.25 million of those charitable contributions.

The Romneys’ generous charitable donations in 2011 would have significantly reduced their tax obligation for the year. The Romneys thus limited their deduction of charitable contributions to conform to the Governor's statement in August, based upon the January estimate of income, that he paid at least 13% in income taxes in each of the last 10 years.

Additionally, the Romney campaign is releasing a summary of 20 years of taxes, between 1990-2009, detailing their tax expenditures during those years:

Fat Cat wrote:

Gene wrote:

Fat Cat wrote:

Did you all know if you depress that slide back about 1/4 inch the disconnector will block the hammer? Then all you got is an expensive club. Another fun fact from us Neanderthal Hicks in Fly Over Country.

Fat Cat wrote:

Gene wrote:

Fat Cat wrote:

Did you all know if you depress that slide back about 1/4 inch the disconnector will block the hammer? Then all you got is an expensive club. Another fun fact from us Neanderthal Hicks in Fly Over Country.

Did you know that your brains would be all over the next lane before your fat little fingers got anywhere near a firearm leveled at your face? Another fun fact from reality.

Republican presidential nominee Mitt Romney on Friday announced that he will not take all the charitable deductions to which he was entitled for his 2011 taxes, in order to keep his tax return from falling below a threshold that would falsify an earlier assertion that he'd never paid lower than a 13 percent tax rate. . . .

Romney has asserted that he does not believe in paying more taxes than required.

"I don't pay more than are legally due and frankly if I had paid more than are legally due I don't think I'd be qualified to become president," Romney has previously said. "I'd think people would want me to follow the law and pay only what the tax code requires."

Fat Cat wrote:

protobuilder wrote:I can't believe the Republicans are running this guy.

Republican presidential nominee Mitt Romney on Friday announced that he will not take all the charitable deductions to which he was entitled for his 2011 taxes, in order to keep his tax return from falling below a threshold that would falsify an earlier assertion that he'd never paid lower than a 13 percent tax rate. . . .

Romney has asserted that he does not believe in paying more taxes than required.

"I don't pay more than are legally due and frankly if I had paid more than are legally due I don't think I'd be qualified to become president," Romney has previously said. "I'd think people would want me to follow the law and pay only what the tax code requires."

Adjust the charitable donations deduction to conform to one statement on the campaign trail, and inadvertently agree that you're not qualified to become President.

climber511 wrote:Just goes to show how messed up the tax code is. The average guy making 50K a year pays the same rate - not the same dollar number but still - having a big tax rate for the rich but then having a code that allows such manipulation is kind of a waste of time. The only rich people who pay the max rate have really bad accountants and advisers.

Fuzzy Dunlop wrote:

climber511 wrote:Just goes to show how messed up the tax code is. The average guy making 50K a year pays the same rate - not the same dollar number but still - having a big tax rate for the rich but then having a code that allows such manipulation is kind of a waste of time. The only rich people who pay the max rate have really bad accountants and advisers.

You're implying that if everyone paid the same rate that would be "unfair". Please explain your reasoning.

climber511 wrote:Just goes to show how messed up the tax code is. The average guy making 50K a year pays the same rate.

johno wrote:^^^More Bright, Shiny Distractions.

Obama Economy = FAIL
Obama Foreign Policy = FAIL
When somebody does not do the job, we gotta let him go.

climber511 wrote:

Fuzzy Dunlop wrote:

climber511 wrote:Just goes to show how messed up the tax code is. The average guy making 50K a year pays the same rate - not the same dollar number but still - having a big tax rate for the rich but then having a code that allows such manipulation is kind of a waste of time. The only rich people who pay the max rate have really bad accountants and advisers.

You're implying that if everyone paid the same rate that would be "unfair". Please explain your reasoning.

Not what I mean at all - I like the flat tax idea - but if you have the where with all to set your finances up to take advantage of all the various deductions available in the tax code - you can lower your tax rate enormously. The guy at the bottom - or even most in the middle can't do all that usually - as they have to spend most of their money just to live.

climber511 wrote:A.Just goes to show how messed up the tax code is.

B.The average guy making 50K a year pays the same rate

nafod wrote:

climber511 wrote:Just goes to show how messed up the tax code is. The average guy making 50K a year pays the same rate.

That guy probably doesn't donate $4M to charity.

powerlifter54 wrote:

climber511 wrote:A.Just goes to show how messed up the tax code is.

B.The average guy making 50K a year pays the same rate

A. Correct

B. Wrong. Unless the average guy is single, he isn't paying close to 14%, and if he has kids the max for EITC is over 50K in 2012, so is not only not paying any taxes, he is getting money back to boot.