Tax Expert: “Romney Paid 13% in 2009? I Call BS”
Posted by Phoenix Woman on August 17, 2012
From Victor Fleischer, a tax expert whose words Congress heeds:
Romney is claiming that he paid at least 13% in taxes every year. I call bullshit. As discussed here,
Romney had a capital loss carryover in 2010, which means that he
realized so many capital losses in 2009 that he couldn’t use them all to
offset capital gains.What’s interesting is that Romney’s claim could be literally true but
misleading — which means that Romney is full of bullshit, but not a
dirty liar. Suppose, for the sake of argument, that a wealthy taxpayer
earned $1 million in speaking fees (ordinary income), had a portfolio of
investments that increased in value from $100 million to $150 million,
and realized $10 million in capital gains and $15 million in capital
losses. Net income for tax purposes for the year would be negative, and
the taxpayer would pay close to $350,000 in income tax, and would carry
forward a capital loss of $5 million. This would show up as a high tax
rate – 35% of the $1 million in ordinary income — but doesn’t fairly
reflect his economic income.
Go read the whole thing. It’s quite incisive.
4 Responses to “Tax Expert: “Romney Paid 13% in 2009? I Call BS””
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MEC said
I do so want an Obama spokesperson to quote St. Ronald Reagan, “Trust but verify,” in response to Mitt making claims about his tax returns while refusing to present the evidence.
Charles II said
Rachel did a segment on how Romney lied about what his tax returns said back when he ran for governor. He claimed to have paid taxes in Massachusetts to qualify for candidacy, but when he was finally forced to open his returns, they said he paid taxes in Utah.
So, why believe him now?
anun said
WHEREFORE ART THOU, MITT ROMNEY?
By Ralph Maxwell
O, Romney-O, Romney-O, Wherefore art thou, Mitt Romney?
You flip-flop here, you flip-flop there,
You flip-flop almost ev’rywhere.
You ballyhoo what you’re gonna do
And then you pull a switcheroo;
You now malign what you found fine;
Seems like you’ve got a jellyfish spine.
Obamacare, by you begun,
Now you’d trash it on day one.
Gun control you did extol,
But now you’re preaching decontrol.
Charles II said
Too bad today’s generation doesn’t have the sense of the Greatest Generation.
The kid asking Maxwell questions obviously did not twig to where Maxwell said he was stationed, Dutch Harbor