I was going to take today off.
My life does consist of more than computers, politics and the news.
Okay, maybe not.
But I was going to take the day off from posting. Then the former Governor from Massachusetts had to go and make some news by releasing his 2011 tax return. The 2011 tax return was expected. The notarized letter from the Romneys’ tax preparer, PricewaterhouseCoopers, LLP (PWC), not so much. The letter summarizes the Romney’s tax rates from 1990-2009. Highlights of this letter:
- In each year during the entire 20-year period, the Romneys owed both state and federal income taxes.
- Over the entire 20-year period, the average annual effective federal tax rate was 20.20%.
- Over the entire 20-year period, the lowest annual effective federal personal tax rate was 13.66%.
- Over the entire 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income.
- Over the entire 20-year period, the total federal and state taxes owed plus the total charitable donations deducted represented 38.49% of total AGI.
Team Romney then released this statement from former IRS Commissioner Fred Goldberg, who reviewed the Romneys’ tax documents:
These returns reflect the complexity of our tax laws and the types of investment activity that I would anticipate for persons in their circumstances. There is no indication or suggestion of any tax-motivated or aggressive tax planning activities. In my judgment, they have fully satisfied their responsibilities as taxpayers. They have done so by relying on a highly reputable return preparer and other advisors, who have in turn relied primarily on information provided by third parties to them and to the IRS. The end result of that process has been returns that include a multitude of schedules, IRS forms and accompanying statements that provide appropriate transparency and the proper payment of taxes that Governor and Mrs. Romney owe under current law.
I do not expect this to stop the griping from the left about Mitt’s taxes. As matter of fact, they are already having a meltdown and saying he paid too much taxes.
I’m going back to my day off now,
I mean it.