New York (HedgeCo.Net) – After months of debate as to what is in Republican Presidential Candidate Mitt Romney’s 2011 tax returns, they were made public on the campaign website. Expecting a bevy of hedge fund secrets, journalists and blogers were disappointed with the fact that the returns showed nothing out of the ordinary.
The hedge fund giant who made his fortune with Bain Capital, paid a 14.1% in taxes. Also disclosed was that the Romney’s donated about $4 million to charity in 2011.
The Romney’s voluntarily took a smaller deduction than he was entitled to for his charitable deductions. This was so that he could stay above the 13% point that he stated earlier. The Caucus blog at NYTimes.com reports that it’s possible for Mitt Romney to claim those deductions in future years.
The campaign website also released a letter from Mitt Romney’s tax preparer, Price Waterhouse Cooper, which summarized Mitt Romney’s tax returns from 1990 – 2009. This document shows that Mitt Romney’s lowest tax rate was 13.99% with his average “effective federal personal income tax rate” at 20.20%.
Over the weekend, the late night TV shows used the new information as fodder for their routines. Seth Meyers equated Mitt Romney’s 2011 tax rate “just a little less than what restaurants add on for a party of six or more.” asked why he paid so little taxes, he responded “He claimed 47% of Americans as dependents.” An allusion to the 47% of americans that the presidential candidate defined as “dependent on government” in leaked tapes of a fundraiser in Boca.
While the campaign is touting these disclosures as a way to end the discussion on Mitt Romney’s tax returns, many are wondering what is being left out.
The President Obama’s campaign refused to accept this disclosure and in a new campaign ad released in Ohio which states “Maybe instead of attacking others on taxes, he should come clean on his.”
Aaron Wormus
Writer – HedgeCo.net
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