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Entries in Tax Returns (27)

Friday
Sep212012

Paul Ryan Weighs in on Romney’s Tax Returns

Justin Sullivan/Getty Images(Bartow, Fla.) -- Paul Ryan thinks the news that Mitt Romney decided to pay more in taxes, and not take as many charitable deductions as he was entitled to, in order to get to a 13 percent tax rate just shows “that the Romneys are extremely generous people.”

“They gave away 30 percent of their income to charity so Mitt Romney has always believed to whom much is given, much is required and he is living proof of that and this just shows you how generous the Romneys are as people,” Ryan said while visiting a fruit stand in Bartow, Fla. with his mother, Betty Douglas.

According to Romney’s 2011 tax returns released Friday, the Romneys donated 29.4% of their income to their church, the Church of Jesus Christ of Latter-Day Saints, as well as the Tyler Charitable Foundation, which donates to a variety of causes including the National Multiple Sclerosis Society and Homes for Our Troops.

Ryan was also asked about comments his friend and Wisconsin governor Scott Walker made earlier Friday saying the GOP vice presidential nominee was not being “utilized” enough by the Romney campaign.

“Oh, he’s just a good backer of mine, I feel very good about it,” Ryan said. “Look, I’m doing the things I want to do, I was excited to go to AARP today, decided to go the Values Voters Summit, I -- look at what we’re doing. We’re talking to local people, going around the country, talking to local press, I’m excited about my role and I feel very comfortable with it.”

While buying tangerines coincidentally at a place called “Walker’s Fruit Stand,” he said he feels like he is “absolutely” being utilized enough.

Ryan said he has “come to expect” the unwelcome reception he received earlier Friday when he addressed the AARP.

“Entitlement reform has unfortunately been made very partisan by partisans and so I have gotten that kind of reaction and unfortunately it’s what we’ve come to expect because the politics of reforming entitlements has become very bitter and it’s very unfortunate  because if we let the politics get the best of us -- these problems are going to get out of our control,” Ryan said. “We’ve got to fix Medicare before it goes bankrupt.”

Ryan was booed consistently at his address to the AARP’s national convention especially when he pledged to repeal the president’s signature health care legislation, also known as Obamacare.

Copyright 2012 ABC News Radio

Friday
Sep212012

Mitt Romney Paid 14.1 Percent Tax Rate in 2011

Mario Tama/Getty Images(LAS VEGAS) - After months of criticism for not being transparent enough as a presidential candidate, Mitt Romney has filed his 2011 tax returns which the campaign says shows the presidential candidate paid a 14.1 percent tax rate.

Romney paid $1.9 million in taxes on $13.7 million in income for the year 2011.

The rate falls in line with Romney's estimate back in August that he had paid "13.6 [percent] or something like that."

In a surprise move, the campaign will also release a summary of 20 years of returns. Romney had previously pledged to only release the two most recent years of returns.

The full returns for 2011 will be posted later Friday afternoon, as will health reports for both Romney and Ryan.

According the campaign, the Romneys donated nearly 30 percent of their income to charity in 2011.

The release of Romney's full 2011 return and the 20 years of summaries comes after months and months of hounding by Democrats for the documents, who argued that Romney's lack of transparency was worrisome for a could-be president.

Romney's tax saga has been ongoing since January, when in a hastily arranged press conference after a dismal showing at a rally just days before the South Carolina primary, he disclosed that his tax rate was "probably closer to the 15 percent rate."

At that time, Romney said it was traditional for nominees to release their returns in April -- "tax season," he explained -- but the candidate back pedaled just days later, when in an interview with Fox News' Chris Wallace he announced he would, in fact, release the documents.

He told Wallace at the time that he'd "made a mistake for holding off" as long as he had in releasing them.

So on Jan. 24 he took the plunge, releasing his 2010 returns and an estimate of 2011 returns, which weren't ready yet, his campaign said.

His 2010 releases show that Romney took in $21.7 million in income in 2010 and paid $3 million in taxes, a tax rate of just under 14 percent.

The returns also show that Romney gave $3 million in charitable donations in 2010, including $1.5 million to the Mormon church.

As calls intensified for him to release as many as 10 years of returns, Romney continued to point to Sen. John McCain as his role model on the issue, highlighting that McCain only released two years of his tax returns, and maintaining that he had done everything "required of him by law" when it came to his financial documents.

But the criticism only continued when it emerged that Romney's campaign had requested "several years" of tax returns from those who were vetted as potential vice presidential candidates.

The focus on Romney's tax returns has long irritated Romney advisers, who felt the issue took Romney off message and dominated the news cycle when they would have rather it be focused on the economy.

For example, during a press conference in August that was meant to focus on his Medicare plan, Romney was dogged about his tax rate, the candidate asked whether he'd kept his promise to ABC News, which he made during an interview in Jerusalem, to "go back and look" and see if he'd ever paid a tax rate lower than 13 percent.

"I did go back and look at my taxes and over the past ten years I never paid less than 13 percent," Romney said at the time.

So why did Romney wait so long -- and until Election Day was so close -- to release his returns? The candidate and his wife told Parade magazine in August that one of the reasons they have been hesitant to release their financial documents is due to the amount of money they give the Mormon church.

"Our church doesn't publish how much is given," Romney told the magazine. "One of the downsides of releasing one's financial information is that this is now all public, but we had never intended our contributions to be known. It's a very personal thing between ourselves and our commitment to our God and to our church." 

======= SEE THE FULL DOCUMENTS =======

2011 Mitt & Ann Romney Return
http://abcn.ws/Q2PpAy

2011 Mitt Romney Trust Return
http://abcn.ws/NHfa9e

2011 Ann Romney Trust Return
http://abcn.ws/QIuVKY

2011 Family Trust Return
http://abcn.ws/Sci46E

Physician's Letter on Mitt Romney's Health
http://abcn.ws/SfChd0

Copyright 2012 ABC News Radio

Wednesday
Sep052012

Hackers Obtain Mitt Romney’s Tax Returns?

Chip Somodevilla/Getty Images(WASHINGTON) -- Someone claims to have stolen years of Mitt Romney’s tax returns from a Tennessee office of the financial firm PricewaterhouseCoopers, and the Secret Service is investigating what appears to be a ransom scheme.

The local Democratic and Republican parties in Williamson County, Tenn., where the PricewaterhouseCoopers office is located, both received packages, each containing a thumb drive and a letter outlining a competitive-bidding ransom scheme that appears designed to pit Republicans and Democrats against each other over the release of Romney’s taxes.

The letters stated an intention to publish Romney’s tax returns on Sept. 28, unless $1 million is deposited in a Bitcoin (Internet currency) account, according to Williamson County Democratic Party Chairman Peter Burr, who said both he and his Williamson County GOP counterpart received similar packages.

The Secret Service took the package from him after the local GOP contacted authorities, Burr said. The Secret Service confirmed to ABC News that it is investigating the ransom scheme.

The apparent hackers presented “two options,” Burr said. “If somebody wanted to prevent the publication of these tax records, they needed to put a million dollars into this Bitcoin account…that was to prevent them from going ahead and publishing it on September 28th. Then they went on to say that if you want to ensure that this is published before September 28th, you have the option of contributing a million dollars to this other Bitcoin account … and if you win the race … the other side will not be able to prevent the publication.”

PricewaterhouseCoopers acknowledged the scheme, first reported by the tech website Mashable, in a statement to ABC News.

“We are aware of the allegations that have been made regarding improper access to our systems. We are working closely with the United States Secret Service, and at this time there is no evidence that our systems have been compromised or that there was any unauthorized access to the data in question,” the firm said.

Copyright 2012 ABC News Radio

Friday
Aug242012

Romney Says It’s Tithing That Keeps Him from Releasing Tax Returns

J.D. Pooley/Getty Images(HOPKINS, Minn.) -- Mitt Romney has offered a new explanation for his resistance to releasing more than two years of tax returns, telling Parade Magazine that he never intended for the amount of money he gives to the Mormon church to be made public.

“Our church doesn’t publish how much people have given,” Romney told Parade Magazine in an interview that will appear in the Aug. 26 issue of the magazine.

“This is done entirely privately,” he said.  “One of the downsides of releasing one’s financial information is that this is now all public, but we had never intended our contributions to be known.  It’s a very personal thing between ourselves and our commitment to our God and to our church.”

Ann Romney, who joined her husband for the interview, added, “When Mitt and I give that check, I actually cry.”

Romney’s remarks about tithing come after months of criticism that the candidate has refused to release more than two years of tax returns, instead releasing 2010 in full and an estimate for his 2011 returns.  A full 2011 tax return is expected later this year.

Up until now, Romney has said that his resistance to make more tax returns public was born out of a concern that Democrats would use them to formulate more opposition research against him.

Copyright 2012 ABC News Radio

Friday
Aug172012

Paul Ryan Releases Two Years of Tax Returns

Win McNamee/Getty Images(ARLINGTON, Va.) -- Paul Ryan released two years of his tax returns Friday, revealing that he paid a higher tax rate than his running mate, Mitt Romney.

The returns show that Ryan and his wife, Janna, paid an effective tax rate of 15.9 percent in 2010 and an effective rate of 20 percent in 2011.

Those rates equal $34,233 of taxes in 2010 on an income of $215, 417 and $64,764 on an income of $323,416  in 2011. In tax returns released in January, Mitt Romney reported an effective tax rate of 13.9 percent on $21.7 million in income in 2010 and 15.4 percent on $20.9 million in 2011.  His 2011 return was only an estimate; the campaign says it will release the final return at some point before the election. The Friday evening release comes just days after the Obama campaign called on Romney to release more returns. The Romney campaign responded saying it would not.

According to financial disclosures released to Congress before Ryan joined the GOP ticket, Romney has assets worth between $2 million and $7.7 million.

Slightly more than half of the Ryans’ income in the two years released came from Rep. Ryan’s congressional salary. The rest of their earnings came from real estate, royalties, a family trust and other sources.

One item originally left out of Ryans’ tax returns, but added as an amendment, was a trust valued at between $1 million and $5 million left to his wife after her mother, Prudence Little, died in 2010. They paid a $59 penalty for underestimating their taxes.

“The required K-1 form from the Prudence Little Living Trust had not been received by the filing deadlines for the PFD and the tax return, and therefore was omitted on the originally-filed documents. When the K-1 form was later received, the omission was realized and corrected,” said Ryan spokesperson Brendan Buck.

Like the Romneys, the Ryans gave a portion of their income to charity, donating $12,991 in 2011 and $2,600 in 2010.

On Saturday Ryan campaigns with his 78-year-old mother in the largest retirement community in the world, The Villages, in central Florida. He will focus on Medicare, an issue that since Ryan’s selection has become a defining one of the campaign.

Copyright 2012 ABC News Radio

Friday
Aug172012

Obama Camp to Romney: Five Years of Tax Returns and We'll Lay Off

Justin Sullivan/Getty Images(WASHINGTON) -- Obama campaign manager Jim Messina has promised the campaign will stop pressing Mitt Romney on his tax returns if the presumptive Republican presidential nominee releases five years of returns.

In a letter to Romney campaign manager Matt Rhoades, Messina writes, "Governor Romney apparently fears that the more he offers, the more our campaign will demand that he provide.  So I am prepared to provide assurances on just that point: if the Governor will release five years of returns, I commit in turn that we will not criticize him for not releasing more -- neither in ads nor in other public communications or commentary for the rest of the campaign."

The five years Messina is requesting covers "the complete returns for 2007-2012," which he says "would appropriately span all the years that he has been a candidate for President."

"It would also help answer outstanding questions raised by the one return he has released to date, such as the range in the effective rates paid, the foreign accounts maintained, the foreign investments made, and the types of tax shelters used," he continues.

So far, Romney has released his tax returns for 2010 and a preliminary filing for 2011.

"To provide these five years, the Governor would have to release only three more sets of returns in addition to the 2010 return he has released and the 2011 return he has pledged to provide.  And, I repeat, the Governor and his campaign can expect in return that we will refrain from questioning whether he has released enough or pressing for more," Messina concludes.

Rhoades responded to Messina's letter, saying, "It is clear that President Obama wants nothing more than to talk about Governor Romney’s tax returns instead of the issues that matter to voters, like putting Americans back to work, fixing the economy and reining in spending."

"If Governor Romney’s tax returns are the core message of your campaign, there will be ample time for President Obama to discuss them over the next 81 days," he continued.  "In the meantime, Governor Romney will continue to lay out his plans for a stronger middle class, to save Medicare, to put work back into welfare, and help the 23 million Americans struggling to find work in the Obama economy."

Copyright 2012 ABC News Radio

Friday
Aug032012

Mitt Romney Tells Harry Reid to ‘Put Up or Shut Up’ on Tax Return Accusation

Tom Williams/CQ Roll Call(LAS VEGAS) -- Mitt Romney has a message for Harry Reid: “put up or shut up.”

The Senate Majority Leader twice this week has repeated a wildly speculative rumor, that Mitt Romney did not pay any taxes for 10 years.

“The word’s out that he hasn’t paid any taxes for ten years,” Sen. Reid, D-Nev., said of Romney on the Senate floor Thursday. “Let him prove that he has paid taxes, because he hasn’t.”

Reid was repeating what he had originally said in an interview with the Huffington Post earlier in the week, in which he recalled that a month ago someone who invested with Bain Capital called his office to say that Romney “didn’t pay any taxes for 10 years.”

Romney is the former CEO of Bain Capital, but left the company in 1999. Reid freely admitted he couldn’t substantiate the charge and he didn’t really even know if it was true. But he repeated it anyway.

“He didn’t pay taxes for 10 years! Now, do I know that that’s true? Well, I’m not certain,” said Reid to the Huffington Post based on information provided, he says, by an informant. “But obviously he can’t release those tax returns. How would it look?”

On Friday Romney fired back at Reid working the rumor mill and called on the Majority Leader to reveal his informant.

“I have paid taxes every year and a lot of taxes, a lot of taxes,” Romney said Friday in Las Vegas. “Harry is simply wrong, and that’s why I’m so anxious for him to give us the names of the people who have put this forward. I wouldn’t be at all surprised to hear the names are people from the White House or the Obama campaign or who knows where they’re coming from.”

Or better yet put simply, “Harry Reid really has to put up or shut up,” Romney said.

Democrats have criticized Romney for not releasing more than two years of his tax returns. But there has never been anything to suggest that Romney’s tax bill was zero. It is possible, however unlikely, that someone like Romney who pays most of his taxes in the form of capital gains could legally pay no taxes in the year after a big loss.

The presumptive GOP candidate has said he always paid all of the taxes he was required by law to pay. But he has said releasing more tax returns would likely not quiet critics. Romney has so far released his 2010 returns and an estimate for 2011. Those two years are all Romney says he will release, arguing that no matter how many years he releases critics will always want more.

Copyright 2012 ABC News Radio

Tuesday
Jul312012

Sen. Harry Reid Spreads Rumor About Mitt Romney’s Tax Returns

Bill Clark/CQ Roll Call(WASHINGTON) -- Senate Majority Leader Harry Reid, D-Nev., in an interview with the Huffington Post, was apparently happy to spread a totally unsubstantiated rumor regarding Gov. Mitt Romney.

Democrats have criticized Romney for not releasing more than two years of his tax returns -- he argues that's all the law requires.

The presumptive GOP candidate has said he always paid all of the taxes he was required by law to pay, and has said releasing more tax returns would likely not quiet critics.

There has never been any evidence to suggest that Romney’s tax bill was zero -- but that didn't stop Sen. Reid from repeating a third-hand rumor that Romney hasn't paid taxes in a decade.

In an interview with the Huffington Post, Reid said that a month ago someone who invested with Bain Capital, called his office to say that Romney, “didn’t pay any taxes for 10 years.”

“He didn’t pay taxes for 10 years! Now, do I know that that’s true? Well, I’m not certain,” said Reid. “But obviously he can’t release those tax returns. How would it look?"

“You guys have said his wealth is $250 million,” Reid continued. “Not a chance in the world. It’s a lot more than that. I mean, you do pretty well if you don’t pay taxes for 10 years when you’re making millions and millions of dollars.”

Reid has in the past called on Romney to release more of his tax returns just as the Obama campaign and other top Democrats have. But the interview marked the first time Reid has suggested that, per his informant, Romney had not paid taxes for a decade.

The majority leader said that Romney’s father, George Romney would be, “embarrassed about this son.” George Romney turned over 12 years of his own tax returns when he ran for president.

Romney has so far released his 2010 returns and an estimate for 2011. Those two years are all Romney says he will release, arguing that no matter how many years he releases critics will always want more.

Copyright 2012 ABC News Radio

Tuesday
Jul312012

Romney Campaign Mum on Previous Tax Rates, Audit

ABC News(WASHINGTON) -- Mitt Romney‘s presidential campaign has not yet clarified if the candidate has ever paid less than a 13.9 percent tax rate.

Romney has said he’ll only release two years of tax returns, but he told ABC’s David Muir over the weekend that he didn’t know offhand if he’d ever paid a rate lower than the 13.9 percent he paid in 2010.  Romney suggested that he would look into it.

“I haven’t calculated that,” said Romney.  “I’m happy to go back and look, but my view is I’ve paid all the taxes required by law.”

As proof that he had paid all the taxes required by law, Romney said to Muir that he had been audited in the past.

The Romney campaign did not respond Monday to questions about when, specifically, the audit took place.

“The audit did not result in a fine or penalty.  Mitt Romney has fully complied with U.S. law and he has paid 100 percent of what he has owed,” said Ryan Williams, a campaign spokesman.

Brad Malt, the trustee who handles Romney’s personal finances, has said there was an audit that took place more than a decade ago.

“Governor Romney has not been audited by the IRS in the last 10 years,” Malt said in January.

In a statement Monday, campaign spokeswoman Gail Gitcho did not say what tax rate Romney has paid in the past or whether he ever paid less than 13.9 percent of his income, but she did reiterate that he has paid all the taxes he legally had to pay.

“Mitt Romney has paid his taxes in full compliance with U.S. law, and he has paid 100 percent of what he has owed,” she said in a statement to ABC News.  “As has previously been reported, in 2011, the Romneys will pay more than $3.2 million in taxes on $20.9 million in mostly investment income and will have donated more than $4 million to charity.  In 2010, The Romneys paid more than $3 million in taxes on $21.6 million in mostly investment income and donated nearly $3 million to charity.”

Gitcho pointed out that the Romneys have released hundreds of pages of tax returns from 2010 and provided an estimate for what they paid in 2011.  The final 2011 returns are expected when they are completed.

Copyright 2012 ABC News Radio

Monday
Jul302012

Romney Not Sure If He’s Paid Less Than 13.9% in Taxes

ABC/Ida Mae Astute(JERUSALEM) -- Mitt Romney could not say on Sunday whether he had ever paid a tax rate lower than 13.9 percent, saying he would have to “go back and check.”

In an exclusive interview with ABC News’ David Muir, Romney was asked if there has ever been a year when he paid less than 13.9 percent, the rate he paid in 2010.

“I haven’t calculated that,” said Romney.  “I’m happy to go back and look, but my view is I’ve paid all the taxes required by law.”

“From time to time I’ve been audited as it happens, I think, to other citizens as well, and the accounting firm which prepares my taxes has done a very thorough and complete job pay taxes as legally due,” he said.  “I don’t pay more than are legally due.”

Pressed on whether he’d really go back and look for his tax rates as he suggested, Romney said, “I haven’t looked at the tax rate paid year by year.”

“I know that I pay a very substantial amount of taxes and every year since the beginning of my career so far as I can recall,” he said.

Romney has faced mounting pressure from both Democrats and Republicans who say he should release more years of tax returns in the name of transparency.

He has so far released his 2010 returns and an estimate for 2011.  Those two years are all Romney says he will release, arguing that no matter how many years he releases critics will always want more.

Copyright 2012 ABC News Radio







ABC News Radio