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View Diary: Harry Reid Won't Back Down! Hammers Romney in Op-Ed on 47% comment and tax returns. (106 comments)

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  •  gotta admit Harry has kept romneys tax returns (4+ / 0-)

    front and center....

     Forbes magazine article 09-25-2012 is worthy of a close read...

    The Romneys chose to forgo a 2011 deduction for $1.8 million of their gifts, to get their tax rate up to 14.1 percent. Without that gesture, their tax rate would have been far less than the 13.66 percent Romney stated that he has been paying.

    That’s nice, but the tax law does not consider the voluntary payment of more than is owed to be a tax. The tax law considers it to be a contribution to the federal government (section170(b)(1)(A)(v) and (c)(1)).
    So the Romneys didn’t pay a 14.1 percent tax rate. The Romneys reported $1,935,708 on line 61 of Form 1040–not all of which was really tax. They paid a lower tax rate plus a $270,000 ($1.8 million times 15 percent) voluntary contribution. What happens to the $1.8 million the Romneys didn’t deduct? They have three years to amend the 2011 return to deduct it.

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