WHAT'S HE HIDING?---7.2 MILLION difference between Romeny's 2011 preliminary & final return

[kpete]

FRI SEP 21, 2012 AT 06:53 PM PDT
$7.2 MILLION difference between Romeny's 2011 preliminary & final return
by cdub24

What's he hiding? There's a $7.2 MILLION dollar difference between the preliminary return that Mitt Romney released earlier this year and now:

Mitt Romney apparently adopted a new tax strategy at some point this year.

The Republican presidential nominee has completed and released his official 2011 tax return, and his tax bill is lower than estimated on a preliminary return released eight months ago.

Final 2011 return:

Adjusted gross income: $13,696,961

Total federal tax paid: $1,935,708

Effective federal tax rate: 14.1 percent

Preliminary 2011 return (released in January):
Adjusted gross income: $20,901,075

Total federal tax paid: $3,226,623

Effective rate: 15.4 percent

It also notes this curiosity:

The most likely explanation is that Romney's accountants transferred income from Romney's personal return to one of the three trusts that also generate considerable income, almost all of it from investments. It will take a detailed examination of the 2010 and 2011 documents to figure out what changed, but here's a clue: Romney's campaign has begun to focus on the "personal" tax rate paid by Romney, rather than the tax rate that might be associated with the trusts and his total income from all sources.

.................


http://www.dailykos.com/story/2012/09/21/1135094/--7-2-MILLION-difference-between-Romeny-s-2011-preliminary-final-return
http://www.usnews.com/news/blogs/rick-newman/2012/09/21/the-mysteries-in-mitt-romneys-tax-return

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SO HAS MITT ROMNEY SPENT THE LAST SIX MONTHS FRANTICALLY FILING AMENDED TAX RETURNS AND WRITING THE IRS CHECKS...

…so that he can right now release a cleaned-up 20-year summary of his taxes? Is that why his campaign is refusing to say whether this is a summary of the tax returns as originally filed? Or is his campaign refusing to say in the hopes of getting Harry Reid to go all in so that they can then cut Harry Reid off at the knees?

$7,204,114 OF MITT ROMNEY'S 2011 ADJUSTED GROSS INCOME IS MISSING!

It has vanished since January. Rick Newman:

The Mysteries in Mitt Romney's Tax Return: Final 2011 return: Adjusted gross income: $13,696,961; Total federal tax paid: $1,935,708; Effective federal tax rate: 14.1 percent

Preliminary 2011 return (released in January): Adjusted gross income: $20,901,075; Total federal tax paid: $3,226,623; Effective rate: 15.4 percent

Final 2010 return: Adjusted gross income: $21,646,507; Total tax paid: $3,009,766: Effective rate: 13.9 percent…

http://delong.typepad.com/sdj/2012/09/7204114-of-mitt-romneys-2011-adjusted-gross-income-is-missing.html

[jenw2]

1. He adjusted his taxes to pay a lower rate?

I wish I could do that. Any average person that did that in this country would be put in prison.

[unblock]

2. he adjusted it relative to an unofficial estimate. nothing illegal about that. peculiar, though.

most people aren't off by $7 million in their estimate of their annual income.

what it suggests, as the o.p. notes, is that he's got a rather fancy setup so he can allocate income between himself and his trusts.

[Angry Dragon]

4. I did make that same mistake myself .......... it only took me 140 years to do it

$50.000/year

[dkf]

6. But from the amount of the Charity you don't think they thought the original income

Would be higher? Why give 30% in charity?

[jenw2]

7. The amount claimed that he gave to charity has to be bogus

Just look at how much real leaders give in comparison.

[unblock]

8. perhaps they're now telling us just his personal income; before it was personal + trusts.

but i wouldn't discount the possibility that it's entirely bogus.

even if they're telling us exactly what he's filing, he can amend his returns after the election.

[Angry Dragon]

3. Willard ........ the Great American Liar and Fraud

[WinkyDink]

5. Something in common with Joseph Smith.

[smorkingapple]

9. Here's the real question. Who the fuck uses a Big 4 accounting firm to do their taxes?

I've worked for two of these firms in the past including PwC, although not on the audit side. They turn down businesses that do more in revenue than Romney is worth and pass them on to the smaller shops.

You know anyone who can get their taxes done by a Big 4 firm? Or is that 1% shit??