Mitt Romney Could Recoup Extra Tax Payments After Election With Amended Return
Source: Huffington Post
WASHINGTON -- Republican presidential nominee Mitt Romney on Friday announced that he will not take all the charitable deductions to which he was entitled for his 2011 taxes, in order to keep his tax return from falling below a threshold that would falsify an earlier assertion that he'd never paid lower than a 13 percent tax rate.
"The Romneys generous charitable donations in 2011 would have significantly reduced their tax obligation for the year. The Romneys thus limited their deduction of charitable contributions to conform to the Governor's statement in August, based upon the January estimate of income, that he paid at least 13% in income taxes in each of the last 10 years," his trustee Brad Malt said in a note accompanying the return.
The choice to not take the deduction allowed Romney to inflate his tax rate to 14.1 percent. The difference between his charitable giving of more than $4 million and his claimed deductions of $2.25 million increased his tax bill by several hundred thousand dollars, as he paid taxes he didn't have to on nearly two million dollars.
Luckily for Romney, after the election he can recoup that money. If the American people reject him at the polls in November -- and even if they don't -- Romney would be fully within his legal rights to file an amended return, requiring the Treasury to cut him a substantial check.
Read more: http://www.huffingtonpost.com/2012/09/21/mitt-romney-tax-return_n_1904573.html?ncid=edlinkusaolp00000003
He is one sneaky mother fucker
SDjack
(1,448 posts)DURHAM D
(32,595 posts)IllinoisBirdWatcher
(2,315 posts)Seems he was caught claiming Utah as his principal residence and receiving massive tax reductions for that.
His residency to run for governor is still questioned.
He admitted to amending returns at the time, so this process is no secret to him or his accountants.
TahitiNut
(71,611 posts)There's NOTHING that's out-of-bounds for that detestable slime-ball.
The idea that he'd let hundreds of thousand of dollar go is laughable. Hell, I'm betting he's a shitty tipper, too.
exboyfil
(17,857 posts)I thought the same thing when I first heard it. I am also very curious to know what charities. His church only counts as a partial traditional charity in my book (just as my contributions count only as part). No politician likes to bring it up, but charitable deductions to churches are mostly consumed in providing services for the church members. Very little gets to be traditional charity.
AzDar
(14,023 posts)defacto7
(13,485 posts)It's not one or two tax returns that show his intent, it's at least 10 years worth that show his methods. This means squat.
Bossy Monkey
(15,863 posts)Or some other trust. I guess he has a lot of them!
beac
(9,992 posts)an Etch-a-Sketch.