All posts for the day September 21st, 2012
While Mitt Romney was busy complaining that nearly half of all Americans are lazy moochers with a victim mentality, something else happened: the richest people in America got richer. A lot richer.
Forbes reports that the wealth of 400 wealthiest people in America jumped by 13 percent over the past year to an astounding $1.7 TRILLION. And we know that six of those of people — six of the very, very wealthiest people in America — paid absolutely no federal income taxes. We certainly haven’t heard Mitt Romney complaining about those people. As Sen. Harry Reid (D-NV) said on the Senate floor yesterday, those six ultra-wealthy individuals aren’t the only wealthy Americans who aren’t paying federal income taxes.
By ThinkProgress War Room
At long last (and late on a Friday afternoon) Mitt Romney finally decided to let the public see just one additional tax return, his 2011 filing.
What It Tells Us
Mitt Romney “paid $1,935,708 in taxes on $13,696,951 in mostly investment income.” Mitt Romney paid a tax rate of just 14.1 percent.* Earlier this year, Romney said he had paid at least 13 percent in taxes every year for the past decade. The truth is that his tax rate for 2011 would’ve been around 9-10 percent. So today Romney cooked his tax return and used an accounting trick to pay more than he actually owed in order to generate better headlines.
None other than Mitt Romney himself said just a few months ago that doing just that would disqualify him from being president: “I don’t pay more than are legally due and frankly if I had paid more than are legally due I don’t think I’d be qualified to become president. I’d think people would want me to follow the law and pay only what the tax code requires.”
It’s also worth noting that Romney could file an amended return later and pay his real, much lower tax rate — and nobody would ever know.
A Tax Rate Lower Than Middle Class Workers
Mitt Romney paid a lower tax rate than millions of middle class workers — the same middle class families whose taxes Romney wants to raise by more than $2,000 a year. Mitt Romney paid a lower percentage of his income in taxes than the millions of working Americans who Romney derided as moochers and lazy victims of government dependency.
What We Still Don’t Know
Any details at all about any individual years before 2010.
What is hidden in his earlier returns that is so bad that Romney refuses to release them. Why Romney thinks it’s fair to have asked Paul Ryan for ten years of tax returns during the vetting process but refuses to share more than two with the American people.
How it’s possible for Mitt Romney to have misestimated his 2011 income by a whopping $7 MILLION. Earlier this year, Romney said he made about $20 MILLION last year, but the tax return he released today reported just under $14 MILLION in income.
What Romney Needs To Do :Come clean with the American people and release at least as many years of tax returns as he requested from Paul Ryan: 10 full years.
BOTTOM LINE: What really should disqualify Romney is the fact that he wants everyone else to pay more so he and other millionaires — including the donors fueling his campaign — can continue to pay less.
Don’t underestimate the calming effect of having a formal financial plan, even if you’re already saving and investing regularly.
For around $1,000, you can arrange a one-time session with a financial adviser to review your situation and recommend a course of action. Typically included: a portfolio review, a budget and cashflow analysis, an insurance once-over, and a retirement savings plan.
Look for a planner who charges a flat fee or an hourly rate ($150 to $300 is standard); expect the process to take three to four hours. Find candidates through adviser networks (fpanet.org, napfa.org, garrettplanningnetwork.com).
Come to the meeting with clear goals and a list of your assets and liabilities. Your adviser will need that info to devise your plan; you don’t want to waste an hour on the clock on basics you could have prepped at home. Click here to get entire article: http://t.co/KOXczh9p