As of this afternoon, Mitt Romney has – AT LAST – released his 2011 tax returns, which means everyone getting worked into a lather over the mystery of the returns he refused to provide can STFU, right? RIGHT?! Maybe not.
So, we're looking at a 14.1% tax rate which, for those of us broke asses who pay up to 30-some percent of our pathetic income to the bloodsucking scum at the Treasury, might not seem like a lot, let's keep in mind the dude is filthy rich to begin with so that's nearly $2 million in just one year. 14.4% of my sad salary wouldn't even buy a three feet of a DOT bridge project but Romney's contribution is nothing to sneeze at comparatively. Still, 14.1% is the kind of number that will get a lot of people who don't have the luxury of living off investment income pretty pissed off.
Just, uh, for comparison purposes, the Obamas paid $162,074 in federal taxes on $789,674 in adjusted gross income for an effective tax rate of 20.5%. But they're a couple of broke asses, obvs.
Anyhoo, back to the topic at hand. Our contact at PwC promptly reached out after the news hit to remind us that "We prepared and signed Governor and Mrs. Romney's 2011 tax return and believe it to be in accordance with the requirements of the Internal Revenue Code and that our work complied with all applicable professional standards" which means you can totally trust these numbers, even if they tick you off.
In case there is any confusion, the Romney camp does NOT want to hear ANYTHING more about this issue now, we clear? We're done. Here it is. Read it, love it, live it.
Governor Romney's tax returns show:
First, as a successful businessman, Governor Romney has not only added value to our economy through his investment and business activity, but he has paid millions in taxes every year to the U.S. government.
Second, the Romneys take to heart "to whom much is given, of him shall much be required." Accordingly, they have been generous in their charitable giving, donating over $7 million between 2010-2011 – donating more to charity than they paid in federal income taxes.
Third, Mitt Romney has scrupulously complied with the U.S. tax code, and his income is reported and taxed at the applicable rates, and he has paid 100 percent of what he has owed.
In addition, Gov. Romney has released nine financial disclosures since 2002, which are also posted on this site. There are 3 federal Public Financial Disclosures (from 2007, 2011, and 2012), and 6 Massachusetts Statements of Financial Interests (from 2002, 2003, 2004, 2005, 2006, and 2007).
With a decade's worth of financial disclosure documents and the Romneys' recent tax returns, the American people have extensive information about their personal finances, above and beyond what is required by the law.
Naturally, PwC wants you to know that they did their job here, regardless of how angry the Romneys' tax rate might make those who don't understand how tax loopholes and capital gains work:
Regarding the PWC letter covering the Romneys’ tax filings over 20 years, from 1990 – 2009:
- In each year during the entire 20-year period, the Romneys owed both state and federal income taxes.
- Over the entire 20-year period, the average annual effective federal tax rate was 20.20%.
- Over the entire 20-year period, the lowest annual effective federal personal tax rate was 13.66%.
- Over the entire 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income.
- Over the entire 20-year period, the total federal and state taxes owed plus the total charitable donations deducted represented 38.49% of total AGI.
During the 20-year period covered by the PWC letter, Gov. and Mrs. Romney paid 100 percent of the taxes that they owed.
"PwC prepared and signed Governor and Mrs. Romney's tax returns for the years 1990 – 2009 in accordance with all applicable professional standards," our PwC source tells us. "At their request, we reviewed each of those returns and believe that the calculations set forth in the letter released by the Romneys are accurate based on the tax returns we prepared."
Alright cool so I guess that clears all that up, right? RIGHT?!