Romney: Taxes on the Wealthy Are So High I Paid Extra


Mitt Romney says that tax rates are too high—so high that he wants to cut them. So why did he deliberately avoid deducting charitable contributions in his 2011 tax return in order to pay a higher effective tax rate?

The Romney campaign released a letter about the Romneys’ 2011 return on Friday, and says it plans to release the full return and a summary of previous years’ returns late Friday. The Romneys, who are most likely worth more than $200 million, paid a 14.1 percent effective tax rate in 2011, less than many Americans who aren’t nearly that wealthy. But they did so deliberately: The Romneys gave $4.1 million to charity, but only took a deduction of 2.5 million of that in order to make sure their tax rate stayed above 14 percent.

Forget for a second that Romney once said that paying more in taxes than owed would disqualify someone from running for president. The cynical answer here is that Romney deliberately paid more in taxes because he’s “running for office for pete’s sake.” But his doing so undercuts one of his core policy arguments: That tax rates on the wealthy are too high. Not only that, but as revealed in the recording of a private fundraiser published by Mother Jones, Romney believes that those who pay income taxes are financing the laziness of those who don’t, even though that’s not a realistic description of Americans don’t pay income taxes. 

Yet Romney just opted to shovel more cash to those he sees as irresponsible moochers, because paying an even lower tax rate might harm his chances of getting elected. The best part? If he loses, he might be able to file an amended return and claim those deductions anyway.

 

THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

payment methods

THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate