Paul Ryan waited until very late on Friday afternoon, when his aides assumed no one would be paying any attention, to release his tax returns for the last two years (fewer than he made available to Team Romney). Did we learn anything scandalous? It doesn't look like it -- Ryan and his family paid 20 percent of their adjusted gross income in federal income taxes in 2011 and 15.9 percent in 2010, on income of $323,416 last year and $215,417 the year prior.
There were no Swiss bank accounts, shell corporations in Bermuda, or stashed cash in the Caymans.
But the developments were nevertheless interesting. For one thing, we're reminded that Mitt Romney pays a much lower tax rate than his own running mate, despite Romney's vast wealth. Even Bill Kristol said this morning, "I think it just seems kinda weird that he pays a lower rate than an awful lot of middle-class people."
For another, Ryan's disclosure keeps the focus on the tax-return issue itself, and Romney's unyielding secrecy.
And then there's the larger issue President Obama raised over the weekend.
For those who can't watch clips online, the president said:
"[T]he centerpiece of my opponent's entire economic plan is a new five trillion dollar tax cut, a lot of it going to the wealthiest Americans. His new running mate, Congressman Ryan, he put forward a plan that would let Governor Romney pay less than 1 percent in taxes each year. And here's the kicker -- he expects you to pick up the tab.
"Governor's Romney tax plan -- this is not my analysis now -- this is the analysis of independent folks who analyze tax plans for a living. That's what they do. Their analysis showed that Governor Romney's tax plan would actually raise taxes on middle class families with children by an average of $2,000. Not to reduce the deficit, not to grow jobs, not to invest in education, but to give another tax cut to folks like him.
"Now, ask Governor Romney and his running mate, when they're here in New Hampshire on Monday -- they're going to be coming here on Monday -- ask them if that's fair. Ask them how it will grow the economy. Ask them how it will strengthen the middle class."
That part about Romney paying "less than 1 percent in taxes each year" was of particular interest.
Matthew O'Brien had a good piece on this last week.
Well, maybe not quite nothing. In 2010 -- the only year we have seen a full return from him -- Romney would have paid an effective tax rate of around 0.82 percent under the Ryan plan, rather than the 13.9 percent he actually did. How would someone with more than $21 million in taxable income pay so little? Well, the vast majority of Romney's income came from capital gains, interest, and dividends. And Ryan wants to eliminate all taxes on capital gains, interest and dividends.
Romney, of course, criticized this idea when Newt Gingrich proposed it back in January by pointing out that zeroing out taxes on savings and investment would mean zeroing out his own taxes.
Almost. Romney did earn $593,996 in author and speaking fees in 2010 that would still be taxed under the Ryan plan. Just not much. Ryan would cut the top marginal tax rate from 35 to 25 percent and get rid of the Alternative Minimum Tax -- saving Romney another $292,389 or so on his 2010 tax bill. Now, Romney would still owe self-employment taxes on his author and speaking fees, but that only amounts to $29,151. Add it all up, and Romney would have paid $177,650 out of a taxable income of $21,661,344, for a cool effective rate of 0.82 percent.
Right. When Gingrich presented this policy, Romney said it went too far. When Ryan presented this policy, Romney made him his running mate.
Taxes seem to be a rather peripheral issue in the 2012 race, but it seems like the kind of policy that may yet pack a punch. Romney is already paying a lower rate than most people who work for a living, and his running mate's plan would push this multi-millionaire's tax burden to almost nothing.
At the same time, Romney is pushing a proposal that independent analysts found would raise taxes on 95% of the country -- everyone except the top 5%.
These details apparently have not escaped the president's attention, and this remains an issue worth watching.
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Maybe he could voluntarily fund the Clay Akin Legitimate Rape Crisis Pregnancy Center.
/snark
It's todd, Todd! Not to mention, that would be a 501(c)3, a charitable tax deduction.
So what was it Leona Helmsley said-"only the little people pay taxes"? She went to jail though so back then telling the truth was appearently illegal.
Whether it's releasing his tax returns or paying taxes or taking hard questions from non-Fox press, Romney's answer is always the same: "I am American royalty because I'm super-rich. The rules do not apply to me." Insufferable? Sure. Arrogant? You bet. Republican? Absolutely.
You are being redundant: "Insufferable. Arrogant. Republican."
But, but, but You People can't possibly understand; You People are just envious!
And Paul Ryan's millionaire mom relies on Medicare so they get it. Riiiight! I get it.
Yes, how novel, Mom's sucking at the teat of we taxpayers, and so did her son to pay for schooling, yet that is NOT OK for others with real need?
What the GOP is terrified of is not necessarily the race/minority becoming the majority problem. They are petrified that the end of the Reagan 'revolution' is at hand. They desperately want Obama to be a one term president to reassure themselves that the slewing of all power into the hands of the rich will not be undone.
That's why this election seems so critical to them, and why they are resorting to hysterical hyperbole to get the job done.
Doop de doo...fixin' teh internets.....
Fixed.
Rabid Ryan & Romney reveal their secrets: Pay nothing. Steal everything. Lie to every one. Absolutely F**k the land, sea, air, people. And spend millions and billions (like there's any integrity in that alone--starving children anyone?) for a rigged election cycle. How about spending a half a mil or a half a bil to put people back in their homes after being foreclosed on and evicted? How about spending a half a mil or bil on solar panels to provide energy for an entire community? How about picking up the tab for cancer treatment for an entire children's hospital? The community organizations and the hard-working people who are doing the real work of building and maintaining community are the only ones who should not be paying taxes.
Our plan ...the rich get richer ...you effin serfs.
Please remain outside the castle walls well beyond the moat.
We will accept one boy and one girl from each district (state) to duel to the death in our arena.
Romney/Ryan to 95% of Americans: F*&K you, you friggin peasants!!
Meanwhile pitchforks and torches were seen walking for miles to get to the next 1%!
Romney can continue to make charitable, tax deductible contributions to the organization that funded more than 40% of the Prop 8 campaign in CA and supports reparative therapy for gays and lesbians.
In addition to the unfairness of the tax cuts and rates, Obama should be saying that the Republicans want to increase the deficit. Hang the Republicans with their own issue. This could put the Republicans at odds with the Tea Party. And if it does not, then Obama exposes the Republican hypocrisy on the deficit issue. When are Dems going to learn how to spin these sort of missteps?
Funny, I have a different tax plan. In mine, people who work their butt off day in and day out pay no more than 13% in income taxes on wages (which has the side effect of making them more likely to be active consumers thus energizing the economy), and people who let their money do the working (e.g. capital gains, interest, dividends) pay no less than 40% on those income gains (with the side effect that these folks will want their money to work harder for them, thereby also potentially energizing the economy because they will feel the need to expand businesses in order to make "enough".) Vote for me? :D
Since NBC has the most hard hitting anchors and has been overlooked for debates, I suggest the following.
Invite members of the Congressioanl Budget Office for a national comparison of the Romney/Ryan and Obama's Affordable Care Act. Taxes may also be on the table for discussion. On the stage will be 2 tables. At one table CBO members with a copy of Obama's ACA; at the other tabel, CBO members with the Romney/Ryan budgets. The panel of NBC reporters, Rachel, Chris, Lawrence, Brian will question the CBO members as to the similarities and differences of the respective plans. Perhaps this would be a more valuable TV program than the debates with the creampuff questions.
I cannot for the life of me understand why a man who has paid his owed taxes in full, religiously, and on time is being attacked. Shouldn't we be attacking the people in government that created these laws? Republicans and Democrats were all present and accounted for and gave their blessings. Wouldn't our time be better spent looking for solutions to this problem, like creating new laws and getting rid of the old ones that don't work?
Oh, I forgot the large majority of the Congressmen and women, Presidents, and Judicial leaders belong to the 1% club.........duh
When the 1% makes up 50% of Congress, it's easy to see how this happens.
It really bugs me that Romney is referred to as having "made 20 million"... what is it, exactly, that he has "made"?? Seems to me he is just using Other People's Money, which at a certain level just keeps rolling in without him having to do anything, much less earn or put in workdays, or make anything. Sorry, there's nothing noble about that. And my second point... Romney keeps saying he has paid "less than 13% in taxes"... notice he doesn't say "INCOME taxes". Next he'll be saying he never said the word "income". And third... while he's moving his Medicare hand, be sure to keep any eye on his Medicaid hand. No one seems to care that Granny might be safe... until she goes through her savings and has to transfer to a nursing home.
I saw this article over the weekend and I keep wondering why no one is reporting on it. http://www.dailykos.com/story/2012/08/16/1120922/-Mitt-s-Taxes-Its-about-National-Security-not-how-much-he-paid
It's a most interesting perspective and makes me cringe every time R&R Bookends mention Iran because they need to make
democracy safemore money. I think this perspective needs a lot of air time!Trust but Verify. Ronald Reagan was right.
Release the tax returns, Mr. Romney.
Romney's 13.9% included the Self Employment tax he paid. If we included Ryan's half of the Payroll tax, then Ryan paid at nearly twice the rate Romney paid.
"Yo, Obama"! Who's been picking up your trillion+ dollar tab? Me and another 300 million of your constituents. Let's be honest....our children will pay every dime of your spending, and I'm not happy about that circumstance at all.
@ Mike- What you fail to understand in your statement is that this country was a mess before Obama took office. How quickly you forget that the last time a democrat left office we had a 5.6 TRILLION dollar surplus. In two years Bush wiped that out and drove the debt up to 10 trillion dollars. It' going to take serious money to erase the damage done, and quite frankly it's not going to be cheap(regardless of the lies that the republicans may be telling you). So we must now all carry the burden for the republican's fiscal irresponsibility. I just think it's funny how now they all claim to be fiscal conservatives when it was them and people like you that screwed us in the first place.
Sorry, I glanced at the wrong figures.. It was a 230 BILLION dollar surplus... and Bush's first two years drove the debt to WELL OVER 400 BILLION.
During the George W. Bush administration, the federal government spending was increased from $1789 billion to $2983 billion (70%) but the revenues were only increased from $2025 billion to $2524 billion (from 2000 to 2008). Individual income tax revenues were increased by 14%, corporate tax revenues by 50%, customs and duties by 40%. Discretionary defense spending was increased by 107%, discretionary domestic spending by 62%, Medicare spending by 131%, social security by 51%, and income security spending by 130%. Cyclically adjusted, revenues rose by 35% and spending by 65%.
Also proportionally Bush increased government spending more than any predecessor since LBJ (including).
Notes from the Underground: A Registered Democrat Living in a Red State
Weighs in on the 2012 Presidential Campaign...
It Don’t Mean a Thing if You Ain’t Got that Swing
One tax snippet last week provoked me so much it’s been pinging around in my brain like a metal ball in a pinball machine. The comment was simple (and to my way of thinking, simple-minded). A man sitting in a roundtable discussion on cable news said he was not sure average voters care about Mitt Romney’s taxes, in a let’s get serious and move the conversation on to policy attitude.
Don’t Talk about a Presidential Nominee’s Personal Federal Taxes!
Talk about the US Federal Budget Deficit and Why I still Want To Talk About It!
Am I missing something? Federal taxes and the federal deficit are inextricably entwined! No deficit discussion can be responsibly addressed unless the taxes collected to pay down that deficit are ALSO considered. To do otherwise, would be like an average voter trying to prepare a personal budget without knowing what her paycheck is. When I’m having financial difficulties I look at 2 major actions: how to reduce what I spend AND how to earn more. At this point, I want to shout, Wake up,Congress! Reduce what you spend AND raise the amount that you collect! I get that it’s complicated, but if no one combines these 2 simple actions, insolvency looms large! I think that’s
what President Obama would call math.
President Obama will stand or fall on what he’s done in the past 3 ½ years. Presidential hopeful Romney will stand or fall on his ability to convince voters that he can do the job of president better. This is where his personal
actions with regard to taxes and his political beliefs regarding economic
policy collide. For me, it’s a Wizard Oz moment: “pay no attention to the man behind the screen.” The Romney/Ryan proposed economic solution focuses on our national ability to reduce spending now WITHOUT the requisite need to collect more to pay down the deficit now or in the future.
How you pay your taxes, Mr. Romney, cannot help but influence your idea that our economy can recover only if tax breaks for the wealthy are continued. In other words, the middle class and working poor should wait until the wealthy feel comfortable enough with US financial policy to invest their wealth in the American economy. I’m also afraid their bank accounts, like yours, have more foreign stickers than an old suitcase.
Everything you and Ryan have said thus far convinces me your economic policies reduce what the government spends, but do not raise what is there to spend. Budget reform requires tax reform. The trickle down theory is a smoke and mirrors proposition that didn’t impress me in the Reagan era and still doesn’t. Your personal taxes introduce a personal bias you have yet to convince me will not affect your ability to address tax reform in an inequitable way.
It may not mean anything because I live in a state that ain’t got the swing and the electoral college may once again co-opt my voting franchise. And still I care. I would like this subject to be in the news every day right up to election day.
Rachael let me see if I can help with your thinking on this issue....
Now before I go on, I think you are one in a million and I will hopefully say why someday... Keep up the great Job. We are fans of yours.
Now, back to the issue of Romney Taxes… Can you conceive of the Republican electorate being the victim on this issue..?
Yes, you see they are committed to Romney as he is their (Republican) party nominee for presidency, therefore they cannot renege as they are stuck and will look bad if they do.
So you can somewhat feel bad for them as they at some point did sincerely expect Romney would have all of these sorted before this argument started.
Therefore Rachael with majority of the country agreeing that Romney should release more of his tax returns, and Romney holding steadfast to his refusal of voluntary tax release compliance, you have to carefully think through the fact that the Republican Party is stuck.
How stuck you ask…?
For the Republican electorate, there is an underlying aura of betrayal of trust. Yes, Betrayal of Trust. The Republican electorate believed in Romney and the only way he can affirm the belief the Republican Party has in him is to release additional taxes, and the result will be see we told you he is alright, provided he is…
But he cannot, because I suspect like everyone else there are, even though legal, most likely scathing information in his taxes…
So, the Republican Electorate is stuck. Really stuck and you have to feel bad for them because their underlying suspicion, which they will not openly admit publicly, is that the suspicion just might be true…
Wow!