CNN's Erin Burnett discusses why Mitt Romney won't release additional personal income tax returns despite saying Monday he was audited in the past.
"From time to time I've been audited as happens I think too other citizens as well and the accounting firm which prepares my taxes has done a very thorough and complete job [paying] taxes as legally due," said Romney.
OutFront tonight: CNN Contributor Roland Martin and Republican Strategist Alice Stewart.
Romney camp: No further tax returns, despite 'audit' remark
Mitt Romney's campaign said Monday they would not release any more of the candidate's personal income tax information, despite an acknowledgement from Romney that he had been audited in the past.
"Mitt Romney has paid his taxes in full compliance with U.S. Law, and he has paid 100 percent of what he has owed," Romney spokesman Ryan Williams wrote.
He continued, "As has previously been reported, in 2011, the Romneys will pay more than $3.2 million in taxes on $20.9 million in mostly investment income and will have donated more than $4 million to charity. In 2010, The Romneys paid more than $3 million in taxes on $21.6 million in mostly investment income and donated nearly $3 million to charity."
Romney has disclosed his income tax returns from 2010, and released an estimate of his 2011 tax information in April. He has vowed to release 2011's full return one it's completed by his accountant.
Democrats and some Republicans have called on Romney to release more information, saying voters are entitled to know more about a presidential candidate's financial history.
This is a prime example of a “tax dodge” that you, I and 80% of Americans are not able to get….if we did…you and I would see our income and savings rise at over 300% within 2 yrs..but we don’t get that…bummer! But the rich do because..unlike you and I, the very rich can afford lobbyists who make it easier for them to pay less taxes and to ensure those lost taxes are put on us to cover.
Sadly, under current tax law (written by Banker and Hedge funds lobbyists), certain kinds of financiers, including private equity investors and some managers of hedge funds, are allowed to treat bonuses like long-term investment income, called “carried interest”, taxable at the maximum 15 percent capital gains rate (you and I pay 27-28%). Others have to pay up to 35 percent taxes on their labor income. The cost to the U.S. Treasury is more than $1 billion a year to cover the loss of not collecting this revenue.
One of the main reasons Romney paid 13.9 percent in taxes on his $21.7 million income in 2010 is that a big chunk of that income came from “performance bonuses” still trickling in from private-equity investments he managed during his career at his former firm, Bain Capital. So he uses this tax loophole to get charged a very small tax rate for this “carried interest” revenue. You and I don’t get that. It was a tax loophole designed and pushed through by Romney’s own lobbyists from Bain Capital. Now he wants to be our president and ensure this sort of practice continues. That seem fair to you?
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Erin Burnett OutFront airs weeknights at 7 p.m. ET. Designed to showcase Erin's unique style--casual, smart, and confident--OutFront stays ahead of the headlines, delivering a show that's in-depth and informative.
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