Gayle in MD
05-08-2012, 12:18 PM
WASHINGTON — Do you remember what's on page 169 of your income tax return? Neither does Mitt Romney.
<span style='font-size: 14pt'>At a town hall-style meeting Monday in Cleveland, the GOP presidential candidate got this pointed question about his investments: In this age of tough foreign competition, could Romney explain the "over $1.5 million in foreign tax credits" he received since 2000?
"I'm not familiar with that," Romney told the man who asked. The crowd booed. "I didn't think I paid any foreign income taxes, but I'll be happy to take a look at it."</span>
<span style='font-size: 17pt'>
In fact, Romney and his wife, Ann, paid more than $1.2 million in foreign taxes on so-called passive investments from 2000 through 2010, and paid about $800,000 in taxes on general income to unspecified countries. That's according to the couple's own tax returns.
Their foreign tax bills entitled them to more than $1.5 million in tax credits in the United States since 2000, thanks to Internal Revenue Service rules that prevent businesses and investors from being doubly taxed on money they earn abroad.</span>Romney's GOP primary opponents and President Barack Obama have sought to make Romney's overseas earnings an issue in the campaign. Just last week, Obama ran a TV ad slamming the former Massachusetts governor for having Swiss bank accounts.
Romney's campaign did not immediately respond to a request for comment.
___
Associated Press writer Kasie Hunt contributed to this report.
http://www.huffingtonpost.com/2012/05/07/mitt-romney-tax-credits_n_1497660.html
<span style='font-size: 14pt'>At a town hall-style meeting Monday in Cleveland, the GOP presidential candidate got this pointed question about his investments: In this age of tough foreign competition, could Romney explain the "over $1.5 million in foreign tax credits" he received since 2000?
"I'm not familiar with that," Romney told the man who asked. The crowd booed. "I didn't think I paid any foreign income taxes, but I'll be happy to take a look at it."</span>
<span style='font-size: 17pt'>
In fact, Romney and his wife, Ann, paid more than $1.2 million in foreign taxes on so-called passive investments from 2000 through 2010, and paid about $800,000 in taxes on general income to unspecified countries. That's according to the couple's own tax returns.
Their foreign tax bills entitled them to more than $1.5 million in tax credits in the United States since 2000, thanks to Internal Revenue Service rules that prevent businesses and investors from being doubly taxed on money they earn abroad.</span>Romney's GOP primary opponents and President Barack Obama have sought to make Romney's overseas earnings an issue in the campaign. Just last week, Obama ran a TV ad slamming the former Massachusetts governor for having Swiss bank accounts.
Romney's campaign did not immediately respond to a request for comment.
___
Associated Press writer Kasie Hunt contributed to this report.
http://www.huffingtonpost.com/2012/05/07/mitt-romney-tax-credits_n_1497660.html