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View Full Version : Ritt drops over $6 million in gross income...



Soflasnapper
09-22-2012, 11:59 AM
Compared to the estimated 2011 he had previously put out.

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">
Hrrrmmmm

Rick Newman notes that when Romney released his preliminary 2011 tax return estimates in January he was reporting $20,901,075 in adjusted gross income. The final returns released today show $13,696,961 in adjusted gross income.</div></div>

Here's the Rick Newman link (http://www.usnews.com/news/blogs/rick-newman/2012/09/21/the-mysteries-in-mitt-romneys-tax-return)

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> Here's how the numbers on Romney's final return compare with the numbers from his preliminary return, and from 2010:

Final 2011 return:

Adjusted gross income: $13,696,961

Total federal tax paid: $1,935,708

Effective federal tax rate: 14.1 percent

Preliminary 2011 return (released in January):

Adjusted gross income: $20,901,075

Total federal tax paid: $3,226,623

Effective rate: 15.4 percent

Final 2010 return:

Adjusted gross income: $21,646,507

Total tax paid: $3,009,766

Effective rate: 13.9 percent

So here's the mystery: Between January and October of this year, Romney's adjusted gross income for 2011 fell by $7.2 million. And it dropped by nearly $8 million compared with his AGI in 2010. His federal tax liability also fell, by similar proportions.

[See why Romney was half right about people who don't pay taxes.]

The most likely explanation is that Romney's accountants transferred income from Romney's personal return to one of the three trusts that also generate considerable income, almost all of it from investments. It will take a detailed examination of the 2010 and 2011 documents to figure out what changed, but here's a clue: Romney's campaign has begun to focus on the "personal" tax rate paid by Romney, rather than the tax rate that might be associated with the trusts and his total income from all sources.</div></div>

But nothing to see here, folks. Move along now.

Soflasnapper
09-23-2012, 01:26 PM
How is it that his highly informed estimate done only a few months earlier showed $6 million more in income?

Lying then, or lying now? We've already noticed, and the Romney campaign has acknowledged in writing, that he 'massaged' this return for a political purpose. QED.