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| The Lincoln-Douglas debate of 1858 commemorative stamp (U.S. Government, Post Office Department) |
Wingcom Watchdog has paper copies of five pages from both returns, and though we are not CPAs, we wanted to look at what stands out and what information they give.
It appears that when you are very wealthy and can hire the largest accountancy firm in the world (PwC), you can make a lot of money through investments, give a lot away to your chosen non-profits, and pay the least amount of taxes to a government which is in financial trouble. Romney chose to give more than twice as much money to charity than to his government which seems strange for a person running to lead the United States. Some would consider this unpatriotic. Follow the money...
Barack H. and Michelle L. Obama (occupations US President and US First Lady) had their 1040 prepared by Michael S. Solheim, CPA from the firm of Wineberg Solheim Howell & Shain, PC in Chicago. (http://www.wshscpa.com/) The Obamas claimed daughters Malia A. and Natasha M. as dependents.
The couple's adjusted gross income was $789,674. They elected to have their $24,515 refund applied to their 2012 estimated tax. They had itemized deductions of $278,498. They had interest income of $10,694 and $394,821 in wages/salaries, etc. Their donations went to over 13 non-profits, including $117,130 to the Fisher House Foundation which helps military families, $6,000 to Boys and Girls Clubs, $5,000 to Habitat for Humanity, and $4,000 to the American Red Cross.
Willard M. (Mitt) and Ann D. Romney (occupations Executive and Homemaker) had their 1040 prepared by Daniel P. Feheley of PriceWaterhouseCoopers, LLP of Boston. (http://www.pwc.com/us/en/index.jhtml) The Romneys claimed no dependents.
The couple's adjusted gross income was $13,696.951. They elected to have their $1,498,740 refund applied to their 2012 estimated tax. They had itemized deductions of $4,681,842. They had interest income of $3,012.77 and $0 in wages/salaries, etc. Their dividends were mostly in blind trusts and real estate investments. They gave $1,115.484 to the Church of Latter-Day Saints and $214,516 to the Tyler Foundation, an organization dedicated to helping families affected by epilepsy.
The Obama's total tax payments were $186,589. The Romney's were $3,434,448.
On Interest Paid, the Romney's had a Statement 4 in the amount of $56,904. In Gifts to Charity, there was a Statement 5. All of the gifts were not reported which could lower his tax rate. A refund can be received if an amended tax return is filed.
According to Bankrate.com, "The Romneys decided, however, to claim only $2.25 million of their charitable gifts. If they'd claimed the full amount on their Schedule A, their effective tax rate would have been less than 10 percent. That's not such an appealing number if you're looking to represent a country full of people whose average tax rate is around 20 percent.
"Romney has until 2014 to file a Form 1040X and recoup the tax savings from the $1.75 million in charitable donations that he chose to ignore on his 2011 return," according to Bankrate.com.
Read more: Romney’s tax deduction decision | Bankrate.com http://www.bankrate.com/financing/taxes/romneys-tax-deduction-decision/#ixzz289IeBEIR
I guess the Obama's "work for the government" while the Romney's "invest" and live off their nest eggs while giving most of their money to causes tied to the Mormon Church.
What do you glean from their taxes, and what will come out in the debates?
©2012 Tomi Johnson. All rights reserved.
Malcolm said: According to my review of this article, IMHO both of these so-called leaders aspire to greed over need and can be deemed as selfish. What most people in the US have failed to realize is that this entire capitalistic system was built off the enslavement of our ancestors whom were brought to this wicked part of the globe, against their will, and physically forced to perform labor for "nothing!"
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