What to expect in Romney's tax return
January 23rd, 2012
12:49 PM ET
3 years ago

What to expect in Romney's tax return

New York (CNNMoney) - What can the public - and his rivals - expect to learn when Mitt Romney releases his 2010 tax return on Tuesday?

Interest is high, largely because of Romney's vast wealth: He leads the Republican field, and President Obama, by a mile in that category.

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Filed under: 2012 • Mitt Romney • Taxes
soundoff (23 Responses)
  1. The Greedy Old Pigs have declared class war on US!

    We expect his tax returns will show, among other things, that he is squarely in the 1% he favors. We also may learn he committed vote fraud, depending on the address he used.

    January 23, 2012 12:59 pm at 12:59 pm |
  2. willie floyd

    Why he has money in the Cayman Islands is far more interesting to me.

    OBAMA/BIDEN 2012

    January 23, 2012 01:04 pm at 1:04 pm |
  3. Truth and Nothing But the Truth

    What they will find that unlike some in the Obama Administration, he actuallys PAYS HIS TAXES!! I'm sure the leftists will try and portray him as a rich person "not paying his fair share" according to looney leftist standards that say people should pay an unlimited amount of money to the government. If he paid what he is legally required to do, then he is all set. I wonder where all this interest was when mega-rich John Kerry ran for President? Oh yeah, he's a Democrat so he gets a free ride.

    January 23, 2012 01:05 pm at 1:05 pm |
  4. Fair is Fair

    Expect to see an "effective" tax rate of around 15%, which is a LOT higher than Sen. Kerry paid when he ran for president in 2004, but somehow that fact is getting broomed. Wonder why?

    January 23, 2012 01:08 pm at 1:08 pm |
  5. Peace

    If that we should expect, I could only say: "HE IS NOT ONE OF US". We have nothing in common to share, therefore he should not be surprised when we will keep a good distance from him.

    January 23, 2012 01:09 pm at 1:09 pm |
  6. Wire Palladin, S. F.

    At least the Cayman Kid has hundreds of CPAs working to make it look like he actually paid taxes.

    January 23, 2012 01:09 pm at 1:09 pm |
  7. vic , nashville ,tn

    Romney doesn’t want to create jobs here, he love invest in offshore

    January 23, 2012 01:13 pm at 1:13 pm |
  8. Marty, FL

    The operative word being tax return as in single, not 5-6 years of past tax returnS that President Obama and others have provided for the American people.

    What is Romney hiding? Do not trust him, especially after all of Romney's lying and constant flip-flopping.

    January 23, 2012 01:23 pm at 1:23 pm |
  9. Four and The Door

    Everyone does realize of course, that the 15% tax rate on Capital Gains applies to every American taxpayer, right?
    The 15% was established to encourage economy-building, job creating investments so that instead of just spending money people would invest it and help build the economy. Right now, isn't it obvious that this is something that helps us all?

    January 23, 2012 01:24 pm at 1:24 pm |
  10. Nash

    I wonder if there is such thing as a patriot who doesn't trust American Banks and who choses to place his "job creator's tax free money" offshore essentially giving foreigners jobs. I know asking this question will lead to name calling but so be it.

    January 23, 2012 01:25 pm at 1:25 pm |
  11. Four and The Door

    vic , nashville ,tn
    Romney doesn’t want to create jobs here, he love invest in offshore
    ________________________________________________________________________________________________
    I think 9,000 Staples employees might disagree with you. There are plenty of others as well, but this is one I am sure you can see no matter what part of the country you are in.

    January 23, 2012 01:26 pm at 1:26 pm |
  12. Anonymous

    Mitt R-Money needs to follow his father's example and release his last 10 years of returns. The long version.

    January 23, 2012 01:27 pm at 1:27 pm |
  13. Rudy NYC

    The part about his taxes that Romney doesn't want you to see are examples of the grotesquely generous tax loopholes afforded to people who have a lot of money and invest in ways to take advantage of the loopholes. One of the most egregious loopholes has been the variety of "investment incomes" that are allowed to declare that can be classified as capital gains, for which you pay a signigicantly lower tax rate compared to "earned income."

    Suppose you want to start your own company. You and some private folks create a pile of cash, you borrow against it with some sort of terms and conditions for paying it back. Since this company is "your job" then you will need to pay yourself from time to time. Suppose your company sells widgets. As CEO of Widgets, LLC, you bring home the biggest paycheck of all the "employees" at Widgets, LLC..

    At tax time, you and the employees declare your incomes as "earned income," ;which gets taxed at a much higher rate than capital gains income. Your investors in your company are compensated in accordance with the agreed terms, but their compensation can be declared as income from capital gains. No problems. Standard stuff. Right?

    But, suppose your company didn't sell widgets, but sold capital instead. Furthermore, suppose the name of your company was Bain Capital, instead of Widget LLC. Here comes the nasty secret the 1% do not want the 99% to know about. Simply because your company sells money, all of your compensation can be declared as capital gains instead of as earned income. Think about that for a second.

    January 23, 2012 01:27 pm at 1:27 pm |
  14. unsub

    ask romney how much a gallon of milk is and then decide! he is not like us!

    January 23, 2012 01:30 pm at 1:30 pm |
  15. Fair is Fair

    Four and The Door

    Everyone does realize of course, that the 15% tax rate on Capital Gains applies to every American taxpayer, right?
    The 15% was established to encourage economy-building, job creating investments so that instead of just spending money people would invest it and help build the economy. Right now, isn't it obvious that this is something that helps us all?
    --------
    They don't care, Four. Nor do they care that the money invested was with risk. Nor do they care that if there was a capital loss, only $3000 would be allowed as a deduction. Really, the fact is they don't understand much at all about the economy and economics.

    January 23, 2012 01:32 pm at 1:32 pm |
  16. unsub

    i meant gas ...ooops! (in my best perry voice)

    January 23, 2012 01:34 pm at 1:34 pm |
  17. Rudy NYC

    Four and The Door wrote:

    I think 9,000 Staples employees might disagree with you.
    ---------------
    I think the thousands of Staples employees would tell you that their jobs stink. Part time. No benefits. No sick leave. No vacation. Work schedule changes week to week. Besides, Mitt Romney didn't create all of those jobs. Many were created *after* he officially left Bain. Presidents cannot create jobs created after they leave office as part of their records and neither should Mitt Romney.

    January 23, 2012 01:36 pm at 1:36 pm |
  18. Rudy NYC

    Fair is Fair wrote:

    Nor do they care that the money invested was with risk. Nor do they care that if there was a capital loss, only $3000 would be allowed as a deduction. Really, the fact is they don't understand much at all about the economy and economics.
    -----------
    That is not entirely true. There are loopholes that allow you to take no personal financial risk of your own, but still be able to declare an financial rewards as capital gains. While at Bain Capital Mitt Romney invested other people's money and paid himself a commission. He's able to declare that commission as capital gains, when it is in fact earned income. That is scandal that will come to light in his tax returns.

    January 23, 2012 01:41 pm at 1:41 pm |
  19. vic , nashville ,tn

    @Four and The Door
    Actually job Created by staples credits goes to Leo Kahn and Thomas.G.Stemberg

    Romney created Romney care I will give credit for Romney

    January 23, 2012 01:49 pm at 1:49 pm |
  20. Four and The Door

    unsub
    ask romney how much a gallon of milk is and then decide! he is not like us!
    ________________________________________________________________________________________________
    I have an even more important question we could ask someone to see if they might be a good president.
    "What will you do to fix our country's problems and what tells us you are capable of doing this?"
    You already have Obama's answer. He doesn't have a plan and he is not. We are living it.

    January 23, 2012 01:53 pm at 1:53 pm |
  21. Offended

    Mitt was boasting himself and said: "Am not going to apologise for being wealthy". If that is the case, why not release many years of your tax returns, so to show the vast wealth you are proud of! As one of those who are hurting, I felt very offended hearing him saying so.

    January 23, 2012 01:54 pm at 1:54 pm |
  22. B

    He will probably try and get buy with showing one year and expect you to buy it!

    He does not want to let people know that he pays a whole lot less in tax percentage than most Americans because he IS the 1% that put people in the streets!

    January 23, 2012 01:56 pm at 1:56 pm |
  23. Kenny K

    @Fair is Fair
    --–
    They don't care, Four. Nor do they care that the money invested was with risk. Nor do they care that if there was a capital loss, only $3000 would be allowed as a deduction. Really, the fact is they don't understand much at all about the economy and economics.
    .........................................................

    $3,000 is the limit of net loss you can write-off per year. The rest of lthe losses can be carried forward.

    January 23, 2012 02:19 pm at 2:19 pm |