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By Romney's own standards, he should leave the race

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He "paid too much".......

......probably on the advice of his accountants, who warned him that if he took all those deductions his tax rate would have been in the single digits, which would have caused even more outrage than his 14% did.

Keep in mind also that he can amend that return any time he wants, say, for example, the day after election day.

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And YOU keep in mind

that he's ALREADY paid a higher rate because of tax on the corporate level and then add in the capital gains tax....HE, like many companies and wealthy people, are taxed TWICE on the same money. But do any liberals EVER mention that fact?

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You and I are taxed twice also

I have to declare my federal refund as income on my state taxes. You?

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There's a way around that

Check into the section concerning itemized deductions vs standard deduction. If you can save by itemizing, even if it means after paying taxes on a tax refund from state or federal or both, then of course itemize. As I recall however, if you take the standard deduction, you aren't required to report those tax refunds, unless they've changed the rules on that recently. I know I usually take the standard since my home is paid for and I don't deduct interest on a mortgage anymore.

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Actually I think it's the opposite

Declaring state refund as income on federal taxes.

He still paid 14%, which would have been 9% if he had taken those deductions. This is why you need to see more than one or two years' worth of returns. By the time he did his 2010-11 taxes he was already running for president and knew he would have to show them. His "real" tax history is in prior years.

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(NT) Exactly. Pretty sad when all he can come up with is 14%. Rob
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You have to declare state refunds on federal taxes

if you itemized on federal taxes because you get a deduction for those taxes. If you overpaid on state taxes, you over deducted on your federal tax and have to pay the federal taxes on the amount overpaid to the state in the next year tax filing.

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That's a strange one.

I pay state taxes based on my federal adjusted gross only. Any federal tax refund isn't even in the equation as I pay taxes based on W2 information only. If I itemize and deduct state taxes, I need to add any last year's state tax refund to my federal adjusted gross. This is because because I deduct what is withheld and not what is owed. You must need to file in some odd sequence where you live.

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I got it backwards and corrected myself

I still don't get why getting back what you overpaid in taxes is considered income. My gross was still the same.

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Well, if your state liability was $1000

but your W2 showed that your employer deducted $1200, you would reduce your taxable income by $200 more than you should have. This is because you go by what's on paper and is sent to the taxing authorities. In that case, you'd receive a $200 state refund which should have been part of your taxable income for federal purposes. The fed wants you to add that back. The real mess occurs if you need to file an amended return as it can affect your taxes on all levels.

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And this is just one reason....

....why I stopped doing my own taxes once I had to go to the long form. Thanks for the info.

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I always do my own

I want to know what lies I tell Devil

I took over my mom's taxes when I was 15 and been doing them ever since.

Diana

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But you don't pay taxes on your gross

You pay it on your adjusted gross income.

Diana

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(NT) exactly
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taxes may have been paid twice

on the corporate then private, but he paid the corporate taxes? doubt that.

However corporate taxes are a fraud, it's just a tax on the buyers of the product, since taxes to be paid will be considered when setting the price mark of the product.

If we were honest with ourselves and could face the truth you could do away with corporate taxes and increase personal (probably half again or more) to balence it.

Of course, those states that don't have personal income tax because of huge business that pay taxes enough to cover the government cost would have to implement personal income taxes. People in those states do save money since their cost gets exported along with the products to everyone.

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It's the manipulation of tax rates at federal, state,

and local levels that generate the "ratchet" affect of causing a slow overall increase. A tax cut at federal level becomes justification to raise taxes at the state level as such is often coupled with spending cuts to the states. Then the next president raises taxes but state and local taxes don't change or drop at some lesser rate than the previous increase. It's two steps upward and one step down.

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More on his "overpayment"

Here's what happened:

A few months ago he estimated that his tax liability was 13%. When his accountants checked the returns as filed, the actual number was considerably lower, so they revised the return, eliminating some deductions Romney had previously taken, to push the number up to match his estimate.

So he DID take all those deductions until he saw what the final number was, and what the public reaction would likely be. The admission of this artificial manipulation of his payment was made by the Romney campaign itself:

http://www.mittromney.com/blogs/mitts-view/2012/09/note-trustee-brad-malt

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But Obama has more of Mitt's money to spend than was owed

I don't think the president minds that one bit. Maybe Romney's not concerned with chasing the vote of the 47% he said were lost to Obama but Obama is willing to abandon the top 2%. He'd rather have their money than their votes.

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A lot of those 47% are Republicans

I wonder whether Romney understands that yet.

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RE: He'd rather have their money than their votes.

Since you've brought up motives for doing something.

And what do you think Romney gained/try to gain by paying the extra tax?

Didn't want to be caught in a lie?

IF he wanted to impress a group by paying more taxes...he could have just wrote a cheque...

As was recommended by some that think if people want taxes raised..that's ALL THEY have to do.

Don't raise everyone's taxes...just give more.

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Sounds like

good advice for people like BO, Soros, Buffet, et al..............

>>>IF he wanted to impress a group by paying more taxes...he could have just wrote a cheque...

As was recommended by some that think if people want taxes raised..that's ALL THEY have to do.

Don't raise everyone's taxes...just give more.>>>>

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I believe it was said that he was trying to keep

the 2011 return within the same range as his previous. I didn't hear that he gave his reason so, again, speculation. I would think that sounds reasonable. His paying the extra money, BTW, is as good as writing a check. So what do you think he should have done to make you feel better? Should he have taken the entire deduction? Would it have been OK with you if his rate dropped to 10% by doing so or would you grouse about that too?

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His campaign said....

.....that he modified his return to conform with the estimate he had given several months earlier. That means that he intentionally manipulated the numbers so he could claim to have paid a higher rate than he actually (originally) did, and would have if he wasn't running for president. IOW, he cooked the books to avoid having it come out that his tax rate was (likely) in the single digits.

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At least he's paid his taxes

even if he paid a higher rate than you think he should have (having your cake and eating it, too, Josh....damned if he pays too little and damned if he pays too much now). Ask Tim Geithner and thousands of postal workers and other government employees to finally pay THEIR fair share.

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He artificially manipulated his return....

.....to conform with an estimate he had previously given, for purely political reasons. That's why you need to see more than two years' worth of returns, Toni.

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Boo-hoo...ain't gonna happen, get over it.

when you say "YOU need to see more than two years", you mean YOU, not me. I'm fine.

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shouldn't you care more

that he has the acumen and intelligence to do things the right way to avoid waste such as excessive taxation, instead of blaming him for following the laws to achieve the greatest advantages instead? Isn't it time we had someone who believed in winning instead of just a loser?

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We don't know that he did that, do we

He's hiding all those other years' taxes for a reason. Some call it "acumen," but it may have been tax evasion.

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(NT) HAHAHAHAH...tax evasion....Geithner, Rangel, et al
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HAHAHA none of them are running for president

Rangel was censured, and rightly so. Had he been convicted of a felony he would have been expelled, and rightly so.

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