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In reply to the discussion: Romney paid 14.1 percent effective tax rate in 2011 [View all]DallasNE
(7,418 posts)Last edited Fri Sep 21, 2012, 11:31 PM - Edit history (1)
In the two years he relesased he pays 14% and in the 20 years he doesn't release he pays 20.2%? Also, his 2011 income of $13.7 million is considerably below his earlier 2011 esitmate. That needs some explaining.
We know why his earlier 20 years would have a higher rate -- the Bush tax cuts. There is reason to believe that Romney has paid about the 14% rate since the Bush tax cuts kicked in and suggests that the Bush tax cuts resulted in a 50% savings, i.e., that the first 12 years he hasn't release he likely paid at about a 28% rate -- still low for someone in his income bracket. That still doesn't explain why his income in 2011 came in 35% below his estimate. With his record on truth being so low I don't trust his "summary" of 20 years any more that I trusted Nixon's transcripts of Watergate related conversations.