Destination 270

SMU Students Analyze the 2012 Presidential Election

Mitt Romney’s Tax Return

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Mitt Romney yesterday just released his tax return fulfilling a promise he made this year. Romney, who if elected, would be the second wealthiest president ever following George Washington, who had a net worth of around $500 million dollars compared todays equivalent amount.

Mitt Romney earned $13,696,951 in mostly investment income and paid $1,935,708 in taxes. The Romneys’ effective tax rate for 2011 was 14.1% and donated $4,020,772 to charity in 2011, amounting to nearly 30% of his income. The Romneys’ claimed a deduction for $2.25 million of those charitable contributions.

Romney has faced scrutiny from Democrats and some Republicans who have called Romney out to release more than his 2011 and 2010 returns. Releasing his full tax returns would answer questions Democrats had about the candidate’s offshore accounts and tax history. Mitt Romney, who is known for keeping his personal life a secret, makes voters nervous about the legitimacy of his previous tax returns.

CNN’s recent article on Romney’s tax return quoted Romney saying, “I pay all the taxes that are legally required and not a dollar more. I don’t think you want someone as the candidate for president who pays more taxes than he owes.”

Obama and Romney have quite differ views on how much the rich should pay for their taxes. Romney believes everyone should be pay equal taxes, while Obama believes the rich should have to pay a little more their taxes so that everyone has an equal chance to get on their feet. Taxes remain a huge debate this election and it will be interesting to see if Romney’s tax return will sway any voters.

Make sure to keep checking Destination 270 for all of your Presidential Election 2012 stories.

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