Tag Archives: Tax Return

a message from Stephanie


Mitt Romney agreed it’s “fair” that millionaires and billionaires like himself pay a lower tax rate than many middle-class families do.

That’s not our spin — that’s straight from Romney. On “60 Minutes” this week, he actually agreed that it’s “fair” that he got to pay a lower tax rate on the millions he made last year than a worker making $50,000 paid. Why? “It’s the right way to encourage economic growth.”

As anyone who’s been paying attention over the past few decades knows, Romney is flat-out wrong. Tax breaks for millionaires and tax hikes for middle-class families lead to endless deficits, not economic growth or job creation. That’s why President Obama is fighting to ensure that millionaires like Romney pay their share

We put together some content that looks at Mitt Romney‘s idea of tax fairness, as well as a couple videos that look at Romney’s positions on education, which he talked about this week. Check them out, and make sure your friends do, too.
#1 Romney’s idea of tax fairness Here’s the video of Romney on what he thinks is fair when it comes to taxes. Take a look, then share it with others:

#2 President Obama’s plan This week, President Obama laid out the details of his plan to build our economy from the middle class out. Voters in Iowa began casting their ballots this morning, so it’s a great time to let your friends and family know about the President’s plan to keep our country moving forward. Share this videowith them:

#3 Tax returns and reforms Romney has defied a decades-long precedent by only releasing two years of his tax returns. That leaves a lot of questions unanswered, but the tax returns he has released show that he benefits from loopholes in the tax code that give an advantage to millionaires and billionaires. So it’s no surprise that Romney doesn’t want to reform the tax code so that all Americans pay a fair share — he wants to keep rewarding millionaires and billionaires at the expense of the middle class. Take a look at this postabout his tax plan, and pass it along:

#4 Romney on class size At the Education Nation Summit this week, Romney doubled down on his assertion that classroom size doesn’t matter. But you don’t just have to listen to Romney to know that his policies are bad — watch Massachusetts teacherstalk about what happened to schools in their state when Romney served as governor, then pass the video along to the teacher or parent in your life:

Also take a look at this videothat tells the story of a Colorado teacher who got to speak with Romney. You’ll be stunned to hear how he treated her:

Thanks for all you do,
Stephanie

..President Obama and Vice President Biden’s 2011 Tax Returns


Jay Carney April 13, 2012 10:30 AM EDT
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Today, the President released his 2011 federal income and gift tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $789,674. About half of the first family’s income is the President’s salary; the other half is from sales proceeds of the President’s books. The Obamas paid $162,074 in total tax.

The President and First Lady also reported donating $172,130 – or about 22% of their adjusted gross income – to 39 different charities. The largest reported gift to charity was a $117,130 contribution to the Fisher House Foundation. The President is donating the after-tax proceeds from his children’s book to Fisher House, a scholarship fund for children of fallen and disabled soldiers.

The President’s effective federal income tax rate is 20.5%. The President believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up. Under the President’s own tax proposals, including the expiration of the high-income tax cuts and limitations on the value of tax preferences for high-income households, he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it.

The President and First Lady also released their Illinois income tax return and reported paying $31,941 in state income tax.

Download the Obamas’ tax returns

The Vice President and Dr. Jill Biden also released their 2011 federal income tax returns, as well as state income tax returns for both Delaware and Virginia. The Bidens filed joint federal and combined Delaware income tax returns. Dr. Biden filed a separate non-resident tax return for the state of Virginia. Together, they reported adjusted gross income of $379,035. The Bidens paid $87,900 in total federal tax for 2011. They paid $13,843 in Delaware income tax and $3,614 in Virginia income tax. The Bidens contributed $5,540 to charity in 2011.

Download the Bidens’ tax returns

American taxpayers are able to go online and see exactly how their federal tax dollars are spent.  You can visit the taxpayer receipt and after entering a few pieces of information about your taxes, the taxpayer receipt will give you a breakdown of how your tax dollars are spent on priorities like education, veterans benefits, or health care.

View the President and First Lady’s tax receipt

View the Vice President and Dr. Biden’s tax receipt

Jay Carney is the White House Press Secretary

Pop quiz … by Brad Woodhouse


 

Pop quiz. Which of the following excuses has Mitt used as he’s tried to release as little of his tax returns as possible?

A. I’m waiting until I’m elected president
B. My accountant isn’t available to release them
C. It’s not about my tax rate, it’s about the tax rate of the American people
D. “I want to make sure I beat Barack Obama

 If you guessed all of the above, you’re correct. Yesterday, Mitt dropped the excuses long enough to release one year’s worth. One year.

 And he chose to release his tax returns on the same day President Obama gave the State of the Union and made the case for the Buffett Rule, which asks millionaires like Mitt to pay their fair share. The choice in this election couldn’t be clearer.

 We think everyone should pay their fair share, including Mitt, and we don’t buy that one year of returns tells the whole story. It’s time for him to level with the American people.

Sign the petition to tell Mitt to release the rest of his tax returns.

http://my.democrats.org/No-More-Excuses

 You see, Mitt doesn’t think there’s a problem with what he pays, despite the fact that his disclosure yesterday revealed a previously hidden Swiss bank account that was shut down in 2010 after an adviser reportedly realized it was politically problematic.

 Between the old Swiss bank account, the Cayman Islands investments, and other tax-minimizing tactics, he paid just 13.9 percent on the $22 million he made in 2010 — about half the rate most middle-class Americans pay. And under the tax plan he’d put in place as president, he’d pay even less.

 But here’s the thing: We still don’t know what tax rate he’s paid in past years, or if he’s used tax loopholes that are only for the very wealthy, because he won’t share any more of his returns.

 When Mitt’s own father, George Romney, ran for president in 1967, he released 12 years of returns, saying “One year could be a fluke, perhaps done for show.”

  American voters deserve to know how he makes his money, where he invests it, and the larger story that tells about his values.

Tell Mitt it’s time to step up and release the rest of his tax returns:

http://my.democrats.org/No-More-Excuses

 Thanks,

 Brad

 Brad Woodhouse
Communications Director
Democratic National Committee