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Taxes, charity cost Romney 57.9 percent of income

With President Obama expected to use his second-chance debate this week to portray Mitt Romney as an uncaring rich guy, a new analysis of the GOP candidate's wealth shows that the millionaire was so generous that he kept just 42 percent of his income.



Obama's team has mocked the 14.1 percent tax rate that Romney is in as shirking his responsibility. But Charlottesville, Va.-based Marotta Wealth Management, which pens a widely-followed research blog, found that when Romney's tax burden and charitable gifts are included, he paid out 57.9 percent of his income.



"Giving $2.3 million to charity certainly should not be the basis of any criticism," said David Marotta. "It is money the Romney's did not keep for themselves, so I am counting it with the money lost to taxes."



His basic math for Romney's 2011 return: $18.6 million in income minus $10.8 million in taxes and charity results in a net of $7.8 million, 42.1 percent of gross. Ditto for 2010, said Marotta.







http://washingtonexaminer.com/taxes-charity-cost-romney-57.9-percent-of-income/article/2510746#.UHwQ8sXA-4d


Added: Oct-15-2012 Occurred On: Oct-15-2012
By: Pugnator
In:
Politics
Tags: Mitt Romney, Charity, Taxes
Location: United States (load item map)
Views: 906 | Comments: 74 | Votes: 2 | Favorites: 1 | Shared: 0 | Updates: 0 | Times used in channels: 2
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  • In the eyes of a liberal it's not generous unless it was taken by the government.

    Posted Oct-15-2012 By 

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  • You could add all the charity given by all the Democrats that have run against him and against Obama in 2008 for that matter and it still wouldn't equal what Romney gives to charity in any given year. The so called "charitable" left that claims it holds the monopoly on doing good for the poor actually does very little for the poor. They only know how to give away other people's money.

    Also, the money that Romney gives away has been taxed several times at different rates. He earned the More..

    Posted Oct-15-2012 By 

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  • Obamas policies have resulted in a boom for the charity industry...

    More people need charity now more than ever..

    Posted Oct-15-2012 By 

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  • He's a mormon. They do things like that.

    Posted Oct-15-2012 By 

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  • It's true that Obama cares more for the needy, because he has made millions more of them

    Posted Oct-15-2012 By 

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  • Which charities?

    Mormon church? thats CRAP!

    Posted Oct-15-2012 By 

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    • Comment of user 'wormhole' has been deleted by author (after account deletion)!
    • @heydoin what ever fucking charity he wants. Its his money...

      Posted Oct-15-2012 By 

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    • @Matchill
      Well... The Socalist Liberals would say thats all our money he's just holding on to it for them.

      Posted Oct-15-2012 By 

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    • @Matchill My point is church isnt a charity.. not that he gave so much to the church...

      BUT I am assuming thats where he gave his money.. Guessing i am right because info wasnt disclosed..

      I want to donate to charity too... "my church of lets get drunk every Saturday night"

      Posted Oct-15-2012 By 

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    • @heydoin

      http://en.wikipedia.org/wiki/LDS_Humanitarian_Services

      Emergency Response --LDS Church responded to 124 disasters in 48 countries.---the bastards

      Wheelchair Distribution --

      The Clean Water Service --clean water program is designed to partner with local community agencies to provide sustainable clean water---bunch of a-holes

      etc..

      the LDS Church also has over 300 job development and placement centers around the world. In 2001, the LDS Church began the Perpetual Education Fund whi More..

      Posted Oct-15-2012 By 

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  • as a swiss citizen i would like to thank mr romney for beeing so charitable with my country's bankers. thanks for the help mit, we realy needed it. LOL!

    Posted Oct-15-2012 By 

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  • Comment of user 'NeRdALeRt' has been deleted by author (after account deletion)!
  • Well thats not fair. we want him to pay upwards of 100% of his income, says ows.

    Posted Oct-15-2012 By 

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  • Bingo.

    If the federal government keeps growing like Obama wants, there will be less money for charity and less motivation for charitable giving as the federal government crowds out private charity.

    Posted Oct-15-2012 By 

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  • another liberal failed talking point.

    Posted Oct-15-2012 By 

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  • Does mandatory tax to the Mormon church should count as charity.

    Posted Oct-15-2012 By 

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    • @Guerilla007 The church has no power to take anyone's money, you dolt.

      Posted Oct-15-2012 By 

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    • @lonewolf6972 or go to hell. do you think that's a choice to those brainwashed true believers?

      Posted Oct-15-2012 By 

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    • @Guerilla007 I'm sure he tithes his church as well but those numbers are not considered with taxes or a charitable donation to list as a deductable.

      Posted Oct-15-2012 By 

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    • @lonewolf6972 Another stupid republitard statement.

      "Meanwhile, the LDS church states on its website that Mormons must give 10 percent of their income to the church. "The Bible indicates that God's people followed the law of tithing anciently; through modern prophets, God restored this law once again to bless His children. To fulfill this commandment, Church members give one-tenth of their income to the Lord through His Church. These funds are used to build up the Church and further t More..

      Posted Oct-15-2012 By 

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    • @cdlcrash they can state whatever they want, but they can't take anyone's money or force them to give anything. I guess as a liberal you don't understand the concept of giving or free will

      Posted Oct-15-2012 By 

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  • In other news, Bill Gates and I have a combined net worth of $61,000,001,734

    Posted Oct-15-2012 By 

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  • Giving to charity is NOT the same as tax. Simply because instead of the the govt. deciding where the money goes, you decide. If we all gave to charity instead of paying tax, our country would be screwed. How does giving to charity pay for roads/hospitals/schools/libraries/etc.?

    Posted Oct-15-2012 By 

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  • Lies. If you believe that any politician gave 50% of his wealth to "charity" you are a moron or a liar.

    Posted Oct-15-2012 By 

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  • Ya I'm sure he did it because he's such a great person and not because he's known nearly his entire life that he was going to be a career politician and potentially run for President. He's a liar, just like Obama.

    Posted Oct-15-2012 By 

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  • 57.9% of his known income, but not his hidden bank accounts overseas. You are a bigger idiot than Romney if you think he has all of his money / income reported in America. He would show all years of his tax returns if questions would not be brought up as to why he does not currently have the money he has made over the years currently.

    Posted Oct-15-2012 By 

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  • Comment of user 'cdnbud' has been deleted by author (after account deletion)!
  • what a hero!!!

    Posted Oct-15-2012 By 

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  • He HAS to donate 10% to his church or be excommunicated. Puts a whole new light on things no?

    Posted Oct-15-2012 By 

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  • Comment of user 'firetatoo' has been deleted by author (after account deletion)!
    • @firetatoo ---why? just askin

      Posted Oct-15-2012 By 

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    • Comment of user 'firetatoo' has been deleted by author (after account deletion)!
    • @firetatoo kinda like the catholic church is a boys club...if you know what i mean

      i find it funny that you hate a group that does a lot of charity work...so the oposite must be true..you like a religions that staps on bombs and kill woman and children then?? just wondering why?

      Posted Oct-16-2012 By 

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    • Comment of user 'firetatoo' has been deleted by author (after account deletion)!
    • @firetatoo

      http://mormonamerican.com/2012/07/23/the-charity-of-the-lds-church/

      your info is a bit misleading...read the above article to see why

      Posted Oct-16-2012 By 

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  • Plz I want facts going back 20 yrs......fuk this media Bullshit...

    Posted Oct-15-2012 By 

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  • Can you imagine if everyone was made to pay out 57.9% of their income to taxes and charity?

    (Vote for Obama and it will happen soon enough)

    Posted Oct-15-2012 By 

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  • Although, I wouldn't be surprised if the bulk of his charitable contributions occurred after he decided to run for President. That's what politicians do.

    Just like Obama, Romney is a politician. They have no deeply held positions and change at the whim of what the polls say. Everything either of them has done in the last few years, was done for the sole purpose of gaining votes.

    Turd sandwich vs. turd sandwich with slightly less turd.

    Posted Oct-15-2012 By 

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  • Don't make me laugh! Everybody knows that charitable gifts are written off tax. It's a con. Just like Romney.

    Posted Oct-15-2012 By 

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