Democrats complained Friday that Gov. Mitt Romney boosted his federal income bill to fend off criticisms about the low tax-rate owed on income earned from investments.
“Romney manipulated one of the only two years of tax returns he’s seen fit to show the American people — and then only to ‘conform’ with his public statements,” said a statement from Sen Harry Reid, the leader of the Democratic majority in the Senate.
“Had he not limited his [charitable] deductions … what would Gov. Romney’s effective tax rate have been?” asked an afternoon email from Obama’s campaign staff.
In 2011, Romney choose to deduct from his taxable income only $2.2 million of the $4 million he donated to charity. By limiting that deduction, he increased his own federal tax rate to 14.1 percent, and deflated Democratic allegations that he paid little or no taxes in some years.
Obama’s chief campaign strategist, David Axelrod, complained that Romney would have paid only a 9 percent federal income tax rate if he had fully used his eligible charitable tax deductions. “Mitt’s 9 percent solution. Or, maybe, solution to 9 percent,” he tweeted Friday afternoon.
Romney may also have paid extra taxes in previous years, the Obama email suggested. “Gov. Romney has stated he did not pay less than [a] 13% tax rate in previous years. Did he have to revise other returns to get to that rate? … Has Gov. Romney voluntarily given up the use of certain charitable deductions before?” the email asked.
It is “galling to see the creative accounting Mitt Romney applied to his own tax returns. … It’s obvious he believes in two sets of rules: one for him, and one for the middle class,” said Reid, who has repeatedly claimed that Romney paid no taxes in some years.
“Romney manipulated one of the only two years of tax returns he’s seen fit to show the American people — and then only to ‘conform’ with his public statements,” said a statement from Sen Harry Reid, the leader of the Democratic majority in the Senate.
“Had he not limited his [charitable] deductions … what would Gov. Romney’s effective tax rate have been?” asked an afternoon email from Obama’s campaign staff.
In 2011, Romney choose to deduct from his taxable income only $2.2 million of the $4 million he donated to charity. By limiting that deduction, he increased his own federal tax rate to 14.1 percent, and deflated Democratic allegations that he paid little or no taxes in some years.
Obama’s chief campaign strategist, David Axelrod, complained that Romney would have paid only a 9 percent federal income tax rate if he had fully used his eligible charitable tax deductions. “Mitt’s 9 percent solution. Or, maybe, solution to 9 percent,” he tweeted Friday afternoon.
Romney may also have paid extra taxes in previous years, the Obama email suggested. “Gov. Romney has stated he did not pay less than [a] 13% tax rate in previous years. Did he have to revise other returns to get to that rate? … Has Gov. Romney voluntarily given up the use of certain charitable deductions before?” the email asked.
It is “galling to see the creative accounting Mitt Romney applied to his own tax returns. … It’s obvious he believes in two sets of rules: one for him, and one for the middle class,” said Reid, who has repeatedly claimed that Romney paid no taxes in some years.
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