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ST. LOUIS — Under pressure by President Obama's re-election campaign to release them, Mitt Romney's campaign announced Friday that the former Massachusetts governor had filed for an extension in his 2011 taxes.
A spokeswoman for the Romney campaign said that while the presumptive Republican nominee had asked for more time to prepare his taxes this year, he would release them before November's election.
"Earlier this year, Gov. Romney released his 2010 tax return and an estimate of his 2011 income and taxes. This is an extension for filing his 2011 actual return, similar to what he has done in prior years," Romney spokeswoman Andrea Saul said in a statement. "Sometime in the next six months, and prior to the election, Gov. Romney will file and release the 2011 return when there is sufficient information to provide an accurate return."
The move was sure to prolong a national debate set in motion by the White House over the issue of tax fairness. The president's campaign arm has also demanded more transparency by Romney on the matter of taxes, demanding not only this year's returns, but also Romney's returns from the last decade.
Romney will now have until mid-October — just weeks before the general election — to file his returns with the IRS.
A former co-founder of the private equity firm Bain Capital, Romney is estimated to be worth as much as $250 million dollars, according to personal disclosure documents.
His immense wealth had been made an issue in the primary campaign, when rival candidate Newt Gingrich demanded that Romney release his tax returns. After resisting the pressure, in January, the Romney campaign released his 2010 tax returns and an estimate for 2011.
Those records showed that Romney paid an effective tax rate of about 14 percent, a tax rate stemming from the fact that the bulk of Romney's income comes from capital gains and investments. Romney's extension estimates a tax liability of over $3.2 million last year, and reflects a total payment of over $3.4 million last year.
Still, the debate did a degree of political damage, and came only after revelations that Romney's financial advisers maintained accounts in the Cayman Islands and Switzerland, both of which are sometimes regarded as tax shelters. (Romney's campaign has consistently said the ex-governor has paid all relevant taxes.)
The statement from the Romney campaign comes on the same day President Obama and Vice President Biden released their 2011 returns. The release of those forms were amid a weeklong push by the president's campaign and the White House — timed to coincide with tax season — to highlight the "Buffett Rule," a proposal by Obama that millionaires should be required to pay a minimum effective tax rate of 30 percent.
In a Friday morning memo titled "What is Mitt Romney Hiding from the American People," Obama campaign manager Jim Messina called on Romney to release his 2011 Tax returns -- and those for previous years -- in keeping with tradition for the nominees of each major party, including Romney's father George, who in 1968 released 12 years of returns during his unsuccessful run for the GOP nomination.
"On the eve of April 17th, Governor Romney has yet to provide tax returns from the period in which he made hundreds of millions as a corporate buyout specialist, or as governor of Massachusetts, the experience he says qualifies him to be president," Messina said in his statement.
Romney's inability to talk about his wealth comfortably — those close to Romney say privately he just doesn't think of himself as a "rich guy" — has often been regarded on as a stumbling block for his campaign, and a weakness for democrats to exploit by painting the former private-equity CEO as "out of touch."
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The tax code is complicated for people who have businesses and are just sucking off of the government and just have a W-2.
It is nice that he is taking the legal extension to get it correct rather than rush and give the Leftists something to criticize.
Why give him more time? Find his money in the cayman Islands ! Then close his accounts! Since he is so interested in paying off the debt, tax him heavily so we can pay the debt off. We need to raise his taxes to 50%!
Romney is Rich most of the Money he has are just rotated back into the business. (Actual real job saving and making )
Obama is upset that he know Romney actually will pay more than both Obama and Biden earned total. And he cannot stand that a white boy beat him.
let's make Romney not releasing his tax returns into something racist why don't we. " He just doesn't see himself as a 'rich guy", quoted from the article.
Why does anyone with 250 Million want to run for the most thankless position in the USA? I'm not questioning his motives as a the leading Republican contender for the Presidency - or his untimely tax return. However, I do question his sanity!
To fix the economic mess, fix the value of the dollar, to show folks how to really become successful.
Obama and Democrats are about giving you a fish to eat so you will be dependant on them.
Romney and Republican are about giving opportunities in laws that make success easier.
Have you ever thought if it is easier for a rich to stay rich? That may be the way for you to get that way.
Obviously giving your money to Obama will not make you rich.
The reason why the 15% tax for investing, is because it was set up for everyone to be inticed into investing.
I personnally have started investing and infact one of the investment is designed for you to pay taxes now and not pay any later when you pull it out. (Roth IRA) you should all check it out.
This is designed to help us all aquire the American dream. Obama hate it since it actually against his socialist plan.
Investments is how many millionaire and billionaire obtain and keep their millions. We should learn and follow them. I know I am trying
I refuse to follow Obama to the food stamp line.
Obama wants you to fill like you cannot do it, like you need his help (food stamp).
Fact are Rich did not become rich staying on food stamps. They make goals and work on figuring out the goals.
Do not play into Obama communist doctrine and kill yours and everyone best opportunity to become a success.
Nice try but America is not buying boy!
Obama is our man, if he can't do it no one can!
Lies and promises about what the Republicans can do for us have been superceded by factual past Republican "achievements" by the like of Bush. No Thanks.
Phrophet
Just how do you expect to make money collecting Welfare?
The rich become rich by exploiting their employees who have to stay on food stamps.
Ole Mr I do everything by the book Romney, probably can't remember which country he HID all of his MILLIONS$$$$$
OH, Romney has stepped in it now lol you Romney are done! Royal Flush Obama win's 2012 , Congrats!!!!
demanded. sounds like this regime. stay tuned folks. you will be getting more and more demands from the dictator yourself soon if this clown and his goons get elected again.
His older returns are full of hoodwinks and wool-over-the-eyes and his more recent returns show he is "doing better now than he was four years ago." Romney is going to vote for President Obama because he is "doing better now than he was four years ago."
What is it with Republican kids that they all want to run for President like daddy did? there must be a good deal to be had.
Romney has not done crap.
Notice they estimate his taxe base, that is because his value changes day to day, hour to hour, heck even by the second. Would you want him to estimate his taxes? I am sure he has several accountants trying to figure it out and insure he fials correctly.
His funds are tied up into all kinds of stuff, making it a little bit more difficult to complete his taxes.
Look at Bill Gates his were so complicated that had to get another computer just to handle his taxes.
Mitt is laughing at how easy it is and people just smile like they have chips in their head. By law Presidents have to submit their taxes and health records but not Mitt he doesn't have to follow the law. This extension ends in Oct. but he will get another one so people can vote for him with knowing he's richer then he said. Obama 700,000 income tax rate 20% and 22% given to charity. Mitt's 2010 return income 20 million minus his Swiss account/off shore accounts his tax rate 14% with 10% tither to Mormon Church. Rick Santorum earned 1.3 million tax rate 9% and 2% to charity. Now lets look at regular hard working people and their tax rates. Income 27,170 tax rate 17.4% - income 40,800 tax rate 19.6% - income 50,100 tax rate 20.1%
Now most Americans just pay their taxes not knowing the wealthy have a loop hole of capital gains and loses. Dick Cheney gets a big check back each year because he knows how the scam works. Mitt will make sure his tax rate for what he does report is 2% to 3% for he and his wealthy friends and regular folks who do have a job will be paying about 30% to 35% and the GOP can always blame Obama. Everytime someone ask Mitt how much he's worth he laughs and lies because he knows people believe what he says and he can always send his wife/employee Ann to tell the same lie.
jack
What law says that the President has to show his income tax records? I haven't heard of or recall that one. BTW. Romney isn't President,Obama is.
BTW. I take advantage of Capitol Gains. I get a $7000 per year in DIVIDENDS! I'm retired. So you want to raise my taxes?
Hey slodon: The simple answer: yes. Why should you pay less than somebody who is actually working for their dough? How many fingers did you have to lift to make those "capital gains?"
I have started investing and I am upto $38,000.00.
Monday I lost $2000.00 and yesterday it gained $500.00.
What day would I have taken the snap shot of my earning? His would be 1000 of times more complicated than even that. Since it would be multiple huge accounts and assets.
And he has to figure in the rip-off too and the accountants have been ordered to "make it look good." Flip's accountants are busy making deals to have defer his compensation until later years after the election. They did the same thing in 2008. Flip is still "earning" income from years past when he invested other peoples money and now he pays capital gains on compensation that isn't a capital gain technically and the wealth he accrues is from other people's money. In Flip's world, if people keep their jobs then that is a failure by his standards. His type "make" money when they buy businesses and sell them off piecemeal and sell-off all the assets to the detriment of the workers and the communities where these businesses once thrived are decimated by people like Flip and his fat cat cronies.
Jack all citizens have loop holes, called tax deduction.
head of house, dependants etc.
Go check out the advantages of the Roth IRA. I really recommend it to younger people.
I actually started my money working for me some 35 years ago. Now that I'm retired I get $6000 per year TAX FREE from my TAX FREE Muni Bonds. I get $7000 per year in DIVIDENDS from my stocks. I also get SS and a monthly pension. All together I'm making more now than I did working! It was not difficult. Just lived within my means and didn't buy anything I couldn't afford.
And you don' pay your fare share of taxes yet you draw off the government coffers. Nice hypocrisy.
Ask yourself has Obama done anything to make your American Dream easier to obtain?
Taxing the rich and creating more dependant citizens do not help build a stronger US
An extension? What for? What's he trying to shimmy sham now?
I'm not sure what the big deal is here. Romney is as entitled to an extension of tax filing as anyone else. I suppose it's possible that he's hiding something that will require some cogitating, and time, to figure out how to spin. At the same time, I ( and most other commentators ) have no proof of that. While I favor Obama over Romney in the coming election, I think that he and Biden are playing a cheap form of politics in releasing their returns with fanfare. I mean, come on---they don't have to play juvenile "gotcha" stunts to beat Romney.
Amusing. Absolutely amusing. The White House "claims" it is pressuring Mitt Romney to release the many years of income tax returns they think are worth screaming about. I vote Romney releases returns based on same years Obama and Biden choose to release. I further suggest that it be known that many Americans are also applying for tax extensions as well this year.So the issue of Romney being a "perp" is low blow-low balling politics at its finest.
The rules of this "game" extends to all the players on this field and yes THE DOOR SWINGS BOTH WAYS!
The irony here, Tonce, is that Obama has a wealth of angles to legitimately slam Romney from. This tax issue is rather weak gruel, other than within the larger picture of regressive taxation that lets Romney, and others, skate by with absurdly low taxes.
Why in the World is Mitt Romney, who by the way happens to be a Vietnam Draft Dodger only paying 14% in Taxes while we are in the midst of a War Effort that must be paid for with everyone s Tax Dollars?
While we have a War Effort going on everyone should do their Patriotic Duty and pay their fair share of Taxes and that includes this Vietnam Draft Dodger Mitt Romney!
Since neither he nor his five sons have never served in the Armed Forces, the least they can do is to pay their fair share of Taxes and close their Overseas accounts to help pay for these Wars!
ted
Because he invested his money and is getting the rewards for risking losing that money. Try it some time if you have the guts to invest some money. Make your money work for you instead of you working for your money.
I thought DRAFT DODGERS WENT TO CANADA. Romney had a DEFERMENT. Some 16 million others had DEFERMENTS. So are you pi$$ed at them too?
Since you know so much about Romney's "deferment," enlighten us: was it medical? And if so, what was the supposed physical ailment that he had? If it wasn't physical, then what was it for? C'mon...........enlighten us.
earlene
All you have to do is Google Romney's Biography. Take a look for yourself. Looks like no matter what I post you wont believe it.
As a matter of fact deferrments are extended due to religious service scenarios and academic reasons;
Romney went to college during that time plus served an LDS mission to France. AND yes; he got official approval and documentation via the government. It is ALL about working with the system LEGALLY to cover bases and avoid getting in trouble.
slodon
I have the Guts to invest and invest I do in a Cheap A$$ Front Loaded 401k and Metals. I also had the guts to serve my country for 20 plus years with my A$$ in the Grass and I would proudly do it all over again. It's Called Real Skin in the Game.
Oh, and by the way, Mitt didn't Dodge the Draft in Canada, he Dodged the Draft in France when our Boys were fighting and dieing in the Jungles of Vietnam.
He should also do like his Oldman did and show his Tax Return for the past 15 years before the election is over! Newt Gingrich demanded nothing less of him.
He will never Get this Veterans Vote, not in a Million Harley Davidson Years!
ted
So he had a DEFERMENT so did 16 million others including HARRY REID! So what is your point?
BTW I enlisted in '62 right out of high school.
SALUTE!
USAF '62-'66
Were you in the Pleiku area?
It's about Skin in the Game and Pulling your Fair Share and more if your able even though you don't have too.
I would rather not have another Chicken Hawk Draft Dodger as President. I don't want them following the Lead of Dick Cheney and Rush Limbaugh.
Thanks for your Unselfish Service Slodon...
ted
So you wont vote for Obama? He didn't serve either. He could have enlisted for Desert Storm.
Slodon,
Obama Brought Osama Bin Laden to Justice in only three years. You remember him, the Number One Most wanted Man? Bush couldn't or wouldn't bring Osama Bin Laden to Justice in two Terms in Office. He was too Busy doing a Sword Dance with Saudi King when 15 of the 19 Hijackers who crashed into the Worlds Trade Center killing 3,000 fellow Americans were Saudi. We should have turned Saudi into a Parking lot instead of going after Saddam and wasting Trillions in Taxpayer Dollars.
That makes him a Successful "War Time President" and a Successful Commander In Chief.
I'll take my Chances with him based on his Success in that Department.
What is everyone Daft? Osama Bin Laden was our Number One Concern and now he is Swimmin with the Fishes!
Good Night Johnboy...
ted
So Obama ordered the raid. From my stand point a PFC would have ordered the raid given the info and consequences of failure. After all Osama was enemy number one. But I give Obama credit for that. It happened on his watch.
President Obama had a choice to either Bomb Bin Ladens Compound or Send in Seal Team 6. By choosing Seal Team 6, they were able to recover all of Bin Ladens Computer Hard Drives which apparently had Terabytes of very valuable Data on them.
If he chose to bomb the Compound, none of that Data would have been recovered and many of Bin Ladens comrades would never have been hunted down like Desert Rabbits...
Let me get this straight - he thinks he's going to get away with waiting until a few weeks before the vote to release his 2011 tax info? Now I KNOW he's got something to hide. Freaking basturd tax CHEAT has a lot of GALL running for POTUS.
my
I had to file for an extension. I haven't gotten all the documents I need to file my Taxes.
I'm hiding something from the Gov't. It will take some time to figure out how to do that.
Fool.
If he's come by his money honestly AND kept half-way decent financial records, preparing and producing his tax records shouldn't need an extension. Also, the IRS provides free transcripts of personal income tax records upon request.
Unless he or his accountant are the most financially incompetent people on the planet, he (or anyone else) should be able to produce their tax records in a reasonable amount of time. The question here is: Does he want to?
WallaceC
I have a SMALL number of Stocks,about 18 or so. I still haven't gotten ALL the documentation need to file my taxes. I need 4 or 5 from companies that are based overseas. Last year I didn't get ALL the documents needed until August. I had to file for an extension. It is a very common thing to do. I don't see any problem at all. Why are you and earlene so damn suspicious? He published his taxes for last year. I wouldn't be surprised if he filed for an extension last year or the year before or the year before.
Good points, Slodon, but isn't the issue here about his past returns? I may have misread the article so I'll go back and look it over again :)
I'm not suspicious about Mitt Romney at all. I was merely trying to state that past year tax information is relatively easy and fast to obtain unless there is a desire to not release that information.
Sorry for the confusion :)
What about his previous years? Are those difficult to come by? How come he can't release the past ten years and then when the current year is completed there wouldn't be such an outcry. Why do people like slodon want him to not release the tax forms completed in previous years? What is his motive? Why wouldn't the citizens want to see what we are possibly buying? Slodon: you seem like you have your finances in order. You wouldn't buy a pig in a poke would you? I don't trust Flip. He is selfish and greedy and selfish, greedy people always and without exception act with no consideration other than how they are going to get more money.
As President, your personal expenses are minimal since 99% of the expenditures are paid by taxpayers.
If the President or Romney DO NOT utilize all the legal tax exemptions available, then they should work at McDonald's.
When you pay taxes on large income sources it is wise to file form 4868 which is an extension to file the details NOT pay.
Mitt Romney used the mormon church for a deferrment plan so he would not have to go and fight in a war, but seems like he sure does not mine trying to make other people go to war these days why'll his son's can keep their scared butts at home by using the mormon religion to fall back on? Now he needs more time to file his tax's so he can hide his money in other over sea's accounts. How plastic can this fool become with spewing pure B.S? Romney is no more than a rich dumb ass?
hawk
And when did you enlist? I enlisted in '62 right out of high school.
I wonder why Harry Reid didn't enlist or was drafted. He is a Mormon also you know.
I wonder if he used the Mormon Church for his deferment.
slodon: Am i supposed to be impressed because you wanted to get shot at for free and did not have anything else going for you in 1962? Newt Gingrich married his high school teacher at age 19 so he would not have to go so what is your point? Bush Jr enlisted but they made sure because of his name he was never in harms way and all he did was play golf every day. Romney is what he is which is a lying snake that will use any means he can in order to not work and screw people to make a living for himself. You know with romney being lazy and a con artist is a good thing.
hawk
Nope. I don't intend to impress anyone. I'm just pointing out that unless you have served you have NO RIGHT to bad mouth someone else for not serving.
Flip used the Mormon church to rip-off the tax payers for additional money too. He gave the money he actually "earned" and that would be taxed at the normal income tax rate. I heard Flip talking yesterday at the NRA about how people shouldn't be required to fund birth control if it is against their religion, i.e., any church shouldn't provide health insurance that funds birth control for women yet Flip writes-off at the tax payers expense his contributions to a cult that I would no more want to fund than I would want a hole in my head! Greedy people are awful. Why does slodon trust Flip so much? It isn't as if he has never changed his position on ever subject and you can take what he says to the bank. Quite the contrary, Flip has chagned his position on ever , and I mean ever, issue. Slodon: why do you automatically trust Flip but you automatically dont' trust President Obama? How was your retirement under Bush? How come every Republican wants to skip over the Bush Administrations and their completely failed policies, both SR and JR? The failures of the Bush Administrations are caused by the same failed policies to which the current GOP still clings. They want to cut every regulation and continue to cut taxes for the rich who already pay lower % than the laborers. Then the GOP claims that Medicare and Social Security are bankrupting the country even though they never have for more than 75 years. The Bush tax cuts for the wealthy, on the other hand, directly coincide with our Nation's budget surplus being squandered and given to the fat cats and being turned into the current debt. It costs more to service Bush and the GOP debt than what the Nation spends on current expenditures. The GOP always wants to look to the past but not the near past when Bush and his daddy almost ruined the entire Nation. The GOP bled the Nation dry and then they try to blame Grand Ma and Grand Pa's meager Social Security and Medicare for our Nation's debt. The fat cats should be taxed until their eyes bleed and then maybe they won't be so greedy next time. The failures of the GOP are too numerous to list in full(collapses of the economy including the housing market, auto industry, manufacturing sector, banking industry, stock market collapse, ZERO new job creation) I challenge anyone to name one positive contribution the GOP has made to the NAtion in the past decade?
earlene??? hawk??? Where did you go??? What no answers?? Come on stand by your positions.
slodon
I have the Guts to invest and invest I do in a Cheap A$$ Front Loaded 401k and Metals. I also had the guts to serve my country for 20 plus years with my A$$ in the Grass and I would proudly do it all over again. It's Called Real Skin in the Game.
Oh, and by the way, Mitt didn't Dodge the Draft in Canada, he Dodged the Draft in France when our Boys were fighting and dieing in the Jungles of Vietnam.
He should also do like his Oldman did and show his Tax Return for the past 15 years before the election is over! Newt Gingrich demanded nothing less of him.
He will never Get this Veterans Vote, not in a Million Harley Davidson Years!
Slodon,
Another thing that sticks in my craw about Romney is that he want s to cut funding for Veterans Medical Care as soon as he get s in office while we are in Wars that have lasted longer then WWII.
He never served, only pays 14% in taxes and want s to cut Veterans Medical Care.
Thanks, but No Thanks. I know where his past and his Loyalties are at!
ted
Have you read Obama's proposed Budget?
Here is some info for you to ponder.
President Obama’s $4.4 trillion deficit-reduction plan proposes additional increases in Tricare pharmacy co-pays for military beneficiaries and would begin charging an enrollment fee for older retirees using Tricare for Life health benefits.
http://www.airforcetimes.com/news/2011/09/military-tricare-benefits-cuts-obama-091911w/
Slodon,
Bringing Osama Bin Laden to Justice is what I thought we went to War for, not chasing every Tom, Dick and Hammed in the Middle east that never attacked us.
We spent Trillions in Taxpayer Dollars and nearly went Bankrupt going after people who never attacked us when the main culprit was Osama Bin Laden!
They used four Jetliners that they Hijacked in 911, Bushes Response nearly Bankrupted us.
Now tell me who used their resources smarter and more frugally and who is bringing those Expensive Wars to an end.
I hate to put it in those terms, but if we go into a Major Conflict now, how the Hell are we going to pay for it now that our Credit Rating has been lowered?
Not to mention that the Bush Wars were funded off the books with Borrowed Money from Red China!
Geeze!, Am I missing something here?
God night again Johnboy!
Slodon,
Read this letter to John McCain from a three Star General about Tricare;
http://www.naus.org/documents/NAUS_SenMcCain_Ltr_16Nov11.pdf