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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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Creative accounting is a truly great American innovation.
Romney must have figured out his Etch & Sketch doesn't work on tax preparation
Pretty sad when this is a time when Americans demand honor & honesty from their candidates, as well as more demands open government & full disclosure
Romney has the "Moral Obligation" to release all of his tax returns ---- Out of honor for his father George Romney who set the precedent for voluntarily releasing tax returns... That alone should be enough incentive for him,,,,, if he honors his own father
American citizens demand "Open Government" & disclosure from those who wish to become leaders....
ROMNEY GIVES CITIZENS NEITHER OPEN GOVERNMENT OR HONORABLE DISCLOSURE
He doesn't believe he should,,,, "The corporation is the people"
Why does he need more time? We all realize that he has some accounting firm do his taxes. I'm sure they will have them done whenever Mittens wants them done. Why does he need more time? How about his returns for the last 5 or 10 years? They are already done. Why does he need more time?
What is it to you guys about Romney's tax return? What are you expecting to find that you haven't seen on his last tax return that he released from last year? Are you reaching for something you can catch him on because I will tell you now, you won't find anything different. You will find that he is paying the same rates the previous years from his captial gains investments! Let me be clear again, his capital gains investments, not rates from his annual income which we already know is taxed at a much higher rate. As far as needing more time, a majority of people are always asking for extensions due to the complicated nature of the process especially from someone like Mitt Romney so what's the big deal? just because they are asking more time does not mean that they intend to hide something. Romney is not hiding anything. The Democrats tried to find something on his last tax return that he released and came empty. The same will happen to the next batch of tax returns he will release. As far as I am concerned, this is a non issue.
NickaNet,.....Wouldn't think Mittens may have some skeltons in the clostet, would you ?
Why do you suppose he said he would release his 2011 tax statement sometime before the general election and not the republican convention, is there something he does not want Ron Paul or the Grinch to see ?
Since Mittens wife said, "womens choices must be respected", do you suppose he doesnt want the religious right to know he cotributed to planned parenthood or something like that...........Why all the secrets, Swiss bank accounts, Bermuda post office box businesses, hedge fund stocks ?
This is complete desperation on the Obama camp. It is sad that Obama has nothing else to run on since his record is so dismal that he decides strategically to release his tax return, therefore putting the pressure on Romney to do the same to prolong this debate that the rich not paying their fair share. In addition to this Obama intends to continue to push this Buffet tax increase which he even admits will do nothing to impove the economy (with revenues expecting to be 4.7 billion in one year) with the trillion dollar deficit expected by 2013. So tell us, what real solutions are Obama coming up with to improve the economy when all he is campaigning on is Romney's wealth and increasing taxes on the rich which does nothing to improve the economy. What is he offering besides class warfare and more division? Will this be his campaign strategy until election day? Probably so because there is nothing else for him to brag about, isn't there! pathetic!!
Dee, you're always a funny read. Obama is clearly not perfect but it's just so interesting that you and many others always see the problems of the country only beginning on the day he took office. Makes me wonder sometimes.
After 8 years of Mr. Bush the economy was shedding 500.000 jobs a month, now it is gaining 200,000. The stock market was at 7000 and now it is at 13000. 33 will have access to affordable health care( unless the SCOTUS kills it. Maybe he could run on a few of those kinds of things.
Rob, No, I am realistic to understand that the problems did not start as soon as Obama took office. There is blame to go around from both parties for this recession we are in but during the 3 years Obama took office, he just added fuel to the fire. He is averaging trillion dollar deficits per year, has done nothing productive to help bring jobs back, this has been the slowest recovery since the Great Depression under his administration. I really believe he does not have real solutions to the problems we have and all he has to run on now is class warfare to try to get votes for November. This is why he is so obsessed with Romney's tax return and the Buffet tax rule which he knows will do nothing to help the economy but just wants to make he point of unfairness that the rich don't pay their fair share!
Most conservatives like myself don't see the problems as beginning with Obama. It is irrefutable that he has compounded the destructive effects of nearly 100 years of marxist liberalism destroying our country.
brundo, I don't know if you noticed by Obama is staying far away from the "Affordable Health Care Act" for many reasons, for one if the mandate will be ruled unconstitutional, the whole healthcare that he worked on for a year and a half will be scrapped. Also, he promised that the cost of this Healthcare will be under a trillion. An update as of now of the true cost is exceeding 1.7 trillion, almost double the cost. This healtchare is unsustainable and is what will bankrupt this country. Obama has to know this and is staying far away from this issue. As far as the economy improving and the number of jobs that you claim have been created, this is the result of the free market working, not his policies, he can't say what he has done to contribute to the small number of jobs that were created. And I am sure you know, this slow growth is nothing to brag about when a huge number of people are unemployed or underemployed. So, again, tell me, what does he really have to run on?
Good luck in your quest to repeal the 20th Century.
History will not look well upon this time when the Republican Party mainstreamed crazy.
Here's my objections. Yes, Obama's debt and defecit running is not good. But, what about Bush's? Had he not run his debt so high, Obama's would not have been near as much. Bush was the first and hopefully the last to put the two most expensive US wars on the credit card to the tune of 4 trillion when all is said and done. He is the first to provide 1.8 trillion in tax breaks that produced job losses after 8 years. Bush and especially Cheney (who casted the deciding vote) for Medicare prescription drugs plan that will cost us about $5 trillion over the next 25 years. Another 1.5 trillion in TARP and stimuls money not including Obama's.
You can't burn down the house and expect others to pay for it (middle class) while doing it with cheaper dollars. If Republicans had their way, Obama would have had to pay for all of Bush's mistakes. If it were the other way around, Republican would have run up debt as well. Obama's first term was always about repair and mess mop up.
Larry, no actually Bush was the largest Marxian we have had so far in principle. His man Hank Paulson MADE the banks lend money or else. Prescription D is going to be the single largest socialist program we will have very soon outside of basic medicare. Republicans are socialist all the same.
I am no fan of Willard but how much money he has or doesn't have is nothing to me. What I want to hear about is his position on health care for all, women's health issues, his position on the economy, you know silly stuff like that.
brundo, I also don't care how much money he has, but I want to hear what he will do to begin reversing nearly 100 years of marxist socialism that has nearly destroyed our Constitutional Republic
Instead of expanding socialism in this country, let's try the Constitution and expanding liberty. We need representation in Congress and the White House that is committed to following the Constitution (and I don't support Ron Paul in case anyone thinks so-his foreign policy views are dangerous and he's actually an anarcho-capitalist who believes in NO govt).
Many conservatives like myself are looking for the candidate who will take the following positions:
It should be the priority of good govt to repeal the 16th amendment and end corporate and individual income taxes, and the Estate Tax. They violate the principles of liberty our nation was founded upon
We need to abolish the Depts of Education, Energy, Health & Human Services, Labor, OSHA, EPA, Transportation, phase out SS & Medicare, abolish the Federal Minimum Wage, abolish the FCC, FDA, FTC, NLRB, return student loan programs back to private lenders, end all Food Stamp programs, Federal welfare, Federal unemployment insurance payments, Obamacare, and a host of other unconstitutional programs. These are all unconstitutional programs that promote a socialist totalitarian state. We need to get rid of the Federal Reserve and take back control of our monetary system.
Taking some of the steps above would reduce our deficit to near zero and reduce the debt by trillions (Our total debt currently stands at 53 Trillion).
We need to institute a national sales tax like the Fair Tax proposal, and renegotiate all of our Trade Agreements and associations allowing for a renewed system of tariffs.
We need to remove ourselves from the UN and ask them to relocate to another country
We need to sell off some of the 245 million acres of Federal Lands. There are 10's of millions of acres of Federal lands that lie dormant and are not used for anything (I'm not referring to National Parks or Forests). In some states like Nevada, the US Govt is the largest landowner. Use that money to pay down our debt. Selling off this land would provide cash to the govt for debt reduction and would result in massive economic growth.
The Federal Govt needs to stop meddling into issues of drugs, alcohol, or tobacco. Those are issues to be determined by the States
We need to promote energy independence through development of our own oil and gas resources. With the elimination of corporate taxes and the heavy hand of Washington which stifles business development, there is more capital available for both increasing use of our current natural resources and development of alternative energy technologies.
Other technologies like recycling waste into energy which is done in Scandinavia but opposed by the radical left environmental extremists would also increase energy independence, create jobs and help the environment that these leftists claim to love.
We can reduce defense spending by approx 10-15% through technological advancements and greater use of drones and special forces. This should also include removing the stupid ban on assassinations. While we have closed a number of bases in Europe, we could probably close the remaining bases in Germany without affecting national security.
And that is just a start to what a more Constitutionally run, liberty promoting US could accomplish.
@Larry R: So...you and Allen West know just exactly how many Communists there are in the govt.--and how to correct all the awful terrible things they have planned for the country??? Dream on, Larry.
The Bircherism is strong in this Larry R!
The Democratic Party Platform has not been substantively different from the Communist Manifesto for decades. Parts of the Platform have been from the Communist Manifesto for nearly 100 years.
The Progressive Caucus Members are also members of the Democratic Socialists USA and publicly posted that until 2004 when conservative bloggers like myself began posting from their website. They subsequently took down that listing.
The Communist Party endorsed Obama in 2008 and again for 2012
The Communist Party USA. The Communist Party USA leader, Sam Webb, explains why he will continue to support Obama and Democrats in 2012. The Communist Party USA has consistently supported and infiltrated the Democratic Party.
Also note, Sam Webb, the leader of the party, called Obama a friend back in 2008.
Sam Webb Via People’s World:
http://politicons.net/congrats-communist-party-usa-endorses-barack-obama-and-democrats-for-2012-election/
http://peoplesworld.org/does-it-matter-which-party-wins/
In 2010, in a report prepared for the Communist Party 29th National Convention
Larry is trolling again today. Try not to feed him.
Pastor Larry,,,, You don't even see that the President has been doing nearly everything you recommended doing
Dude,, really man learn the issues & learn what he has been doing... Get out of the cesspool of right wing garbage.. They use you as a total fool & tool
Sure Jim- tell me which of these positions I posted that Obama has suddenly changed to support
It should be the priority of good govt to repeal the 16th amendment and end corporate and individual income taxes, and the Estate Tax. They violate the principles of liberty our nation was founded upon
We need to abolish the Depts of Education, Energy, Health & Human Services, Labor, OSHA, EPA, Transportation, phase out SS & Medicare, abolish the Federal Minimum Wage, abolish the FCC, FDA, FTC, NLRB, return student loan programs back to private lenders, end all Food Stamp programs, Federal welfare, Federal unemployment insurance payments, Obamacare, and a host of other unconstitutional programs. These are all unconstitutional programs that promote a socialist totalitarian state. We need to get rid of the Federal Reserve and take back control of our monetary system.
Taking some of the steps above would reduce our deficit to near zero and reduce the debt by trillions (Our total debt currently stands at 53 Trillion).
We need to institute a national sales tax like the Fair Tax proposal, and renegotiate all of our Trade Agreements and associations allowing for a renewed system of tariffs.
We need to remove ourselves from the UN and ask them to relocate to another country
We need to sell off some of the 245 million acres of Federal Lands. There are 10's of millions of acres of Federal lands that lie dormant and are not used for anything (I'm not referring to National Parks or Forests). In some states like Nevada, the US Govt is the largest landowner. Use that money to pay down our debt. Selling off this land would provide cash to the govt for debt reduction and would result in massive economic growth.
The Federal Govt needs to stop meddling into issues of drugs, alcohol, or tobacco. Those are issues to be determined by the States
We need to promote energy independence through development of our own oil and gas resources. With the elimination of corporate taxes and the heavy hand of Washington which stifles business development, there is more capital available for both increasing use of our current natural resources and development of alternative energy technologies.
THE ANSWER JIM is that Obama is opposed to all of these changes.
Jim
Show me the links to Obama calling for:
1. The repeal of the 16th amendment
2. Ending Federal money to Education
3. Phasing out SS & Medicare
4. Abolishing the Federal Minimum Wage,
5. Abolishing the FCC, FTC, EPA, OSHA, NRLB,
6. Abolishing Federal Food Stamps
7. Selling Federal Lands
8. Getting rid of the Federal Reserve
9. Getting out of the UN and telling them to relocate to another country
10. Abolish the Depts of Labor, Transportation, Energy, Education, Health & Human Services
I'm sure since you say so that you can provide all of those links Jim (LOL)
Knock off the crap Larry,,, You just threw on a bunch of ridiculous crap that no president will do & no American wants
People are always going to resent Mitt for the money he makes or has made in the past. He is definitely postponing all the criticism he is going to get by his tax extension. If you were him, wouldn't you try to hide all of the previous evidence of making millions out of distressed companies that put the common man out of work?
What's tje Romneys' problem getting their taxes figured on time? Did Ann forget how to use the calculator? Surely she's got enough time on her hands to handle this part of the Romney Family Business (i.e., running for public office as a moderate...no, scratch that....as a conservative).
His retardican accountants told him he would get a refund if he changed his filing from business man to liar. Being that he has revealed his handicap in the last 6 months. Thus the delay.
I was wondering. Are those Swiss accounts and Cayman Island accounts on his return? Shouldn't he invest his money in America? You know so it can trickle down on us
NickatNet
Not if he's smart. The object of investing is to make money, not create jobs.
BTW Cayman Island accts still are reported for taxes on a tax return.
Nick, If you complain that Romney and other wealthy investors like him are investing offshore, shouldn't you be asking the question on what conditions made it more likely for these investors to go off shore? Maybe Obama should be looking more closely on how to make businneses more competitive so people won't feel the need to go offshore. He should be looking at lowering, not increasing captial gains taxes to encourage investing in the US and lowering the corporate tax rate altogether. I don't see any effort on his end to address any of these issues, many of you want the rich to pay more and invest more, then you complain that businssmen take their money overseas. You can't have it both ways.
Weasel ETCH-A-SKETCH at it again! An extension for filing his taxes! When he passes on to NEVER, NEVER LAND, their gonna need an auger to get him in the ground! WHAT A PHONY! Get him Pres, he's a no more than a nuisance to the 99% American People!
Let's vote STRAIGHT DEMOCRATIC, and rid ourselves of corrupt corporate political puppets! The lives, we, the 99% Americans, save may be our OWN!!!
Willard has something to hide. PERIOD, END OF DISCUSSION, NUFF' SAID.
I am sure campaigning is hard work, but he has an immense team to help him campaign. I will bet he also has an immense team to manage his finances, including getting those tax returns filed on time. Extensions are supposed to be for unusual circumstances, not a way to game the system and put off filing for months every year.
Well said, Seeking Sanity -- but GW Bush in one of his first executive orders kept the privileged papers of the Reagan Administration sealed a while longer in order to protect anyone who might be affected by the release of those documents. Wonder what's in there?
"Mitt Romney's campaign announced Friday that the former Massachusetts governor had filed for an extension in his 2011 taxes."
Completely understandable!
After all, the bank statments from Switzerland must first be translated into English, and mail from the Cayman Islands can be notoriously slow in reaching the U.S.
Romney is just a lying elitist who's trying to fool the party lemmings that he's "just like them". He represents the rich and not you minions! He's using a stall tactic. Add that to the Repukes bag of dirty lying tricks.
Romney wants everyone to focus on the "women" and "mommy wars" and not be detracted by his huge wealth and lower tax rate. Pretty shrewd... But, that's the way the upper 1% strategies work. They want you to believe they understand your plight. The reality is... they could not give two sh*ts about you... And yeah... a whole bunch of idiots will still vote for this guy and the upper 1%.
I can't believe hard working middle Americans continue to support and vote for the GOP... Not that the Dems are any better. Get some cajones folks and register Independent. Then you aren't beholding to anyone and you can actually stand back, observe, think for yourself, and vote your choice!! Stop defending these two party idiots!!! Get with the program!!
"Romney's campaign has consistently said the ex-governor has paid all relevant taxes."
Translation: Romney has paid all the taxes he could not get out of and was forced to pay, but not a penny more.
Rename the Buffet rule to the Romney Rule, do not allow people to pull "a Romney" anymore and cheat on their taxes, close the loopholes and set the minimum to 30% for anything over 1 million a year in income NO MATTER HOW IT WAS MADE.
It is going to be interesting to see of Mitt sticks Ann out in front as a human shield again on his tax problems as he does on every issue... She's got to getting sick of the abuse
Mitt already dishonored his father on not releasing his taxes.... Lets see he donated 21% of his income to Christian Charities as the President did
Romney may still be deciding whether it is worth full disclosure of his finances to be President
Technical difficulties with his 72" wall mounted Etch & Sketch
I would never vote for Romney but it sure is interesting to see the vitriol of the libs here. There is no other ideology in the world that is as hateful as the American left.
The left has a what. a "hateful ideology"?
Dude, it's the right who have been taught from birth that the left is the enemy & you show that every day on the vine
We are the "Bleeding Hearts & Tree Huggers" according to you haters
Larry it's your folks who hate the President because they think he's a Muslim, African, or a Communist,,, It's your folks who really "hate" the "hate laws"
Pastor Larry,, About your earlier recommendations for what the President can do?
You don't even see that the President has been doing nearly everything you recommended doing, only without your spin
Dude,, really man learn the issues & learn what he has been doing... Get out of the cesspool of right wing garbage.. They use you as a total fool & tool... They have no honor & you lose honor by allowing them to disrespect you
It's not the first time republicans have pulled this deceitful method Larry....
On other issues Obama has success on, republicans try to morph it as their own idea & only their success.. They take the worst of their own policies & pant them as Obama's A GOP without Honor!
Jim
Show me the links to Obama calling for:
1. The repeal of the 16th amendment
2. Ending Federal money to Education
3. Phasing out SS & Medicare
4. Abolishing the Federal Minimum Wage,
5. Abolishing the FCC, FTC, EPA, OSHA, NRLB,
6. Abolishing Federal Food Stamps
7. Selling Federal Lands
8. Getting rid of the Federal Reserve
9. Getting out of the UN and telling them to relocate to another country
10. Abolish the Depts of Labor, Transportation, Energy, Education, Health & Human Services
I'm sure since you say so that you can provide all of those links Jim (LOL)
Larry--Provide links showing any rational, serious, candidate proposing to do those things.
Old Vet- which I why I always vote 3rd party. The Republicans are nearly as socialist as the Democrats
And Jim- I have no respect for the Republicans; They are just a socialist light version of the marxist Democrats
Knock off the crap Larry, that wasn't what you said earlier... That is what you added on
No President will do what you want,,, Not even has been Ron Paul who can't cut the umbilical cord from the GOP
So now suddenly you say you have no respect for republicans???
Just Yesterday you thought both republicans & Romney was the champions of the Constitution, freedoms & liberties
See Jim, either you are lying or just don't read
All of that was in this post
#154.1 - Sat Apr 14, 2012 11:24 AM PDT
I've said for years that I will never vote for Romney. I almost never vote for Republicans. I made the mistake of voting for that marxist Nixon in 68 and left the Republicans in 72 because of Nixon. I did vote for Reagan and took a chance on GW Bush in 2000. But otherwise in 72, 76, 88, 92, 96, 2004, and 2008 I voted 3rd party
Some Republicans do stand for liberty, but most including Romney just believe in a lighter version of socialism to the Democrats
It's a sad day for this Country when a Presidential candidate is an ex Wall Street banker / corporate raider, that does everything in his power not to pay taxes into the US Treasury. We have a Presidential candidate that has actually profited by destroying other American's dreams / jobs / retirement. Mitt Romney is Gordon Gecko (Michael Douglas in Wall Street). When Gecko's company became majority shareholder of Blue Star Airlines, their plans were to fire all employees, sell of all assets and keep the pension fund. There is just something fundamentally wrong when a US Presidential candidate's resume could be Gordon Gecko's.
Romney is a toal loser. Please, rich man, let's talk about tax cuts to the rich who have basically screwed us. Horrid.
Paul= there is something fundamentally wrong and immoral about a president who seeks to steal more money from those who earn it in the form of taxes.
"A just security to property is not afforded by that government, under which unequal taxes oppress one species of property and reward another species: where arbitrary taxes invade the domestic sanctuaries of the rich, and excessive taxes grind the faces of the poor; where the keenness and competitions of want are deemed an insufficient spur to labor, and taxes are again applied, by an unfeeling policy, as another spur; in violation of that sacred property, which Heaven, in decreeing man to earn his bread by the sweat of his brow, kindly reserved to him, in the small repose that could be spared from the supply of his necessities." James Madison 1792 letter on taxation
Samuel Adams stated: "The utopian schemes of leveling [redistribution of wealth], and a community of goods, are as visionary and impracticable as those that vest all property in the Crown. [These ideas] are arbitrary, despotic, and, in our government, unconstitutional."
"To take from one, because it is thought his own industry and that of his fathers has acquired too much, in order to spare to others, who, or whose fathers, have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, the guarantee to everyone the free exercise of his industry and the fruits acquired by it."
-- Thomas Jefferson, letter to Joseph Milligan, April 6, 1816
Larry - The tax rates have not gone up since the President has been in office. Tax rates on top earners have to increase, at least in the short term, to help deal with the deficits. Historically, GDP growth is more robust when the tax rates on high income earners are higher then the current rates. Obama's push for the Buffett rule is based on what's worked in the past. Nothing new there.
the so-called Buffet Rule tax increases will not lower the deficits. They amount to between 3.1-4.7 billion per year which only pays 3 days worth of interest on the debt.
When tax rates increase the wealthy shift to tax free investments like Govt bonds. Tax increases NEVER lead to less debt. Never have and never will
Tax decreases always lead to increased debt. Always have and always will.
wow..hahahaha..let me hold off as long as i can