NOTE FROM TRUSTEE BRAD MALT
Brad Malt / Mitt Romney for President
This morning, Gov. and Mrs. Romney filed their 2011 tax return with the IRS. At 3:00pm today, the Romney for President campaign will be posting the 2011 return online. — The complete 2011 tax return, with full schedules, statements, and attachments …
Some tax facts:
Mitt Romney has three years to file amended tax returns without penalties. That is the law.
The statement “signed under penalty of perjury” is only a formality. The 2010 and 2011 tax returns were prepared knowing FULL WELL that Romney would be a candidate for the presidency.
So, there is NOTHING to stop the entire document from being a very carefully massaged legal fiction, written not for the IRS but for the race.
This is borne out in his refusal to release ANY tax return that can’t be confidentially amended. (Federal law prohibits disclosure of any emendation other than voluntary self-disclosure).
When he amends, if he underpaid, he can pay with small interest penalties. OR, he can receive a whopping refund from his various “forgotten” dancing horse deductions.
Thus, we now have ZERO of Mitt’s tax returns (that can be trusted.)
On the other hand, trust me, because this is what I do for a living.
We need MORE than two potentially fictive tax returns. Don’t stop asking.
For more, see: “We Don’t Actually Have ANY of Mitt Romney’s Tax Returns” 17 August 2012.
UPDATE 3:45 PM PDT: Lest you think I’m flim-flamming you, think of the above while you read this from The Daily Beast:
They included the following: in 2011, the Romneys had $13,696,951 in income, mostly from investments. They paid $1,935,708 in taxes, giving them an effective tax rate of 14.1 percent. The Romneys donated $4,020,772 to charity—nearly 30 percent of their total income, which is very impressive indeed. Next, however, trustee Malt notes that “the Romneys claimed a deduction for $2.25 million of those charitable contributions.” In other words, they didn’t take a deduction for nearly $1.8 million in charitable donations— donations for which they would have been perfectly entitled to take deductions. If the Romneys’ income were taxed at the 15 percent rate levied on investment income, that means the Romneys needlessly paid an extra $270,000 in taxes. If their income was taxed at the top marginal income tax rate of 35 percent, that means they needlessly paid an extra $630,000 in taxes…