Mitt Romney released his 2011 tax returns Friday evening and one thing is quite clear. Mittens is quite the generous individual. Not only did he give big time to his favorite charities, he donated over $4 million, he also in effect donated to Uncle Sam by not claiming the full $4 million he gave on his tax return.
Romney’s returns show that he only claimed $2.25 million in charitable donations on his $13.7 million in income and paid, an effective tax rate of 14.1%.
So why exactly did Romney not claim everything he was legally able to claim? Does he need to fire his accountant? Only Mittens knows for sure why he let the government keep $500K or so of his income but one might guess his ability to claim that he had paid at least 13% in taxes for each of the last 10 years might be one reason for it.
Taking his full deduction would have lowered his tax rate to below 13% and one thing we all know for sure, Romney would never ever mislead anyone now would he? Oh wait…
“I pay all the taxes that are legally required and not a dollar more. I don’t think you want someone as the candidate for president who pays more taxes than he owes.”