Detail, east Portland photo, courtesy Miles Hochstein / Portland Ground.



For old times' sake
The bojack bumper sticker -- only $1.50!

To order, click here.







Excellent tunes -- free! And on your browser right now. Just click on Radio Bojack!






E-mail us here.

About

This page contains a single entry from the blog posted on January 24, 2012 11:51 AM. The previous post in this blog was Blazers Mute Project continues to reward. The next post in this blog is "Green" dreams keep melting. Many more can be found on the main index page or by looking through the archives.

Archives

Links

Law and Taxation
How Appealing
TaxProf Blog
Mauled Again
Tax Appellate Blog
A Taxing Matter
TaxVox
Tax.com
Josh Marquis
Native America, Discovered and Conquered
The Yin Blog
Ernie the Attorney
Conglomerate
Above the Law
The Volokh Conspiracy
Going Concern
Bag and Baggage
Wealth Strategies Journal
Jim Hamilton's World of Securities Regulation
myCorporateResource.com
World of Work
The Faculty Lounge
Lowering the Bar
OrCon Law

Hap'nin' Guys
Tony Pierce
Parkway Rest Stop
Utterly Boring.com
Along the Gradyent
Dwight Jaynes
Bob Borden
Dingleberry Gazette
The Red Electric
Iced Borscht
Jeremy Blachman
Dean's Rhetorical Flourish
Straight White Guy
HinesSight
Onfocus
Jalpuna
Beerdrinker.org
As Time Goes By
Dave Wagner
Jeff Selis
Alas, a Blog
Scott Hendison
Sansego
The View Through the Windshield
Appliance Blog
The Bleat

Hap'nin' Gals
My Whim is Law
Lelo in Nopo
Attorney at Large
Linda Kruschke
The Non-Consumer Advocate
10 Steps to Finding Your Happy Place
A Pig of Success
Attorney at Large
Margaret and Helen
Kimberlee Jaynes
Cornelia Seigneur
Mireio
And Sew It Goes
Mile 73
Rainy Day Thoughts
That Black Girl
Posie Gets Cozy
{AE}
Cat Eyes
Rhi in Pink
Althouse
GirlHacker
Ragwaters, Bitters, and Blue Ruin
Frytopia
Rose City Journal
Type Like the Wind

Portland and Oregon
Isaac Laquedem
StumptownBlogger
Rantings of a [Censored] Bus Driver
Jeff Mapes
Vintage Portland
The Portlander
South Waterfront
Amanda Fritz
O City Hall Reporters
Guilty Carnivore
Old Town by Larry Norton
The Alaunt
Bend Blogs
Lost Oregon
Cafe Unknown
Tin Zeroes
David's Oregon Picayune
Mark Nelsen's Weather Blog
Travel Oregon Blog
Portland Daily Photo
Portland Building Ads
Portland Food and Drink.com
Dave Knows Portland
Idaho's Portugal
Alameda Old House History
MLK in Motion
LoveSalem

Retired from Blogging
Various Observations...
The Daily E-Mail
Saving James
Portland Freelancer
Furious Nads (b!X)
Izzle Pfaff
The Grich
Kevin Allman
AboutItAll - Oregon
Lost in the Details
Worldwide Pablo
Tales from the Stump
Whitman Boys
Misterblue
Two Pennies
This Stony Planet
1221 SW 4th
Twisty
I am a Fish
Here Today
What If...?
Superinky Fixations
Pinktalk
Mellow-Drama
The Rural Bus Route
Another Blogger
Mikeyman's Computer Treehouse
Rosenblog
Portland Housing Blog

Wonderfully Wacky
Dave Barry
Borowitz Report
Blort
Stuff White People Like
Worst of the Web

Valuable Time-Wasters
My Gallery of Jacks
Litterbox, On the Prowl
Litterbox, Bag of Bones
Litterbox, Scratch
Maukie
Ride That Donkey
Singin' Horses
Rally Monkey
Simon Swears
Strong Bad's E-mail

Oregon News
KGW-TV
The Oregonian
Portland Tribune
KOIN
Willamette Week
KATU
The Sentinel
Southeast Examiner
Northwest Examiner
Sellwood Bee
Mid-County Memo
Vancouver Voice
Eugene Register-Guard
OPB
Topix.net - Portland
Salem Statesman-Journal
Oregon Capitol News
Portland Business Journal
Daily Journal of Commerce
Oregon Business
KPTV
Portland Info Net
McMinnville News Register
Lake Oswego Review
The Daily Astorian
Bend Bulletin
Corvallis Gazette-Times
Roseburg News-Review
Medford Mail-Tribune
Ashland Daily Tidings
Newport News-Times
Albany Democrat-Herald
The Eugene Weekly
Portland IndyMedia
The Columbian

Music-Related
The Beatles
Bruce Springsteen
Seal
Sting
Joni Mitchell
Ella Fitzgerald
Steve Earle
Joe Ely
Stevie Wonder
Lou Rawls

E-mail, Feeds, 'n' Stuff

Tuesday, January 24, 2012

Romney's tax return: 203 pages

Bowing to pressure, Mitt Romney released his 2010 tax return this morning. It's here, along with a lot of related tax documents (including an estimate of his 2011 taxes, which haven't been filed yet). But before you start digging into it, you might want to grab a 20-ounce coffee (or a 40-ounce malt liquor): The basic 1040 form is 203 pages long.

So far, we've gotten as far as seeing that he had $21.6 million of income last year, on which he paid U.S. income tax of just under $3 million. His tax compared to his gross was 13.75%.

And his real name is Willard.

Comments (34)

What about his AGI? Isn't that what you and I pay taxes on?

I know there are many deductions available - all legal - like charitable donations. How much did Willard donate? These deductions help make taxes "fair", right? They make the tax code ridiculously complicated, right?

The exceedingly complicated tax code provides billion$ in "stimulus" for preparers, CPA's and others, right?

You pay tax on your taxable income. The number I've given is the Romneys' adjusted gross income.

In 2010, the couple gave about $3 million to charity. About half of that was cash given to the Mormon church; the other half was the value of stock given to something called the Tyler Foundation. The deductions did reduce the couple's tax.

The stock gift probably involved the typical situation in which the stock had appreciated in value in the years leading up to the gift. The gift is deductible at its full fair market value, even though the donor has never been taxed (and isn't taxed) on the gain.

A significant part of the Romneys' money is parked offshore.

The New York Times's first cut picks up a number of things, but they don't get it all right:

http://www.nytimes.com/2012/01/25/us/politics/romneys-tax-returns-show-21-6-million-income-in-10.html

Willard? He's toast.

But did he tithe 10%?

He's a Willard in Mitt's clothing, huh? Brings to mind the 2003 movie of that name, with the namesake character being one Wilalrd Stiles, a social misfit who bonds with a colony of rats living in his home and uses them for very sociopathic deeds. Both Willards leave a big chill.....

A significant part of the Romneys' money is parked offshore

You'd think that would be the prime target - "Mitt Romney. Invested Overseas. Not in America. Do you want a President who is more concerned with what happens overseas than in his homeland?"

Throw that up against Newt...and we'll welcome back Obama for a few more years in the White House. At least he's faithful to one woman, doesn't spend his money overseas...even if he doesn't do a heck of a lot back home.

"His tax compared to his gross was 13.75%."

How does that compare to what GE paid in taxes vs. their income. I'm not a Romney fan, but jeez, at least he paid some taxes.

If I may lobby, I'd really like a flat tax exempting the first $30K (or whatever). The problem with the tax code is that every rich guy has an exemption (and expensive tax acct) to take advantage of all the holes.

Mitt's tax statement is why the tax code needs to be chucked and redone. If you have primarily investment income, there are so many loop-holes an acrobat would get dizzy.

His two kids both are set up in a tax-free blind trust to the tune of 100's of Millions of dollars, but we can only pass on a paltry amount of inheritance before being taxed to death, while dead.

"But did he tithe 10%?"

Romney gave 15% of his income to charity.

Obama gave 1%.

I've wondered about the tithing question myself. Don't Mormons tithe 10% of their income? I'm not sure Romney would consider religious tithing "charity" but what do I know?

It would be telling if his tithing amounted to more than the taxes he paid on his income to the government he expects to lead.

Unless I've been misinformed, he paid more in federal taxes than 95% of us.

Random:
You are making up numbers. Obama gave 14% to charity in 2010. In earlier years he gave 18-20% to charities. If you are curious, he was taxed at a 26% rate.
http://usgovinfo.about.com/od/incometaxandtheirs/a/Obama-2010-Tax-Return.htm

oops, was wrong about that 18-20%... looks like Obama gave closer to 6% in previous years. Still 14% in 2010.

Well David, he amassed more income through investments, etc. than 95% of us.

If his tax filings are legal, why should he apologize? I don't think as governor of Mass. he had much to do with making IRS tax codes. That he took advantage of a system that is in place is fine with me. What would you do in his position? If you say that you would voluntarily give more to the government, then you can do that without making $21m. On the other hand, it is nice to hold onto one's money to be able to give more to one's choice of charities that has a better chance of helping people than the federal government.

It would be telling if his tithing amounted to more than the taxes he paid on his income to the government he expects to lead.

What would it "tell"?

Maybe, like some, (on both sides of the aisle) he would prefer to send his money where he thinks it does what HE considers to be the most good. Or, he doesn't want his money to go toward war, or corporate welfare or Solyndra or - pick your own bete noir.

Tax money goes to people like, oh, say, Randy Leonard or Sam Adams to p*ss away.

What does that "tell"?

PS - He doesn't lead the government now - why would you think he would agree with those who do about what they're doing with his taxes?

This is much to do about nothing. A farce. There are no surprises, No "got ya!!". Move on, a boring story.

A few things interested me:

- return was typed rather than using a program like TurboTax
- I like that he had charitable contributions
- lots of shorthand notations, like "various dates" on Sched D

The focus on percentage he paid in federal taxes is class warfare. Sure, percentage-wise he paid less than many; dollar-wise, he paid quite a bit.

Did he do anything illegal? Nothing obvious. Did anyone pay this close attention to previous candidates? Not that I can recall.

There will be many debates as to what is a "fair shar", but there won't be many answers. Wherever the line is drawn, someone will find fault with it.

I am kind of surprised there is not more muni interest on the return. Seems like he could lower the effective tax rate further by investing in his resident state.

I am probably thinking to small for the likes of a PWC client. Why promote simple muni's when you can sell him an off-shore UBIT blocker?

Wished they would have itemized the tax preparation fee cost. Clearly no tax benefit to the deduction, but would be curious to know.

Mitt just isn't nasty enough. He needs to get a meme out there of him dressed like Count Dracula, with some nice elegant long fangs and a sweeping cape. Get Almodovar involved in the costuming. Later show him stalking a sleeping Newt. He could look quite eye-catching, much better than Barack in the bathing suit, and CINCH the nomination.

Then he can work on persuading us that he would be better than Obama. That shouldn't be too hard, in spite of the morass of donkeys grazing the land.

Ralph Woods -

Doesn't Romney have at least 4 sons, and maybe 5?

Are only two trust beneficiaries?

"I grew up on the streets of America."

That would be Bloomfield Hills, Michigan. Average home price in Bloomfield Hills is $523k - down from $740K in 2008. The median family income is over $200k/yr.

Hey, but it is in America, right?

I grew up only 25 miles away... on the lower east side of Detroit. My streets were in America also. But, they looked a bit different than Willard's streets.

They make the tax code ridiculously complicated, right?

Actually, cc...Senator Bob Packwood spearheaded "simplification" in the 1980's - even subsequently campaigned with a brag about "putting more money in your jeans".

What actually happened:

Elimination of the deduction for fuel taxes paid at the pump.

Elimination of the deduction for interest paid on credit cards.

And a host of other deductions previously available to the average American.

Interest earned in savings accounts became taxable income; politicians and pundits subsequently whined that "Americans aren't saving".

I'd gotten fairly good at playing the game, which is exactly how I treated it: they already have my money; how much can I legally recover? Suddenly the rules no longer applied, and rather than "putting more money in my jeans", I was paying more.

I don't know what others may have done, but I closed my savings accounts and transferred the funds into tax-exempt/tax-deferred instruments. Haven't had a savings account at a bank or credit union for 25 years or so.

Begging for "tax simplification"? Be careful what you wish for.

You mean if I vote for you, you will TAKE from that selfish successful guy and give it to me? Can you get my dope delivered too? How do I vote?

Romney's response to the State of the Union:

"Instead of carrying bricks, you should be carrying interest."

If anyone knows a tax attorney...ask him IF OBAMA'S (and others) plan for taxing capital gains as ordinary income does someday become law...

...would short term losses and gaming losses (without off setting gains) then be allowable deductions?

Fair is fair, right?

Did anyone pay this close attention to previous candidates? Not that I can recall.

Probably because y'all were too busy trying to find his birth certificate to care about his tax returns.

Hey, mr. pingree - pay attention to the news, much?

ORDER ON MOTION TO QUASH SUBPOENAS
Defendant, President Barack Obama, a candidate seeking the Democratic nomination for the office of the President of the United States, has filed a motion to quash the subpoena compelling his attendance at the hearing on January 26, 2012. In support of his motion, Defendant argues that “if enforced, [the subpoena] requires him to interrupt duties as President of the United States” to attend a hearing in Atlanta, Georgia. However, Defendant fails to provide any legal authority to support his motion to quash the subpoena to attend. Defendant’s motion suggests that no President should be compelled to attend a Court hearing. This may be correct. But Defendant has failed to enlighten the Court with any legal authority. Specifically, Defendant has failed to cite to any legal authority evidencing why his attendance is “unreasonable or oppressive, or that the testimony… [is] irrelevant, immaterial, or cumulative and unnecessary to a party’s preparation or presentation at the hearing, or that basic fairness dictates that the subpoena should not be enforced.” Ga. Comp. R. & Regs. r. 616-1-2-.19(5). Defendant further alludes to a defect in service of the subpoena. However, the Court’s rules provide for service of a subpoena upon a party, by serving the party’s counsel of record. Ga. Comp. R. & Regs. r. 616-1-2-.19(4). Thus, the argument regarding service is without merit.

Accordingly, Defendant’s motion to quash is denied.

SO ORDERED, this the 20th day of January, 2012.

MICHAEL M. MALIHI, Judge

The two scions are Willard's grandsons. He's set the boys up plenty well, but the real dough is skipping a generation.

And, by the way, very telling graphic, a la Tufte

http://visualizingeconomics.com/2012/01/24/comparing-tax-rates

Looking at the asset list attached to the trust returns for 2010 was interesting.

Thee are A LOT of Greek Central Bank bonds.

It will be interesting when the final 2011 returns of the "blind" trusts are filed to see if those assets have been sold and if at a gain or loss.


I expect that a lot of other "smart", "rich", and well connected folks were in similar positions.

Might explain the great concern o by the financial grey beards in Europe and elsewhere about the un desireability of a Greek default on its soverign debt. Some well connected folks could get badly burned.


Also interesting to see the investments by one of the "blind trusts" in the Goldman Sachs Commodities funds. Looking at that fund's on line prospectus for 2009 - 2010 says that it was 75% in "energy" (ya think that means crude oil and refined gasoline?) and 15% in basic food stuffs ( wheat, rice, corn?)

The "blind" trust seems to have been a player in the speculation which jerked crude and gasoline prices, as well as grain prices, all over the place in 2010.

Max,

So Mike(one of the many) contends that past candidates didn't receive this kind of tax scrutiny and I counter that that was because they were to concerned with his birth certificate.

You counter, I guess, by point out they are STILL concerned with his birth certificate????????


Sponsors


As a lawyer/blogger, I get
to be a member of:

In Vino Veritas

If You See Kay, Red 2011
Turnbull, Old Bull Red 2010
Cherry Tart, Cherry Pie Pinot Noir 2012
Trader Joe's Grand Reserve Cabernet, Oakville 2012
Benton Lane, Pinot Gris 2012
Campo Viejo, Rioja, Reserva 2008
Haden Fig, Pinot Noir 2012
Pendulum Red 2011
Vina Real, Plata, Crianza Rioja 2009
Edmunds St. John, Bone/Jolly, Gamay Noir Rose 2013
Bookwalter, Subplot No. 26
Ayna, Tempranillo 2011
Pete's Mountain, Pinot Noir, Haley's Block 2010
Apaltagua, Reserva Camenere 2012
Lugana, San Benedetto 2012
Argyle Brut 2007
Wildewood Pinot Gris 2012
Anciano, Tempranillo Reserva 2007
Santa Rita, Reserva Cabernet 2009
Casone, Toscana 2008
Fonseca Porto, Bin No. 27
Louis Jadot, Pouilly-Fuissé 2011
Trader Joe's, Grower's Reserve Pinot Noir 2012
Zenato, Lugana San Benedetto 2012
Vintjs, Cabernet 2010
14 Hands, Hot to Trot White 2012
Rainstorm, Oregon Pinot Gris 2012
Silver Palm, North Coast Cabernet 2011
Andrew Rich, Gewurtztraminer 2008
Rodney Strong, Charlotte's Home Sauvignon Blanc 2012
Canoe Ridge, Pinot Gris, Expedition 2012
Edmunds St. John, Bone-Jolly Gamay Noir Rose 2012
Dark Horse, Big Red Blend No. 01A
Elk Cove, Pinot Noir Rose 2012
Fletcher, Shiraz 2010
Picollo, Gavi 2011
Domaine Eugene Carrel, Jongieux 2012
Eyrie, Pinot Blanc 2010
Atticus, Pinot Noir 2010
Walter Scott, Pinot Noir, Holstein 2011
Shingleback, Cabernet, Davey Estate 2010
Coppola, Sofia Rose 2012
Joel Gott, 851 Cabernet 2010
Pol Roget Reserve Sparkling Wine
Mount Eden Chardonnay, Santa Cruz Mountains 2009
Rombauer Chardonnay, Napa Valley 2011
Beringer, Chardonnay, Napa Reserve 2011
Kim Crawford, Sauvignon Blanc 2011
Schloss Vollrads, Spaetlese Rheingau 2010
Belle Glos, Pinot Noir, Clark & Telephone 2010
WillaKenzie, Pinot Noir, Estate Cuvee 2010
Blackbird Vineyards, Arise, Red 2010
Chauteau de Beaucastel, Chateauneuf-du-Pape 2005
Northstar, Merlot 2008
Feather, Cabernet 2007
Silver Oak, Cabernet, Alexander Valley 2002
Silver Oak, Cabernet, Napa Valley 2002
Trader Joe's, Chardonnay, Grower's Reserve 2012
Silver Palm, Cabernet, North Coast 2010
Shingleback, Cabernet, Davey Estate 2010
E. Guigal, Cotes du Rhone 2009
Santa Margherita, Pinot Grigio 2011
Alamos, Cabernet 2011
Cousino Macul, Cabernet, Anitguas Reservas 2009
Dreaming Tree Cabernet 2010
1967, Toscana 2009
Charamba, Douro 2008
Horse Heaven Hills, Cabernet 2010
Lorelle, Horse Heaven Hills Pinot Grigio 2011
Avignonesi, Montepulciano 2004
Lorelle, Willamette Valley Pinot Noir 2011
Villa Antinori, Toscana 2007
Mercedes Eguren, Cabernet Sauvignon 2009
Lorelle, Columbia Valley Cabernet 2011
Purple Moon, Merlot 2011
Purple Moon, Chardonnnay 2011
Horse Heaven Hills, Cabernet 2010
Lorelle, Horse Heaven Hills Pinot Grigio 2011
Avignonesi, Montepulciano 2004
Lorelle, Willamette Valley Pinot Noir 2011
Villa Antinori, Toscana 2007
Mercedes Eguren, Cabernet Sauvignon 2009
Lorelle, Columbia Valley Cabernet 2011
Purple Moon, Merlot 2011
Purple Moon, Chardonnnay 2011
Abacela, Vintner's Blend No. 12
Opula Red Blend 2010
Liberte, Pinot Noir 2010
Chateau Ste. Michelle, Indian Wells Red Blend 2010
Woodbridge, Chardonnay 2011
King Estate, Pinot Noir 2011
Famille Perrin, Cotes du Rhone Villages 2010
Columbia Crest, Les Chevaux Red 2010
14 Hands, Hot to Trot White Blend
Familia Bianchi, Malbec 2009
Terrapin Cellars, Pinot Gris 2011
Columbia Crest, Walter Clore Private Reserve 2009
Campo Viejo, Rioja, Termpranillo 2010
Ravenswood, Cabernet Sauvignon 2009
Quinta das Amoras, Vinho Tinto 2010
Waterbrook, Reserve Merlot 2009
Lorelle, Horse Heaven Hills, Pinot Grigio 2011
Tarantas, Rose
Chateau Lajarre, Bordeaux 2009
La Vielle Ferme, Rose 2011
Benvolio, Pinot Grigio 2011
Nobilo Icon, Pinot Noir 2009

The Occasional Book

Kent Haruf - Eventide
David Halberstam - Summer of '49
Norman Mailer - The Naked and the Dead
Maria Dermoȗt - The Ten Thousand Things
William Faulkner - As I Lay Dying
Markus Zusak - The Book Thief
Christopher Buckley - Thank You for Smoking
William Shakespeare - Othello
Joseph Conrad - Heart of Darkness
Bill Bryson - A Short History of Nearly Everything
Cheryl Strayed - Tiny Beautiful Things
Sara Varon - Bake Sale
Stephen King - 11/22/63
Paul Goldstein - Errors and Omissions
Mark Twain - A Connecticut Yankee in King Arthur's Court
Steve Martin - Born Standing Up: A Comic's Life
Beverly Cleary - A Girl from Yamhill, a Memoir
Kent Haruf - Plainsong
Hope Larson - A Wrinkle in Time, the Graphic Novel
Rudyard Kipling - Kim
Peter Ames Carlin - Bruce
Fran Cannon Slayton - When the Whistle Blows
Neil Young - Waging Heavy Peace
Mark Bego - Aretha Franklin, the Queen of Soul (2012 ed.)
Jenny Lawson - Let's Pretend This Never Happened
J.D. Salinger - Franny and Zooey
Charles Dickens - A Christmas Carol
Timothy Egan - The Big Burn
Deborah Eisenberg - Transactions in a Foreign Currency
Kurt Vonnegut Jr. - Slaughterhouse Five
Kathryn Lance - Pandora's Genes
Cheryl Strayed - Wild
Fyodor Dostoyevsky - The Brothers Karamazov
Jack London - The House of Pride, and Other Tales of Hawaii
Jack Walker - The Extraordinary Rendition of Vincent Dellamaria
Colum McCann - Let the Great World Spin
Niccolò Machiavelli - The Prince
Harper Lee - To Kill a Mockingbird
Emma McLaughlin & Nicola Kraus - The Nanny Diaries
Brian Selznick - The Invention of Hugo Cabret
Sharon Creech - Walk Two Moons
Keith Richards - Life
F. Sionil Jose - Dusk
Natalie Babbitt - Tuck Everlasting
Justin Halpern - S#*t My Dad Says
Mark Herrmann - The Curmudgeon's Guide to Practicing Law
Barry Glassner - The Gospel of Food
Phil Stanford - The Peyton-Allan Files
Jesse Katz - The Opposite Field
Evelyn Waugh - Brideshead Revisited
J.K. Rowling - Harry Potter and the Sorcerer's Stone
David Sedaris - Holidays on Ice
Donald Miller - A Million Miles in a Thousand Years
Mitch Albom - Have a Little Faith
C.S. Lewis - The Magician's Nephew
F. Scott Fitzgerald - The Great Gatsby
William Shakespeare - A Midsummer Night's Dream
Ivan Doig - Bucking the Sun
Penda Diakité - I Lost My Tooth in Africa
Grace Lin - The Year of the Rat
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt

Road Work

Miles run year to date: 259
At this date last year: 107
Total run in 2013: 257
In 2012: 129
In 2011: 113
In 2010: 125
In 2009: 67
In 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269


Clicky Web Analytics