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.


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.



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

Hap'nin' Guys
Tony Pierce
Parkway Rest Stop
Along the Gradyent
Dwight Jaynes
Bob Borden
Dingleberry Gazette
The Red Electric
Iced Borscht
Jeremy Blachman
Dean's Rhetorical Flourish
Straight White Guy
As Time Goes By
Dave Wagner
Jeff Selis
Alas, a Blog
Scott Hendison
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
And Sew It Goes
Mile 73
Rainy Day Thoughts
That Black Girl
Posie Gets Cozy
Cat Eyes
Rhi in Pink
Ragwaters, Bitters, and Blue Ruin
Rose City Journal
Type Like the Wind

Portland and Oregon
Isaac Laquedem
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
Dave Knows Portland
Idaho's Portugal
Alameda Old House History
MLK in Motion

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
Two Pennies
This Stony Planet
1221 SW 4th
I am a Fish
Here Today
What If...?
Superinky Fixations
The Rural Bus Route
Another Blogger
Mikeyman's Computer Treehouse
Portland Housing Blog

Wonderfully Wacky
Dave Barry
Borowitz Report
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
Ride That Donkey
Singin' Horses
Rally Monkey
Simon Swears
Strong Bad's E-mail

Oregon News
The Oregonian
Portland Tribune
Willamette Week
The Sentinel
Southeast Examiner
Northwest Examiner
Sellwood Bee
Mid-County Memo
Vancouver Voice
Eugene Register-Guard
OPB - Portland
Salem Statesman-Journal
Oregon Capitol News
Portland Business Journal
Daily Journal of Commerce
Oregon Business
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

The Beatles
Bruce Springsteen
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:

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.

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.

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?

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.


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

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.


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????????


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

In Vino Veritas

Balboa, Rose of Grenache 2015
Ontañón, Rioja Reserva 2015
Three Horse Ranch, Pinot Gris 2014
Archery Summit, Vireton Pinot Gris 2014
Nelms Road, Merlot 2013
Chateau Ste. Michelle, Pinot Gris 2014
Conn Creek, Cabernet, Napa 2012
Conn Creek, Cabernet, Napa 2013
Villa Maria, Sauvignon Blanc 2015
G3, Cabernet 2013
Chateau Smith, Cabernet, Washington State 2014
Abacela, Vintner's Blend #16
Willamette Valley, Rose of Pinot Noir, Whole Clusters 2015
Albero, Bobal Rose 2015
Ca' del Baio Barbaresco Valgrande 2012
Goodfellow, Reserve Pinot Gris, Clover 2014
Lugana, San Benedetto 2014
Wente, Cabernet, Charles Wetmore 2011
La Espera, Cabernet 2011
King Estate, Pinot Gris 2015
Adelsheim, Pinot Gris 2015
Trader Joe's, Pinot Gris, Willamette Valley 2015
La Vite Lucente, Toscana Red 2013
St. Francis, Cabernet, Sonoma 2013
Kendall-Jackson, Pinot Noir, California 2013
Beaulieu, Cabernet, Napa Valley 2013
Erath, Pinot Noir, Estate Selection 2012
Abbot's Table, Columbia Valley 2014
Intrinsic, Cabernet 2014
Oyster Bay, Pinot Noir 2010
Occhipinti, SP68 Bianco 2014
Layer Cake, Shiraz 2013
Desert Wind, Ruah 2011
WillaKenzie, Pinot Gris 2014
Abacela, Fiesta Tempranillo 2013
Des Amis, Rose 2014
Dunham, Trautina 2012
RoxyAnn, Claret 2012
Del Ri, Claret 2012
Stoppa, Emilia, Red 2004
Primarius, Pinot Noir 2013
Domaines Bunan, Bandol Rose 2015
Albero, Bobal Rose 2015
Deer Creek, Pinot Gris 2015
Beaulieu, Rutherford Cabernet 2013
Archery Summit, Vireton Pinot Gris 2014
King Estate, Pinot Gris, Backbone 2014
Oberon, Napa Cabernet 2013
Apaltagua, Envero Carmenere Gran Reserva 2013
Chateau des Arnauds, Cuvee des Capucins 2012
Nine Hats, Red 2013
Benziger, Cabernet, Sonoma 2012
Roxy Ann, Claret 2012
Januik, Merlot 2012
Conundrum, White 2013
St. Francis, Sonoma Cabernet 2012
Villa Antinori, Toscana 2012
Decoy, Cabernet, Sonoma 2013
Marqués de Murrieta, Reserva Rioja 2010
Kendall-Jackson, Grand Reserve Cabernet 2009
Seven Hills, Merlot 2013
Los Vascos, Grande Reserve Cabernet 2011
Abbot's Table, Columbia Valley 2014
Forlorn Hope, St. Laurent, Ost-Intrigen 2013
Upper Five, Tempranillo 2010 and 2012
The Four Graces, Pinot Gris 2015
Topsail, Syrah 2013
Jim Barry, The Lodge Hill Shiraz 2013
Robert Mondavi, Cabernet, Napa Valley 2012
Adelsheim, Pinot Gris 2014
Boomtown, Cabernet 2013
Boulay, Sauvignon Blanc 2014
Domaine de Durban Muscat 2011
Patricia Green, Estate Pinot Noir 2012
Crios, Cabernet, Mendoza 2011
WillaKenzie, Pinot Gris 2014
Dehesa la Granja, Tempranillo 2008
Abacela, Vintner's Blend #15
Selvapiana, Chianti Ruffina 2012
Joseph Carr, Cabernet 2012
Prendo, Pinot Grigio, Vigneti Delle Dolomiti 2014
Joel Gott, Oregon Pinot Gris 2014
Otazu, Red 2010
Chehalem, Pinot Gris, Three Vineyards 2013
Wente, Merlot, Sandstone 2011
Abacela, Fiesta Tempranillo 2012
Monmousseau, Vouvray 2014
Duriguttti, Malbec 2013
Ruby, Pinot Noir 2012
Castellare, Chianti 2013
Lugana, San Benedetto 2013
Canoe Ridge, Cabernet, Horse Heaven Hills 2011
Arcangelo, Negroamaro Rosato
Vale do Bomfim, Douro 2012
Portuga, Branco 2013
Taylor Fladgate, Late Bottled Vintage Porto 2009
Pete's Mountain, Pinot Noir, Kristina's Reserve 2010
Rodney Strong, Cabernet, Sonoma 2012
Bookwalter, Subplot No. 28, 2012
Coppola, Sofia, Rose 2014
Kirkland, Napa Cabernet 2012
Trader Joe's Grand Reserve, Napa Meritage 2011
Kramer, Chardonnay Estate 2012
Forlorn Hope, Que Saudade 2013
Ramos, Premium Tinto, Alentejano 2012
Trader Joe's Grand Reserve, Rutherford Cabernet 2012
Bottego Vinaia, Pinot Grigio Trentino 2013
Villa Antinori, Toscana 2011
Pete's Mountain, Elijah's Reserve Cabernet, 2007
Beaulieu, George Latour Cabernet 1998

The Occasional Book

Philip Roth - The Plot Against America
Norm Macdonald - Based on a True Story
Christopher Buckley - Boomsday
Ryan Holiday - The Obstacle is the Way
Ruth Sepetys - Between Shades of Gray
Richard Adams - Watership Down
Claire Vaye Watkins - Gold Fame Citrus
Markus Zusak - I am the Messenger
Anthony Doerr - All the Light We Cannot See
James Joyce - Dubliners
Cheryl Strayed - Torch
William Golding - Lord of the Flies
Saul Bellow - Mister Sammler's Planet
Phil Stanford - White House Call Girl
John Kaplan & Jon R. Waltz - The Trial of Jack Ruby
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: 3
At this date last year: 0
Total run in 2016: 155
In 2015: 271
In 2014: 401
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