Lumpy 1
Diamond Member
- Jun 19, 2009
- 42,976
- 17,419
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Gads, that will affect your tax rate, I'm thinkin.
Obama, over the years is a proven a cheap, penny pinching bastard and of course a liberal.
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The Romney tax returns offer a window into an area of public life that matters a great deal but is rarely discussed: charitable contributions.
It confirms long-term pattern for both Mitt Romney and President Barack Obama, in which the Romneys have generally paid a lower tax rate than the Obamas, but given more to charity. In recent years only, the relative contributions to charity from the two couples have moved closer together.
In 2011, the Romneys donated about 29% of their income to charity $4 million out of their total $13.7 million in income. For 2010, they donated about 13.8% of their income, $2.98 million out of $21.6 million. Over a 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income, according to an accountants letter they provided on Friday.
The information released by the Romney camp Friday also made a point of noting that in combination the Romneys have paid close to 40% on average of their adjusted gross income to various taxes and charities. By any measure, thats a big number.
Mr. Obama and wife Michelle gave $172,130, or roughly 21.8% of their income, to charity in 2011, and about 14.2% in 2010. That was up from 5.9% in 2009. The Obamas gave between 4.7% and 6.5% of their income to charity between 2005 and 2008. The Obamas income shrank in 2011, to about $790,000, compared to earlier years, helping to boost their percentage.
The Republican candidates giving reflects a tendency his party would like to see replicated more widely. Republicans favor a world in which people pay fewer taxes and give more to charity, believing that private spending is more effective than that of the federal government.
Romneys Taxes: A Window Into Charitable Giving - Washington Wire - WSJ
Obama, over the years is a proven a cheap, penny pinching bastard and of course a liberal.
---------------------------
The Romney tax returns offer a window into an area of public life that matters a great deal but is rarely discussed: charitable contributions.
It confirms long-term pattern for both Mitt Romney and President Barack Obama, in which the Romneys have generally paid a lower tax rate than the Obamas, but given more to charity. In recent years only, the relative contributions to charity from the two couples have moved closer together.
In 2011, the Romneys donated about 29% of their income to charity $4 million out of their total $13.7 million in income. For 2010, they donated about 13.8% of their income, $2.98 million out of $21.6 million. Over a 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income, according to an accountants letter they provided on Friday.
The information released by the Romney camp Friday also made a point of noting that in combination the Romneys have paid close to 40% on average of their adjusted gross income to various taxes and charities. By any measure, thats a big number.
Mr. Obama and wife Michelle gave $172,130, or roughly 21.8% of their income, to charity in 2011, and about 14.2% in 2010. That was up from 5.9% in 2009. The Obamas gave between 4.7% and 6.5% of their income to charity between 2005 and 2008. The Obamas income shrank in 2011, to about $790,000, compared to earlier years, helping to boost their percentage.
The Republican candidates giving reflects a tendency his party would like to see replicated more widely. Republicans favor a world in which people pay fewer taxes and give more to charity, believing that private spending is more effective than that of the federal government.
Romneys Taxes: A Window Into Charitable Giving - Washington Wire - WSJ