RepublicanVice Presidential candidate Paul Ryan released copies of is joint 2010 and 2011federal income tax returns this past Friday.
Nothingparticularly questionable or controversial that I could find.
Thebiggest item of income in each year was wages of $153,000+ as a Congressperson(certainly more than Congresspersons are actually worth, but not very much whencompared to the private sector). Therewas also a nice amount of interest, dividends, royalties and capital gains frominvestments (much from what looked like family limited partnerships), and in2011 substantial income from a trust resulting from the passing of hismother-in-law. The trust income was not reportedon his original return, but on an amended one – I expect due to late receipt ofthe K-1.
Thecouple paid an effective tax rate (net federal income tax liability divided byAdjusted Gross Income) of approximately 16% for 2010 and 20% for 2011, and wasa victim of the dreaded Alternative Minimum Tax (AMT) in both years.
In2010 he paid payroll taxes on a household employee, but not in 2011.
In2010 he deducted mortgage interest, but did not deduct any real estate tax –although there would have been no additional tax benefit to such a deductiondue to the dreaded AMT. He did deductreal estate tax on his 2011 Schedule A.
Theywere not particularly charitable in 2010, donating only 1.2% of his AGI. He was more so in 2011, donating 4%.
Theyclaimed a residential energy Credit for insulation for 2010.
Andtheir tax preparer for 2009 and 2010, a CPA for 2010 (and a different one for 2011) was not cheap.
Again– nothing questionable or controversial that I could find.
The released returns did show that the couple is notparticularly wealthy, with the least income of the 4 candidates – although BO would certainly consider them wealthy in 2011 since thetrust pushed their gross income over the magic $250,000 mark.
Somuch for Ryan’s tax returns. Let's see what the political pundents make of them.
TTFN
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