WHOOP-DE-DOO! ROMNEY RELEASED HIS 2011 RETURN!

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Ihear that Mitt has finally filed, and released, his extended 2011 Form 1040.  I trust everyone is happy now.
Sowhat insights did this return provide?
Hemade a lot of money from his investments.  His gross income for 2011 was $13.7Million.  Hey, I should be so lucky!  (If I was I certainly would not be runningfor office, and the only 1040 I would ever do again would be my own).  He paid $1,935,708 in total federal taxes,which included $23,179 in self employment tax. His effective tax rate is about 13.9%. He was a victim of the dreaded AMT to the tune of $675,500+.
Itappears Mitt and Ann gave about $4+ Million to charity in 2011, but onlydeducted $2,250,772.  $4 Million – Godbless him!  That is almost 29% of hisgross income.  In my 40 years ofpreparing 1040s I have come across only a handful of clients who have donatedsuch a high percentage of income to charity – and it is not even a full hand!  I might not have supported the same charitiesas Mitt and Ann, but they did give the money, and property, to legitimatecharitable organizations.
Whydid they deduct only $2.25 Million if he really gave over $4 Million.  There is really no good reason.  He is legally entitled to claim a taxdeduction for the full $4 Million – if I gave $4 Million to church and charityI would have deducted every penny.
Thereason he did not claim all of his legitimate charitable deductions is becauseif he did a lot of vocal idiots would have been up in arms because hiseffective tax rate was so low.
Hey,if it is ok for the 47% to take advantage of the Tax Code to either pay nofederal income tax or make a profit by filing a 1040, and it is, why is it notequally ok for Mitt and Ann to take advantage of the Tax Code to legally paythe least amount of tax possible?
Andremember, the Romneys paid over $1.9 Million in federal taxes.  I expect that is more than the combined taxliability of all the residents of my new home town!  Mitt’s $1.9 Million funded an awful lot ofgovernment waste – and paid for some worthwhile and effective governmentprograms as well.
SoRomney’s 2011 return has been filed and released.  Big whoop!  Let’s move on to more important issues.
TTFN