Mitt Romney is currently being accused by Democrats that he has manipulated his tax deductions in order to keep his tax rate below a certain level.
According to NewsOK, the presidential candidate is being criticized by the political party that he is claiming a different deduction because of political purposes.
The site reports that Romney and his wife donated $4 million to charities last year, but only claimed $2.25 million on the tax return with the IRS.
DETAILS: Surprise, Surprise: Money Mitt Fudged His Taxes!
While he earned $13.7 million last year, he paid about $2 million in taxes.
Romney told the press in August that he never paid below 13% in taxes in the past 20 years.
Senate Majority Leader Harry Reid recently told the press:
“The information released today reveals that Mitt Romney manipulated one of the only two years of tax returns he’s seen fit to show the American people – and then only to ‘conform’ with his public statements. That raises the question: What else in those returns has Romney manipulated?”
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A deputy campaign manager for Barack Obama said that the taxes confirm:
“what we already knew – that people like Mitt Romney pay a lower tax rate than many middle-class families because of a set of complex loopholes and tax shelters only available to those at the top. Yet, Mitt Romney still wants to give multimillionaires an additional $250,000 tax cut at the expense of middle-class taxpayers who will see their taxes go up.”
The Republican vice presidential nominee, Paul Ryan of Wisconsin, and his wife, Janna’s returns were also released Friday by the Romney campaign showing,
$64,764 in taxes was payed on $323,416 of adjusted gross income in 2011, for an effective rate of 20 percent.
SOURCE: NewsOK
