A Presidential Tax Filing Report
In the spirit of the tax-filing holiday weekend, President Obama has encouraged Mitt Romney to release his tax returns.
According to the Boston Herald, Obama said that the act of releasing tax returns is "just carrying on a tradition that has existed throughout the modern presidency."
The Herald also reported:
- Obama has released tax returns for last year, showing that he paid more than $160,000 in federal taxes on nearly $790,000 in income (a tax rate of 20.5 percent). Obama’s campaign has released tax information going back to 2000 and pressured Romney to release past records.
Obama's request is no doubt an added push to get his "Buffett Rule" bill through Congress, showing how millionaires like Mitt Romney do not pay their "fair share" of taxes. Romney's tax rate for his 2011 income will likely be 15.4 percent. The Buffett Rule would increase the tax rate to 30 percent for those like him who make $1 million or more.
Republicans have pointed out that Obama's earnings of just under $1 million for 2011 would mean he would conveniently bypass the rule. The highest income Obama earned was $2.65 million in 2008, following the release of his second book "The Audacity of Hope."
According to The South Florida Times, Romney asked for a tax extension on Friday for his 2011 return. His campaign said he will file and release the return before the November election.
The Washington Times reported that the Romneys have estimated their 2011 income at $21 million, which would make taxes around $3.2 million.