Sunday, April 15, 2012

Tax Time Comes Around

About this time every year many elected official release their tax returns to show how diligent they are at paying their taxes. Just this week President Barack Obama and his wife, Michelle, released their returns as did VP Joe Biden and his wife Jill. Multi-millionaire Republican Presidential candidate, Mitt Romney, indicated that he had a complicated return and was filing for an extension until October, but promised that he would release "something" before the election. As some of the pundits indicated, getting together all of those off-shore bank account reports does take time. For the last tax report, released through his campaign, the indications were that the Romneys paid about 14% on total earnings from stocks and investments of over 21 million dollars. Actual income earnings were somewhere greater than $374,000 -- mostly from speaking fees -- although Romney downplayed these amounts saying it wasn't very much. Just your average Joe?