sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Sales Tax »
 Clarification on Cash sale of agricultural produce by Cultivators/Agriculturists
 Short-term capital gains are taxable at income tax slab rates in the year of sale
 India imposes regressive nationwide sales tax
 Modification of Circular No.1 of 2014 in view of substitution of Service Tax by Goods and Services Tax (GST).
 Assam government to dismantle all sales tax check-gates post Goods and Services Tax
 Income tax: How to calculate capital gains tax on sale of old jewellery
 Six arrested for posing as Sales Tax officers, extorting money
 Insurance Agency Mergers and Acquisitions in Q1 "Explode," OPTIS Partners' Report Reveals
 Sales tax sleuths raid spare parts shops in Meerut's infamous Sotiganj market
 Income Tax: How offshore income could be taxed twice
 India finalises bills to launch new sales tax in July

Romney releases 2011 tax returns
September, 24th 2012

Dismissing charges that he didn't pay taxes in prior years, Republican presidential candidate Mitt Romney has released his income tax returns according to which he paid $ 1.9 million in federal taxes on $ 13.7 million in income that he and his wife reported in 2011.
Notably Romney is
one of the richest American ever to win the presidential nomination of a major party, with his personal fortune estimated between $ 190 million and $ 250 million.
In addition to the income tax returns for the year 2011 and 2010, Romney also release summery of his effective tax rates dating to 1990.

For the two years 2010 and 2011, they paid $4.9 million in federal income taxes. Their effective federal tax rate in 2011 is 14.1% of adjusted gross income (AGI).

Romney and his wife Ann Romney donated over $4 million nearly 30% of their income to charity in 2011 and took a deduction for $2.25 million of those charitable contributions.

Democrats had been charging that he was hiding his returns because he had paid no taxes some years.

Critics, including Obama, have asked Romney to follow his father's model. When George Romney ran for president in 1968, he set a precedent by releasing information on 12 years of tax returns.

Romney also faced pressure from fellow Republicans during the primary season to release his returns but refused. Earlier this year, Senate Majority Leader Harry Reid, a Nevada Democrat, accused Romney of paying no taxes in certain years.

"Their generous giving in 2011 could have significantly reduced their tax obligation this year. The Romneys voluntarily limited their deduction of charitable contributions to conform to the Governor's statement in August, based upon the January estimate of income, that he paid at least 13% in income taxes in each of the last 10 years," the Romney campaign said.

Along with the tax returns, Romney also released his health status.

"He totally abstains from drinking any alcoholic beverage and does not use any tobacco products or illicit drugs. He eats a high fiber diet with abundant fruits and vegetables and minimizes intake in high cholesterol foods and concentrated sweets," according to his medical report.

His family history is notable for cardiac arrhythmias, heart attack, and prostate cancer.

His most recent physical examination on in August revealed a healthy appearing, energetic, strong, physically fit male.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions