NY Times - Romney Has Been Paying Federal Taxes For Last Decade

Despite their "questions have been raised" headline about Romney's taxes, the NY Times provides an early answer to one obvious question raised by Senator and alleged pederast Harry Reid (my emphasis):

But even though he has not released his returns from earlier years, the 2010 return sheds some light on those years.

That’s because Mr. Romney paid income tax to foreign countries, and as result claimed in 2010 a $129,697 foreign tax credit, which he used to offset taxes he owed in the United States. American taxpayers who claim the foreign tax credit are required to report their total foreign taxes paid and tax credits used for the previous 10 years. So that return contains foreign tax data going back to 2000.

The good news for Mr. Romney is the forms suggest that he paid at least some federal income tax every year, as he has said he did. He used the foreign tax credit every year to offset his taxes in the United States, and American taxpayers can’t use a tax credit if they owe no federal income tax. This casts even more doubt on the claim by the Senate majority leader, Harry Reid, attributed to an unnamed Bain Capital source, that Mr. Romney paid no income taxes during that time.

Meanwhile, Harry Reid's office maintains its devastating silence on his alleged pedophilia.

Comments

[35tww]

The article is incorrect in one respect. We now have lots of "refundable" tax credits. The Earned Income Tax Credit is the most famous. People who have paid little or no income tax nevertheless receive "refunds." This is nothing but welfare, but you dare not point that out.

Of course, the foreign tax credit is not refundable.

[Clarice]

bgates ear ear post is up.http://pjmedia.com/tatler/2012/08/25/lets-talk-to-obamas-ears/

[matt]

Harry Reid likes pedestrians? Who knew???

The Pegster in today's WSJ has a classic. She quotes an e mal from a Hollywood friend who said that Smilin' Joe is going to give his "Ich bin ein Tampon" speech as the counterpoint to the Republicans.

[Danube of Thought]

Akin.

[Danube of Thought]

PA poll of LVs has Obama up 51-42.

[Ignatz]

--Akin.

Posted by: Danube of Thought | August 25, 2012 at 02:44 PM --

I bet you drove your parents batty when you were a little squirt. :)

[Threadkiller]

AMERICA IS BETTER THEN TAXERISM

[Danube of Thought]

Neil Armstrong RIP.

[daddy]

Clarice,

Thanks for posting that great effort by our amazing bgates.

All we need now is an Instalance.

[Jim Eagle]

I have had to use Foreign Income Tax Credits and had to spread them over a 6 year period. Its a tricky bit of tax planning and filing which I was fortunate in having an excellent tax CPA who specialized in working with American ex-pats. It can be pretty daunting especially if the income has been split between your home country and the foreign country. Then there are the bennies of housing, transportation, school (if you have kids), home leave, bonuses, etc.

[I have earned some Saudi and Kuwaiti social security but have never claimed. They can stick it where the sun doesn't shine just for their freaking sharia system of law]

Most multi-naitonals gross up the income to allow for the foreign taxes then when you file their returns any refunds go right back to the company. If you ever take a job off-shore and you have a similar contract then do yourself a favor and get a tax firm that specializes in those kind of issues.

Whatever you do don't try TurboTax:)

[narciso]

Well they both wrote about Ohio, or something,

http://www.jammiewf.com/2012/nbc-news-reports-the-death-of-astronaut-neil-young/

[bio mom]

Better not plan to run for president.

[maryrose]

51& seems low for Barry in the Keystone state. It would be poetic justice for the bitter-clingers to resoundingly reject Obaba{ I like Janet's version} in 2012. Since he has no religion, doesn't know how to shoot a gun and is otherwise useless he has no standing in PA.

[daddy]

Narciso,

The wife just came in and I said to her "Armstrong is dead", and she said "Really, that's so sad, especially after he just got hammered for all that cheating in the Tour de France."

At least she had an excuse, because I didn't say "Neil Armstrong."

Anyhow, we both laughed after I explained "Neil Armstrong", but she was bummed when she learned it was Neil as she's from Ohio and he's one of her hero's.

[Sara]

Neil Armstrong RIP

Oh no. I had heard last week that he wasn't doing so good, but had no idea he was on his death bed. This really makes me sad.

[Jane - talk is cheap!]

He wasn't on his death bed. He had heart surgery a couple of days ago.

[Sara]

.

[Ralph L]

Why were people getting upset about foreign investments when his money has been in a blind trust for years?

I know the Dems what to see tax forms from when he actually controlled the money, but they won't say so directly.

[Janet]

That's great, Sara. Hah!

[gus]

Has Obama shown us his College records yet?
Passport applications?
Financial aid applications from college?
No?
Well he and the rest of the LIBTARDS can STFU or KMA

[MarkO]

A person who claims to have knowledge told me Harry Reid enjoys the company of sheep, not that there's anything wrong with it. Some of them are liars, so be careful, Harry.

[DrJ]

Some of them are liars

The sheep?

[myiq2xu]

What do you mean "alleged?"

[(A) nuther Bub]

A person who claims to have knowledge told me Harry Reid enjoys the company of sheep, not that there's anything wrong with it.

His wife knows, after finding bottles of Woolite hidden in Harry's briefcase.

(Wasn't that plot twist from an old Woody Allen movie?)

[Jane - talk is cheap!]

Sheep never lie. I know that a fact.

[Janet]

"Baa-ram-ewe. Baa-ram-ewe. To your breed, your fleece, your clan be true. Sheep be true. Baa-ram-ewe."

[Conrad Baylor]

OK, but what about the reports that Harry Reid is a pedophile. He hasn't produced one SHRED of evidence to prove that report false.

[Jane - talk is cheap!]

It is clearly true then.

[Dave (in MA)]

Jane, a Facebook acquaintance just claimed that the Tea Party is "organized and publicized by the News Corp. and largely bankrolled by the Koch brothers". Just how big are these checks they're sending you?

[Sara]

Did anyone hear Susan Estrich this morning trying to make the case that the Tea Party will try to cause trouble for Romney at the convention. How out of touch are these people?

[hit and run]

Dave:
Just how big are these checks they're sending you?

I can't speak for Jane, but I hear they are typically two and a half feet tall by four feet wide.

[sherlock]

Harry Reid and Jerry Sandusky's first names both end in "Y". Coincidence? I think not! Then you consider that they are both rather creepy old guys who claim everything they do is "for the children", and I think the case is air-tight.

[Jane - talk is cheap!]

The way I hear it, I've been getting Koch checks for years now. Some liberal keeps breaking into my mailbox and stealing them.

Ever since I've been involved with the tea party people have been telling me what I believe and think. I have no idea who that is in the mirror anymore.

[Annoying Old Guy]

I have no idea who that is in the mirror anymore.

Me, actually. I hacked your mirror a couple of years ago (MOTUS asked me to do it as a favor). And I would have gotten away with it if it weren't for those meddling liberals!

[Charlie Slate]

Harry Reid's an alleged pedophile? That's not even half of it: I have heard on good authority that his flying monkeys are undocumented and he hasn't paid their SS taxes since 1939.

[http://proteine-dieet.info]

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