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By Romney’s Own Standard, His Tax Returns Would Disqualify Him From The Presidency

Mitt Romney will disclose his 2011 tax on Friday, along with a summary going back 20 years. The campaign has published the following summary:

In 2011, the Romneys paid $1,935,708 in taxes on $13,696,951 in mostly investment income.

The Romneys’ effective tax rate for 2011 was 14.1%.

The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income.

The Romneys claimed a deduction for $2.25 million of those charitable contributions.

The Romneys’ generous charitable donations in 2011 would have significantly reduced their tax obligation for the year.

The Romneys thus 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.

Romney has previously defended his low tax rate — which, at 14.1% is significantly less than many middle class families pay — by saying he is simply being pragmatic in meeting his legal requirements:

I don’t pay more than are legally due and frankly if I had paid more than are legally due I don’t think I’d be qualified to become president. I’d think people would want me to follow the law and pay only what the tax code requires.

If Romney had taken all of the deductions available to him under the tax code, he would have paid closer to a 9 percent tax rate in 2011. In attempting to match up his tax rate with his prior statement, Romney is paying more in taxes — and by his very own standard — disqualifying himself from the presidency. It’s worth noting that under Romney’s tax plan, he would cut his own rates even further, and would have paid little to no taxes under Paul Ryan’s 2010 budget, which would have eliminated the capital gains tax.

Update

The New York Times notes: “It is possible, however, that Mr. Rommey could still deduct the unclaimed amount of his charitable donations in future tax years, experts said.”

Ryan Gets Booed At The AARP

On Friday afternoon, Paul Ryan addressed the AARP’s National Annual Conference in New Orleans. The GOP vice presidential candidate attacked Obamacare for taking $716 billion out of Medicare — the very same cuts he included in his budget — and made the case for transforming seniors’ health care from a guaranteed benefit into a premium support “voucher” program.

The address didn’t go over well. Audience members called Ryan a “liar,” told him to “go home” and the repeatedly booed his critique of President Obama and health reform. Watch it:

Ryan also denied that his proposal would offer seniors a voucher, despite previously claiming, “you can call it a voucher.” He falsely compared it to the health care program enjoyed by federal employees — the Federal Employee Health Benefits Plan or FEHBP — and sought to distance himself from some of the most extreme details of his budget.

Karl Rove’s Super PAC Accepts $1 Million From Notorious Rape Defender

Clayton Williams

Clayton Williams (credit: Tim Fischer)

Karl Rove’s American Crossroads super PAC reported Thursday that it raised over $9.4 million in August — $1 million of which came from Clayton Williams Energy Inc. in Midland, Texas. That company’s chairman of the board, president, and chief executive officer is, unsurprisingly, Clayton Williams, Jr. Williams was the Texas Republican gubernatorial nominee who lost his 1990 race to then-State Treasurer Ann Richards (D) after making infamous comments defending rape.

At a cattle roundup on his Texas ranch, the oil and gas tycoon told ranch hands, campaign workers, and reporters that bad weather was like rape. “If it’s inevitable, just relax and enjoy it.” His double-digit lead in the polls evaporated and he lost the election.

The contribution is indeed ironic, as Karl Rove has been among the most vocal critics of Senate nominee Rep. Todd Akin (R-MO) after his August comments that victims of “legitimate rape” are unlikely to become pregnant.

American Crossroads and its affiliated secret-money Crossroads GPS cancelled all independent expenditures in Missouri after Akin’s comments — after having invested at least tens of thousands into the race.

Later, Rove had to apologize after joking “We should sink Todd Akin. If he’s found mysteriously murdered, don’t look for my whereabouts!”

While Rove and Crossroads seem to want nothing to do with Akin and his comments, it is telling that they are willing to accept a massive sum of money from a man whose only rape comments were arguably even more offensive.

NEWS FLASH

Early Voting Lawsuits Cost Ohio $85,000 | Ohio Secretary of State Jon Husted has hired outside counsel to help him sort through the many lawsuits over his early voting restrictions, which has thus far cost the state $85,000 in legal fees. Husted is currently juggling his pending appeal to limit voting on the last weekend before Election Day to military families only, a wrongful termination suit from two election officials who were fired for supporting early voting, and a suit brought by his predecessor, Jennifer Brunner, to restore weekend voting. Husted’s lawyer, William Consovoy, is also defending Florida in its plan to cut voting hours and previously pushed a failed challenge to Voting Rights Act.

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