On of the more interesting things that happens during a national campaign, at least for CPA’s, is the release of the candidate’s tax returns.
The 2011 tax return of the President lists his wages as President, some fairly modest interest income, and income from the sale of his books. The President socked away the maximum of $49,000 into a retirement plan, and the First Couple lists mortgage interest of $47,564. They paid their taxes of $162,074 on time.
The 2011 tax return of Mitt and Ann Romney lists no wages, but substantial interest and dividend income, which along with capital gains makes up the majority of his income. He also earned money from speaking tours and from his seat on various boards of directors. They list no mortgage interest, but do list $214,728 in real estate taxes. The Romneys paid their taxes of $3,434,448 on time, and had a substantial overpayment applied to next year’s balance.
It’s always interesting to step back from the politics and take a look at the facts.