Did Mitt Romney Earn Tax Credits For Overseas Profits?

WASHINGTON — Do you remember what's on page 169 of your income tax return? Neither does Mitt Romney.

At a town hall-style meeting Monday in Cleveland, the GOP presidential candidate got this pointed question about his investments: In this age of tough foreign competition, could Romney explain the "over $1.5 million in foreign tax credits" he received since 2000?

"I'm not familiar with that," Romney told the man who asked. The crowd booed. "I didn't think I paid any foreign income taxes, but I'll be happy to take a look at it."

In fact, Romney and his wife, Ann, paid more than $1.2 million in foreign taxes on so-called passive investments from 2000 through 2010, and paid about $800,000 in taxes on general income to unspecified countries. That's according to the couple's own tax returns.

Their foreign tax bills entitled them to more than $1.5 million in tax credits in the United States since 2000, thanks to Internal Revenue Service rules that prevent businesses and investors from being doubly taxed on money they earn abroad.

Romney's GOP primary opponents and President Barack Obama have sought to make Romney's overseas earnings an issue in the campaign. Just last week, Obama ran a TV ad slamming the former Massachusetts governor for having Swiss bank accounts.

Romney's campaign did not immediately respond to a request for comment.

___

Associated Press writer Kasie Hunt contributed to this report.

___

Follow Jack Gillum on Twitter: http://twitter.com/jackgillum

Also on HuffPost:

Comments

[richdibo]

03:32 AM on 05/09/2012

Mitt the Ripper pays 15% federal income tax on his qualifying dividends, net long-term capital gains and "carried interest" income form his venture capital partnerships. These incomes represent a major portion of his total income. He gives 10% of his earnings to the Mormon church for their proselytizing, including baptizing non-Mormons such as Holocaust victims and his father-in-law, the funding of the dishonest fear-baiting tactics of the California anti-gay marriage referendum Prop 8, and other Mormon causes. These charity deductions offset income taxed at the highest 35% marginal rate, and therefore result in an overage average tax rate close to 15%.

A win-win situation of Mitt and The Mormon church. The losers: non-Mormons who want to left alone and those seeking marriage equality.

Except for the Mormon involvement in Prop 8, it's all legal.

With this situation, the government indirectly funds the attempt to deny citizens the equal rights that are guaranteed by the Constitution.

[Michael Lindley]

02:19 AM on 05/09/2012

How nice for Cayman, Switzerland, Luxembourg that Mitty-Mitt supported THEIR social programs but not our wars, our debts, our problems. If you vote for Mitt Romney you are NOT a patriot. You cannot claim loving the USA while you invest in other governments.

[NHGranite]

10:28 PM on 05/08/2012

So you don't pay taxes on taxes. But do you pay taxes on all your money hidden in a Swiss bank account? other off shore accounts? But we thought you hated Socialism! Should have known, if it makes you money and you don't have to pay taxes to your country, that makes it OK. Maybe if we became Communists like your pals the Chinese, you would bring jobs back here? You and Malwart. Are we commies? Let's ask Allen Woo Woo West.

[dwillisno1]

09:52 PM on 05/08/2012

The ultimate measure of the super rich is to reach the level at which you no longer know how rich you are. That then allows you to not know how poor most other people are. Apparently Willard has achieved that sacred ground.

[mcmutter]

09:35 PM on 05/08/2012

Harvard MBA doesn't read his own tax return .....

[DocSyracuse]

07:10 PM on 05/08/2012

A financially successful man. Good on ya'.

[xxeminemx39]

07:00 PM on 05/08/2012

TO ROBNEY $800,000 = ABOUT $160 TO US. LIKE A PAIR OF NICE JEANS OR SNEAKERS.

TO ROBNEY $1,200,000 = ABOUT $240 TO US. LIKE A NICE DINNER FOR FOUR.

[Steelsil]

06:47 PM on 05/08/2012

An understandable oversight.  Lots of us have failed to notice paying $1.5 million dollars in taxes to foreign governments.   Poor unemployed Romney, man of the people, and admirer of trees that are just the right height.  He likes to fire people, you know, and he has a funny story about his dad closing a factory and laying off hundreds of workers.  Mitt is proud to have closed lots more factories than his dad did.

[Rooster Coburn]

06:15 PM on 05/08/2012

If you pay taxes to a foreign government you get to deduct those taxes on your 1040. Otherwise it would amount to double taxation on foreign income. You may or may not get to deduct 100% of the foreign taxes. If you invest in a mutual fund which in turn purchases foreign securities you will find a line on your 1099 DIV which they send you at the start of each new year labeled "Foreign Taxes Paid, See Line _ 
_" and on that line will be a breakdown of the taxes paid to foreign governments. Generally, you take or send your 1099s, K-1s, W-2s, etc. to your CPA, tax lawyer, enrolled agent or whoever and that person enters the info in their computer program.

[mcmutter]

09:32 PM on 05/08/2012

GOP Personal Responsibility ?

[Callmecarol2]

12:15 AM on 05/09/2012

I thought you signed your own tax forms and the IRS held you acountable. Is it a different rule for Republicans?

[Rooster Coburn]

12:45 AM on 05/09/2012

That's true. The taxpayer is ultimately responsible. The foreign tax credit has been around forever and has never been controversial. If your mutual fund invested in Royal Dutch Petroleum you will likely get to claim the foreign tax credit.

[oafishcad]

06:14 PM on 05/08/2012

I don't care if Romney earns money overseas. I do care that Romney wants there to be a 0% tax rate on capital gains, inheritance and a lowered rate on interest and dividends. In other words the income streams of the wealthy will no longer be considered income for taxation purposes making the income tax into a wages tax. Less burden on the wealthy, more burden on everyone else. He'll pay taxes on income in foreign nations and none in America-that I care about.

[DavBost]

06:07 PM on 05/08/2012

"I believe in America"! Yeh right, Mitt believes in Mitt.

[mcmutter]

09:33 PM on 05/08/2012

Mitt loves the US military ..... that's why he hid in Paris for three years during Vietnam .....

[Greenthenewgray]

05:28 PM on 05/08/2012

It's the tax code folk. Those of you who are so outraged are probably not familiar with it even form 1040 ezy.

[AsianAfricanAMERICAN]

05:55 PM on 05/08/2012

1040EZ, genius.

[esotericus01]

06:34 PM on 05/08/2012

ah, a "LOL" moment...

[Greenthenewgray]

06:55 PM on 05/08/2012

Thanks. I knew it didn't look right. It's been a long time since I used a short form unlike you.

[NHGranite]

10:39 PM on 05/08/2012

Looks like you are saying Romney files a 1040EZ? Are you CrayZ? His returns are probably way longer than mine and my husband's were when we both ran small businesses.

[Greenthenewgray]

07:51 AM on 05/09/2012

No I was pointing out that what Romney did was in our tax code something most of them are unfamiliar with EVEN down to form 1040 EZ

[mamasilverhair]

05:15 PM on 05/08/2012

I suppose there are worse things you could do than to out source jobs. Just right now, rich people who pretend to be patriotic, need to create many more good paying jobs right here in america. When 50% of our workforce is making minimum or thereabouts wages, quality of life goes down for EVERYONE else too.

[eagle95124]

05:12 PM on 05/08/2012

Release your tax returns for the last ten years, and we will tell you what we think

[efffox]

05:00 PM on 05/08/2012

How pathetic are Republican voters when they don't even want to HEAR facts when presented with them? They already deny facts - but they can't even handle the question? How a bunch of DUPES!!

[Greenthenewgray]

05:24 PM on 05/08/2012

Wowo the copyright infringer weighs in. Wowo

[efffox]

05:35 PM on 05/08/2012

Good little Fox.bot.

[GrimReverb]

06:13 PM on 05/08/2012

But the facts have a liberal bias and they don't want to hear any of that lib talk.