The press is focusing on Romney's 14.1% effective tax rate and him not claiming all the charitable deductions so that he would be above the 13% rate he previously state.
Now I am no tax accountant but I find quite it strange that the 2011 taxes of $1.935 million were 40% less than the original estimated taxes of $3.226 million provided to the press in January. The $3.226 million was the same amount filed with the IRS in Romney's request for a tax extension, as per the current filing.
Given that Romney had paid $3.434 million in taxes in 2011 he has a tax refund of $1.499 million due now.
Similarly the adjusted growth income of $13.7 million in the filing is approximately 35% less than the estimated income of $20.9 previously estimated.
This includes major differences in capital gains taxable interest, capital gains, and income from real estate, royalties, trusts, etc.
What is going on here? The estimates and the current filing were both prepared by Daniel Felehey of PWC. Should we trust PWC?
Governor Romney owes the American people an explanation. Can we trust this man?