Inequality.com took a microscopic look at Mitt Romney\u2019s 2011 federal tax return<\/a> \u2013one of the only two he\u2019s released\u2014and found some surprising tidbits. It turns out that Mitt and Ann Romney, while reporting $13,696,951 in adjusted gross income, [not a cent of it earned through work ,i.e., \u201cwages, salaries, tips, etc.\u201d], they managed to reduce that prodigious sum by claiming several picayune deductions.<\/p>\n

For example, the Romneys went to the trouble of filling out a Form 4684 (Casualties and Thefts) to report losses of $39 in two family trusts. Interestingly, one trust lost $29 and the other $10. One can only wonder what was broken or stolen.<\/p>\n

According to the IRS instructions for Form 4684, you can use Form 4684 to \u201cdeduct losses of property from fire, storm, shipwreck, or other casualty, or theft (for example, larceny, embezzlement, and robbery).\u201d<\/p><\/blockquote>\n

Salvatore Babones, who wrote the article and clearly has killer magnifying-glass skills, added this bit of snark:<\/p>\n

I like to think that the $39 were lost in the world\u2019s smallest shipwreck. I guess it\u2019s just the romantic in me,<\/p>\n

Other small claims include a $114 work opportunity credit, $28 for a bonus depreciation on a research tax credit, $27 for a \u201cflow through empowerment zone employment credit,\u201d and \u2014 no kidding \u2014 $2 for \u201cincreasing research activities\u201d in a small business.<\/p><\/blockquote>\n

[What did he do…give a 7-year-old a two-dollar bill to run over to the next block to see what the 6-year-old over there was charging for lemonade?]<\/p>\n

Petty, petty, petty. But even a multi-millionaire is entitled to itsy bitsy, teeny weeny deductions. It\u2019s legal, and it shows how thorough the Romneys accountants are.\u00a0 Sure, it’s penny ante, but I’m told that this is how wealthy people stay rich–by watching every coin. But there\u2019s certain ick factor there, don\u2019t you think?<\/p>\n

You can download Romney\u2019s returns and check for yourself at Politico<\/a>. Fair winds and following seas. And no texting while yachting, please!<\/p><\/blockquote>\n

All of this, while somewhat entertaining and confirming of the rich man’s world in which Romney lives,\u00a0 makes me even more curious about the hidden–much bigger– secrets in the many years of tax returns that the Romneys have, so far, refused to release.<\/p>\n","protected":false},"excerpt":{"rendered":"

Inequality.com took a microscopic look at Mitt Romney\u2019s 2011 federal tax return \u2013one of the only two he\u2019s released\u2014and found some surprising tidbits. It<\/p>\n","protected":false},"author":3,"featured_media":18924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1176,1555,946],"tags":[1475,1070,2511],"yoast_head":"\n