Mitt Romney has said “[I]f I had paid more [taxes] than are legally due, I don’t think I’d be qualified to become president”. Today I learned that he can meet this requirement by amending his 2011 tax return. This assumes, of course, that intent is what matters, not the actual amount a taxpayer initially pays when filing a return.
Stan Trybulski, of Branford, Connecticut, explains.
Sir, The FT has pointed out that Mitt Romney did not claim all the tax deductions for tax year 2011 that he was legally entitled to. The article also pointed out that if he had claimed all the deductions he was legally entitled to, his effective tax rate would have been under 10 per cent.
What also needs to be explained is that Mr Romney is allowed three years to file an amended tax return in which he may still claim those additional deductions, thus reducing his tax rate.
For example, he could file such an amendment the day after the presidential election.
Stan Trybulski, “Romney may still amend his tax return“, letter to the editor, Financial Times, 25 September 2012.