Bloomberg: Romney Paid 13.9% Tax Rate on $21.6 Million in 2010 Income
Submitted by Illinoisnoki1 on Tue, 01/24/2012 - 14:43
Editor's note: Romney paid what the law required him to pay. The real culprits are sitting in Congress (both republicans and democrats) making laws and policies that benefit themselves and their rich patrons.
Republican presidential candidate Mitt Romney earned $21.6 million in 2010 and paid 13.9 percent of that amount in income taxes, using the preferential rate on investment income and charitable deductions to pay a smaller share of his earnings than top wage earners typically do.
The former private-equity executive and Massachusetts governor earned more than half of his income from capital gains and dividends, which are taxed at a top rate of 15 percent, rather than the 35 percent top rate for ordinary income. His campaign showed his tax returns to reporters last night and will release them publicly today.
"Oh, I'm sure people will talk about it," Romney said during a debate last night. "I mean, you'll see my income, how much taxes I've paid, how much I've paid to charity. You'll see how complicated taxes can be."
Romney's income puts him near the very top of U.S. taxpayers. In 2008, according to the IRS, the median adjusted gross income was $33,048, which Romney made in less than a day. Reaching the top 1 percent of taxpayers required $380,354 in adjusted gross income, about Romney's earnings in a week.