Now that Mitt Romeny’s tax returns have been released I have had a chance to go through the numbers. He will pay $6.2 million in taxes on $42.5 million of “income” for 2010 -2011.
The percentage breakdown looks like this:
- 2010 – 13.9% tax rate
- 2011 – 15.4% tax rate
- Romney – 13.9%
- Obama – 26.3%
- Gingrich – 31.5%
The documents also revealed $7 million in charity donations over the last 2 years (most going to the Mormon church) to help reduce his effective tax rate to less than 16%. Experts have estimated Romney’s net worth is $190 – $250 million, which makes him one of the wealthiest Americans to seek presidency.
In this video Mitt Romney defends his tax returns:
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