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
What’s interesting is that the Gingriches pay the standard 31.5% tax rate, while the Romneys are paying about a 15% tax rate. The Obamas paid a 26.3% tax rate.
Here’s the tax rate these wage earners paid:
- Romney – 13.9%
- Obama – 26.3%
- Gingrich – 31.5%
Under the United States tax code, capital gains are taxed at 15%, compared to the top tax rate of 35 percent for most wage earners.
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: