Star Spangled Staggers

US politics from outside the beltway

Romney paid 15% tax on $45m income

Republican candidate for President releases federal tax returns on his 2010 and 2011 earnings.

By Alice Gribbin Published 24 January 2012 11:25

The Mitt Romney campaign published details this morning of the Republican Presidential candidate's federal tax returns, showing that he expects to pay $6.2 million (£4m) in taxes on income of $45 million (£29m) from the last two years -- tax rates of 13.9 per cent in 2010 and 15.4 per cent in 2011.

The disclosure reveals the extent of Romney's wealth, questions about which have dogged his nomination campaign in recent weeks. Romney and his wife Ann hold around a quarter of a billion dollars in assets, largely derived from Romney's involvement in the private equity firm, Bain Capital. The Washington Post and other newspapers this morning reported the Romneys have a large numbers of offshore investments -- in parts of the world including Bermuda and the Cayman Islands -- with funds from a recently closed Swiss bank account.

The Romneys' incomes of $21.6m in 2010 and $20.9m in 2010 came mainly from investments, which under the US capital gains law are taxed at 15 per cent. The maximum tax rate on earned income is 35 per cent.

At a debate in Florida last night Romney said:

I pay all the taxes that are legally required and not a dollar more. I don't think you want someone as the candidate for president who pays more taxes than he owes.

The former Massachusetts governor noted that under rival Newt Gingrich's proposal to reduce capital gains taxes to zero, "I'd have paid no taxes in the last two years."

The Gingrich campaign made a surprising surge in recent weeks; the former Speaker of the House opened up the nominee race with a landslide win in the South Carolina primary. Fifty delegates are at stake on 31 January when four million registered Republican voters will take to the polls in Florida, choosing between the remaining candidates Romney, Gingrich, Rick Santorum and Ron Paul.

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Tags: Republican Primaries Mitt Romney US Election 2012

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21 comments

Wed, 2012-01-25 19:02 — John Cheese (not verified)

0bama's Social Security number is from state of Connecticutt & it won't pass E-verify. He couldn't get hired to be on his own Security team. Not vetted very well... Joe Biden donated $393 in 2007, Romney donated $7 million over last 2 years. Pretty inconvenient truth there.

Sun, 2012-01-29 18:21 — jankaas (not verified)

ok, you're a woron John.

Sat, 2012-01-28 15:41 — jankaas (not verified)

Birther = wanker

"Your feigned derision of the US Right is peculiar & mildly amusing..."

it's not "feigned" you woron, i openly deride them.

Fri, 2012-01-27 16:28 — jankaas (not verified)

"Vet them all I say"

well fuck me, you've posted on topic! good boy. indeed there is a standard procedure for all candidates in these tax matters, and Mitt refuses to play ball. and why do you think that is?

then you lie, or you forgot, or you are stupid (do tell which);
"Funny how tax rates & hi-income earners are only important on the right."

despite me posting data from Obama and Bill Clinton....?? what "right" would they be on John?

you then, true to your bizarre modus operandi, go off topic again, droning on about "whiner-euro-socialist", and "Holland", and "what have you done that's important lately??"

do you have ADDH, or don't you understand the difference between on-topic and off-topic?

Thu, 2012-01-26 18:20 — jankaas (not verified)

wriggle all you want, but reality doesn't change by ignoring it. Mitt is hiding something, and you know it.

Sat, 2012-01-28 18:09 — John Cheese (not verified)

@jank: save your pennies & fly over & vote for 0boe in Illinois goober...

Tue, 2012-01-24 21:47 — John Cheese (not verified)

Ha, Bill Clinton earned $75 million in 2010, he says "I've done reasonably well". Why aren't people upset at him for being a 1 percenter? What's his tax rate?

Mon, 2012-01-30 20:49 — John Cheese (not verified)

Warren Buffet's secretary is a 1%'er!

Thu, 2012-01-26 19:37 — John Cheese (not verified)

@jankle: I'd respect you more if you were consistent...Care to check out Michelle 0bamer's hospital admin jobs/salaries leading up to the FLOTUS status. That's inconvenient.

Thu, 2012-01-26 20:56 — jankaas (not verified)

@John

listen, and for once actually listen. this thread is about Mitt's tax returns.

now tell me what is this thread about? what's the topic under discussion?

no you idiot it's not about; "0bama's Social Security number ", or "a 1 percenter", or "Romney donated", or "hospital admin jobs/salaries"...

it's about Mitt's tax situation you infinitely cretinous little man.

comment on that subject or piss off. (yes i am fully aware you will do neither...)

Sat, 2012-01-28 22:16 — jankaas (not verified)

apologies for typo, when i called you a "woron", i meant "moron". sorry for the confusion you moron. and your financial advice is gibberish btw.

Sat, 2012-01-28 22:30 — John Cheese (not verified)

@jankle: no worries, it is lost in your general dribbling on anyway...go to bed fruit loop.

Fri, 2012-01-27 22:06 — John Cheese (not verified)

@jankers: what is missing from Mitt's return info??

Sat, 2012-01-28 00:03 — jankaas (not verified)

25 January 2012 at 13:05

Sun, 2012-01-29 10:25 — jankaas (not verified)

"no worries"

great, at least we agree then you're a moron not a woron. guess that's progress of sorts. now if only we can get you to understand the meaning of the word "feigned"...

...actually, i can't be bothered.

Fri, 2012-01-27 04:03 — John Cheese (not verified)

@jankolope: tsk,tsk, how childish..you whine -can't see the forest for the trees. All candidates should be vetted, not just the GOP'rs. Funny how tax rates & hi-income earners are only important on the right. Vet them all I say- you can't handle that. Typical whiner-euro-socialist with blinders on. Holland is a selfish country- what have you done that's important lately??

Sat, 2012-01-28 00:33 — John Cheese (not verified)

@janka: and your guy 0bams can't produce a valid Soc Sec number -ha, what a loser!

Sat, 2012-01-28 00:53 — John Cheese (not verified)

@jankerbum: Mitt's shown enough for now. Here is how this will play out..if it's Romney vs the Barry 0: We can have the battle of the records- college transcripts, thesis, old girlfriends, passport info, all the records we haven't seen yet from our World President. Both parties put it all on the table & let all decide. Your feigned derision of the US Right is peculiar & mildly amusing...

Wed, 2012-01-25 14:05 — jankaas (not verified)

some inconvenient truths;

when Barack Obama ran in 2008, he released returns for the previous eight years.

when Bill Clinton ran in 1992, he disclosed 12 years.

when Mitt's dad George Romney ran he also released 12 years of returns, and said at the time; “One year could be a fluke, perhaps done for show.”

lol

Sun, 2012-01-29 16:28 — John Cheese (not verified)

woron..