Romney’s Tax Returns Show $21.6 Million Income in ‘10
Mr. Romney and his wife, Ann, had an effective federal income tax rate in 2010 of 13.9 percent, paying about $3 million in taxes on an adjusted gross income of $21.6 million, the vast majority of it flowing from a myriad of stock holdings, mutual funds and other investments, including profits and investment income from Bain Capital, the private equity firm Mr. Romney retired from in 1999.
That rate will rise to 15.4 percent for 2011, when the couple expects to report an adjusted gross income of about $20.9 million.
Both rates are much lower than the rates paid by either President Obama or Newt Gingrich, Mr. Romney’s Republican rival, who released his tax returns last week. Mr. Romney’s own tax proposals would cut his federal income taxes by about 40 percent — but Mr. Gingrich’s proposal, which would abolish capital gains taxes, would almost entirely eliminate them.
Imagine how much more money the middle class would have if we were able to pay a mere 13.9% in income tax. The people that have the most pay the least. How does that sustain a healthy economy again?