Mitt Romney releases tax returns: Candidate earned $21.7M in 2010 and $20.9M in 2011
Mitt Romney’s tax returns shed some light on his investment wealth
By Lori Montgomery, Jia Lynn Yang and Philip Rucker, Tuesday, January 24, 12:00 AM
Mitt Romney offered a partial snapshot of his vast personal fortune late Monday, disclosing income of $21.7 million in 2010 and $20.9 million last year — virtually all of it profits, dividends or interest from investments.
None came from wages, the primary source of income for most Americans. Instead, Romney and his wife, Ann, collected millions in capital gains from a profusion of investments, as well as stock dividends and interest payments.
The Romneys gave away $7 million in charitable contributions over the past two years, including at least $4.1 million to the Mormon Church. Romney’s family has for generations been among its most prominent members.
They sent somewhat less to Washington over that period, paying an estimated $6.2 million in federal income taxes. According to his 2010 tax return, Romney paid about $3 million to the IRS, for an effective tax rate of 13.9 percent.
2. Forget the "top 1%." This puts Mitt in the top 0.01 %.
I say let him "get by" with $2 million taxed at 25% (leaving $1.5 million,) the rest should be taxed at 90%. That would still leave him with a "paltry" $4 million to scrape by on for a year. I know it would be hard getting by on only $11,000 a day.