Mitt Romney Made Over $25 Million In Foreign Income While Governing, Campaigning

Source: Huff Post

WASHINGTON -- Mitt Romney accumulated more than $25 million in foreign income between 2005 and 2010, while he was governor of Massachusetts and a presidential candidate, according to an analysis of his 2010 tax return.

The 2010 return lists foreign tax payments Romney made dating back to 2000. By Romney standards, the payments were modest through 2004, averaging $37,000 a year. In 2005, however, his foreign tax bill shot up to $333,149 and stayed high for the next three years, before dipping in 2009, as the financial crisis hit hard.

In 2010, Romney's foreign tax bill was down to $67,173 on declared foreign income of $1,525,982. That's a 4.4 percent rate. After expenses and various other deductions, Romney declared a net foreign income of $392,000, making his net tax rate 17 percent.

Because the presumptive GOP presidential nominee has so far declined to release his earlier tax returns, HuffPost made a rough calculation of his prior foreign earnings by assuming he paid similar tax rates in previous years.


Read more: http://www.huffingtonpost.com/2012/07/23/mitt-romney-foreign-income_n_1695806.html?utm_hp_ref=elections-2012