Just hours after debating tax rates during the
GOP debate in Florida, Mitt Romney released his tax returns, revealing
that he collected $20.9 million in income last year, and $21.7 million
the previous year—nearly all of it in profits, dividends, or interest
from investments. None came from wages, reports the Washington Post.
He estimates he'll pay $3.2 million in federal taxes for a tax rate of
15.4% for last year's income. The previous year, he paid $3 million in
taxes at a 13.9% rate. His tax rates are below most American wage
earners because his income isn't from wages, notes Reuters.
The Romneys gave away $7 million in charitable contributions the last two years, including $4.1 million to the Mormon church.
Romney boasted during the debate that his tax bill is "entirely legal and fair,"
adding: "I'm proud of the fact that I pay a lot of taxes." Newt
Gingrich, who supports a 15% flat tax, quipped during the debate that he
wants to bring Americans' tax rate "down" to Romney's. But Romney
pointed out that Gingrich wants a 0% tax on capital gains, and that
under such a strategy, he would pay "no taxes." Romney has released
nearly 550 pages of tax documents, including the 2010 returns for three
family trusts and a foundation, after criticism from rivals for failure
to bare his income earlier and following a sound trouncing in South
Carolina by Gingrich.
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Tuesday, January 24, 2012
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