GOP NOMINEE IS STILL RICH
Former Massachusetts Gov. Mitt Romney and his wife, Ann, made $13.7 million in 2011 – and paid $1.9 million in federal taxes on that income, according to Internal Revenue Service forms voluntarily released by the GOP presidential nominee’s campaign. That works out to an effective tax rate of 14.1 percent.
Why is the Romneys’ rate so low? For starters he and his wife gave 30 percent of their income – roughly $4 million – to charity. Then there’s the fact that the vast majority of his income is derived from investments – which are taxed at a lower level.
In January, Romney released his 2010 return after an extended and politically damaging delay. That year he and his wife reported making $21.6 million – on which they paid an effective rate of 13.9 percent.
Romney claims to have paid an effective rate of at least 13 percent in each of the last ten years – although his campaign says that he is not releasing anything but summary information for those filings so there’s no real way of telling whether he’s being truthful.
As we noted the last time we addressed Romney’s taxes, “we don’t begrudge Romney for making sh*t tons of money. Nor do we begrudge him for paying a lower tax rate on that money than most people pay on their income. No … our beef is with the federal government for making the rest of us pay higher rates (which inhibits the consumer economy, stifles employment growth and limits people’s earning potential).”
We still feel that way … Romney’s problem isn’t that he’s making more than most people (and paying a lower rate), it’s that he’s not pushing hard enough to bring down everybody else’s tax burden.