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Mitt Romney’s tax returns shed some light on his investment wealth
Here’s what we’ve all been waiting for, folks:
The couple gave away $7 million in charitable contributions over the past two years, including at least $4.1 million to the Church of Jesus Christ of Latter-day Saints.
The Romneys sent somewhat less to Washington over that period, paying an estimated $6.2 million in federal income taxes. According to his 2010 return, Romney paid about $3 million to the IRS, for an effective tax rate of 13.9 percent.
For 2011, Romney estimates that he will pay about $3.2 million, for an effective rate of 15.4 percent. That’s in line with his earlier estimates, but sharply lower than the rates paid by President Obama and Romney’s closest Republican rival, Newt Gingrich.
Here’s some perspective for you.
- Single filers: $8,501 - $34,500
- Married filing jointly: $17,001 - $69,000
- Married filing separately: $8,501- $34,500
- Head of household: $12,151 - $46,250
The Romneys paid a comparable tax rate to what a person living below the poverty line could pay. The poverty threshold for a single person is $10,890. Due to tax credits and deductions, people at that level would typically get a refund - if they fill out their taxes correctly or pay someone to do it.
Because of tax credits and deductions, the Romneys were able to take that tax rate and make it their own.
No wonder he kept emphasizing he paid only what he “legally” had to pay. At least Gingrich was much closer to the nearly 35% tax rate for his income bracket.
By asking to Mitt Romney and similarly situated people to pay more in taxes, we’re not punishing success. We’re asking them to pitch in their fair share. If Romney wants to push for a bigger military, well, then I’m going to push for higher taxes. He can damn well pay for it. After all, my tax burden is heavier than his, since we’re apparently paying in at the same rate.
(via stfuconservatives)
