After being hounded by Democrats and Republicans for refusing to and then hedging about releasing his federal tax returns, Mitt Romney released his 2010 tax return early Tuesday morning. They show that Romney paid an effective tax rate of 13.9% on $21.6 million in income.
Romney’s total wealth is estimated at $190 million to $250 million.
The returns also show that over 2010 and 2011 Romney donated more money to charity, $7 million, than he will pay in taxes, much of that going to the Mormon church. The campaign stressed that Romney’s low tax rate was based on the fact that much of his income comes from 15% tax rate on capital gains, rather than the 35% rate on earned income as well as charitable deductions. They also note that much of the money comes from interest from Romney’s blind trust.
Key Takeaways From Romney’s Tax Returns
–Mitt Romney paid a 13.9 percent tax rate on $21.6 million in income last year.
–Most of the income came from dividends and interest on investments, which are taxed at a much lower rate.
–Romney raked in America’s median adjusted gross income of $33,048 in “less than a day,” Bloomberg notes. His income over a one-week span puts him in the top 1 percent of annual earners.
–Romney, who files jointly with his wife Ann, expects to pay a 15.4 percent rate on $20.9 million in income this year.
–His campaign said he had $7.4 million in carried interest last year; this year the figure is $5.5 million.
–Romney contributed $7 million in charitable donations in the last two years, at least $4.1 million of which was to the Mormon Church.
Sahil Kapur contributed to this post.
