Romney Paid $3M In Federal Income Tax In 2010

Republican presidential candidate Mitt Romney paid about $3 million in federal income taxes in 2010, having earned more than seven times that from his investments. Those earnings, $21.7 million, put him among the wealthiest of American taxpayers.

At the same time, Romney gave nearly $3 million to charity — about half of that amount to the Mormon Church — which helped lower his effective tax rate to a modest 14 percent, according to records his campaign released early Tuesday.

For 2011, he’ll pay about $3.2 million with an effective tax rate of about 15.4 percent, the campaign said. Those returns haven’t yet been filed yet with the Internal Revenue Service.

The former Massachusetts governor had been under pressure in recent weeks to release his tax returns, his GOP opponents casting him as a wealthy businessman who slashed jobs in the private sector. Rival Newt Gingrich made public his returns on Saturday, showing he paid almost $1 million in income taxes — a tax rate of about 31 percent.

Romney’s campaign confirmed the details of his tax information after several news organizations saw a preview of the documents. He had said he planned to release his returns in full Tuesday morning, and campaign officials would be prepared to discuss them in detail with reporters.

Read More at OfficialWire By Jack Gillum and Kasie Hunt, AP and OfficialWire

  • Edgar LaMance

    Let’s start attacking the real enemy instead of each other.

  • Lizelot

    It’s not how much you put in the bank but the way in which you got that money, isn’t it? Everybody uses the existing laws to figure out one’s taxes, including the wealthy. More than 50% of our citizenry pays no federal or state taxes, due to our laws. Romney paid his dues and also millions in charity donations, following in the footsteps of countless early millionnairs who thus enriched our society with libraries, parks, and various other public works. We completely ignore that side of the “rich” coin, don’t we? We also forget that the rich can easily either move to more hospitable regions or invest their capital there, and they do, to our detriment. We’re cutting off our nose to spite our face! Don’t fall for Obama’s blather.

  • wager

    When comparing the charitable giving of candidates, let us not forget: Romney gave 14% of his income.
    Obama about 1%
    Biden about $350 bucks.

    Facts matter and the facts against Obummer and his side kick don’t look good. Use these facts.

  • siteunseen

    How does he make that much money is my question…not jealous, just curious on how to start a profitable business. I seem to be stagnating these days. Yes, he is quite generous to his Church, and if one is to write-off taxes, that would be your best incentive. I’m not Mormon but would contribute to the church of my choice very well indeed, if I made Romney’s money. As it is, I’ve given to my Church and also supported them with free Ebay listings so they could profit from that as well. I absorb all costs. You also must remember that Gross and Net are two different margins, and what he made Gross, does not reflect his business expenses, etc. Business expenditures can vary from year to year, depending on how much more you can invest to keep your business growing. It’s not just dollars and figures here, but profit margins, etc. He’s done well.