Mitt Romney Discloses His 2010 Tax Returns

Republican presidential hopeful Mitt Romney has released his tax records for 2010. The 500+ pages of tax documents show that Romney paid $6.2 million in taxes on a total income of $42.5 million.

This means that Romney paid an income tax rate of just 13.9%, which would put him in the lower income tax brackets. But the reason that he paid a low tax rate was because most of the wealth that he earned was in the form of capital gains on investments. Capital gains are taxed at 15 percent, while the top income tax rate for wage earners is 35%.

Romney’s aides stressed to the media that the reason for his low tax rate was because his income is mostly from investments which are being held in a blind trust. Romney and his wife have also contributed almost $7 million in charity, mostly to their Mormon church. But Romney also has undisclosed amounts located in the Grand Cayman Islands and other overseas institutions.

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Romney’s aides say they will be releasing his tax returns for the year 2011 after he files them this year. In response to questions as to why he is not releasing his tax returns filed in the 1980s and 1990s, when he made most of his fortune while running private equity firm Bain Capital, campaign counsel Ben Ginsberg said that the two years covered should be enough to give a good picture of Romney’s finances.

Romney who has said “corporations are people” released his tax filings when he came under fire from other Republicans presidential hopefuls, especially Newt Gingrich.

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Posted by EmploymentCrossing on January 24, 2012. Filed under Breaking News,United States. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.