Romney Returns: $6.2M in Taxes on $42.6M
No income from wages; he'll pay 15.4% on last year's income
By Mary Papenfuss, Newser Staff
Posted Jan 24, 2012 12:24 AM CST
Updated Jan 24, 2012 7:51 AM CST
Mitt gestures during the Republican presidential debate last night.   (AP Photo/Paul Sancya)

(Newser) – Just hours after debating tax rates during the GOP debate in Florida, Mitt Romney released his tax returns, revealing that he collected $20.9 million in income last year, and $21.7 million the previous year—nearly all of it in profits, dividends, or interest from investments. None came from wages, reports the Washington Post. He estimates he'll pay $3.2 million in federal taxes for a tax rate of 15.4% for last year's income. The previous year, he paid $3 million in taxes at a 13.9% rate. His tax rates are below most American wage earners because his income isn't from wages, notes Reuters. The Romneys gave away $7 million in charitable contributions the last two years, including $4.1 million to the Mormon church.

Romney boasted during the debate that his tax bill is "entirely legal and fair," adding: "I'm proud of the fact that I pay a lot of taxes." Newt Gingrich, who supports a 15% flat tax, quipped during the debate that he wants to bring Americans' tax rate "down" to Romney's. But Romney pointed out that Gingrich wants a 0% tax on capital gains, and that under such a strategy, he would pay "no taxes." Romney has released nearly 550 pages of tax documents, including the 2010 returns for three family trusts and a foundation, after criticism from rivals for failure to bare his income earlier and following a sound trouncing in South Carolina by Gingrich.

View 2 more images
More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
Mitt Returns Reveal $21M in Investment Income is...
Show results without voting
You Might Like
Showing 3 of 131 comments
Jan 25, 2012 2:21 AM CST
I bet if we took every moron on this website that is fixated on taxes, and combined the amount of money they gave in taxes to the gov't last year...then triple it; it still wouldn't reach 3 million dollars. so quit your fucking bitching!
Jan 24, 2012 4:50 PM CST
Mittens is mutton. Newt breathed life into this issue and that is all it took. He can stand back and watch the continuous discussion take up all the oxygen in the room now.
Jan 24, 2012 4:08 PM CST
You mean a tax-deductible donation to the mormon church....