Tuesday, January 24, 2012
Willard “Mitt” Romney is a very wealthy man. He and wife Ann are worth from $190 million to $250 million; earned $21.7 million in 2010 and paid a 13.9 percent tax rate, a rate lower than a person earning $50,000. The amount the Romneys paid in taxes in 2010 was about $3 million.
Willard’s reluctance to embrace his father’s transparency on the subject of income taxes is increasingly clear with releasing their tax returns from 2010. The Romneys’ income is mostly derived from investments, mostly in the form of capital gains which are taxed at a lower rate than other types of income.
The couple’s investments are scattered from the United States, to the Cayman Islands, Switzerland, Ireland and even Luxembourg. The Swiss bank account is now closed. In 2010, the Romneys gave nearly $3 million to charity, half of that going to the Church of Jesus Christ of Latter-day Saints also known as the Mormon church.
Romney’s tax information which includes more than 500 pages can be found on his website.