Romney’s Tax Rate in 2010: 13.9 Percent

Mitt Romney (center) celebrates being rich.Bain Capital

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Mitt Romney released his his 2010 tax return on Monday night, and it turns out he actually paid an effective tax rate of 13.9 percent that year, according to the Washington Post:

They sent somewhat less to Washington over that period, paying an estimated $6.2 million in federal income taxes. According to his 2010 tax return, Romney paid about $3 million to the IRS, for an effective tax rate of 13.9 percent.

For 2011, Romney estimates that he will pay about $3.2 million, for an effective rate of 15.4 percent. That’s in line with his earlier estimates, but sharply lower than the rates paid by President Obama and Romney’s closest Republican rival, Newt Gingrich.

Previously Romney had estimated his tax rate as being “around” 15 percent. To put this in perspective, Romney, who according to the Post makes about twenty million dollars a year mostly through capital gains and investments, pays a lower effective tax rate than American households making an average pretax income of $64,500 a year. Those middle-income folks pay an effective tax rate of 14.2 percent, according to the Congressional Budget Office. Romney’s tax plan would cut his tax rate even further.

If that doesn’t quite seem fair to you, that’s probably what the Obama administration hopes you’re thinking. We still don’t know what tax rates Romney paid before 2010, but he did release his estimated taxes for 2011, for which he expects to pay an effective rate of 15.4 percent.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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