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kpete

(72,903 posts) Tue Jan 17, 2012, 01:38 PM Jan 2012

Mitt says he pays close to 15 percent rate [View all]

Mitt says he pays close to 15 percent rate

Mitt Romney, who has a high net worth, pulled the curtain back a bit on his income when asked about the effective tax rate he's been paying during a Q and A with reporters in Florence, S.C.:

"What’s the effective rate I’ve been paying? It’s probably closer to the 15 percent rate than anything. Because my last 10 years, I’ve—my income comes overwhelmingly from some investments made in the past, whether ordinary income or earned annually. I got a little bit of income from my book, but I gave that all away. And then I get speakers fees from time to time, but not very much.”

Romney made more than $360,000 in speaker's fees between Feb. 2010 and Feb. 2011, according to his most recent personal financial disclosure statement.

More:
http://www.politico.com/blogs/burns-haberman/2012/01/romney-says-hell-release-tax-returns-111123.html

49 replies

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Mitt says he pays close to 15 percent rate [View all] kpete Jan 2012 OP

So he pays less than the Average Joe - percentage-wise jpak Jan 2012 #1

yep kpete Jan 2012 #3

I'm not sure I believe that Kellerfeller Jan 2012 #42

And therein lies the problem...he considers $360,000 "Not very much." Atman Jan 2012 #2

Yup Johnny2X2X Jan 2012 #11

"below that of middle-class workers, which would also include military servicemembers." kpete Jan 2012 #15

It's a bizarre contruct..."Since I didn't really EARN the money, it shouldn't be taxed as much." Atman Jan 2012 #17

+1 (n/t) klook Jan 2012 #20

It is absolutely back asswards. CrispyQ Jan 2012 #25

It is even more skewed than that. 15% is the tax rate on dividends and capital gains. Fool Count Jan 2012 #34

As a retiree, I get income from investing in annuities. Isn't that "earned"? CTyankee Jan 2012 #36

+1 and the answer is "Everything is wrong with this picture" wordpix Jan 2012 #44

Yet, it is probably the only part of his income that incurred 35% income tax. Fool Count Jan 2012 #33

Maybe poor folks could lift themselves out of poverty by giving speeches? Bozita Jan 2012 #4

It's hilarious that he's their most electable candidate BeyondGeography Jan 2012 #5

+1 Beavker Jan 2012 #14

What's wrong with this picture... brooklynite Jan 2012 #6

Here's another theory about the tax returns: XemaSab Jan 2012 #7

I think that it is not helpful to just be critical of his wealth. MGKrebs Jan 2012 #8

I don't see anyone saying that BeyondGeography Jan 2012 #9

It is when it has been suggested that he is trying to hide something. onehandle Jan 2012 #12

The amount he has, alone, is not of great concern The Genealogist Jan 2012 #24

Exactly my point. MGKrebs Jan 2012 #29

Wonder if he disclosed all of his $10,000 bets? tridim Jan 2012 #10

I wonder if he's won any of them. n/t hughee99 Jan 2012 #13

I think what he meant was the $360K is not much compared to his investment income... Southerner Jan 2012 #16

And his job plan is to reduce taxes DocMac Jan 2012 #18

$360K a year = "Not very much" CanonRay Jan 2012 #19

He gave away the income from his book? DFW Jan 2012 #21

That jerk pays a lower rate than I do--and no one asks ME to speak! MADem Jan 2012 #22

"And then I get speakers fees from time to time, but not very much.� ($300,000/yr) yellowcanine Jan 2012 #23

This man is insufficiently taxed. aquart Jan 2012 #26

Not to put too fine a point on it anAustralianobserver Jan 2012 #39

Who in their right mind secondvariety Jan 2012 #27

Mitt Romney admits: I pay 15% tax on $200m personal fortune Judi Lynn Jan 2012 #28

I'm betting it's UNDER 15%, certainly not over. Bozita Jan 2012 #30

I'm betting you're right Scairp Jan 2012 #49

And what % of his net worth is income Ruby the Liberal Jan 2012 #31

"close to 15%"? louis-t Jan 2012 #32

BUT, how many of your buddies are going to say, "I WANT TO PAY THAT RATE TOO!' CTyankee Jan 2012 #35

Shitt offshores the loot, too. Octafish Jan 2012 #37

He genuinely seems to believe that people with less wealth than himself mustn't be anAustralianobserver Jan 2012 #38

Like Duhbya he is too dumb and selfish to know how heartless he is. Marnie Jan 2012 #41

In the late 1960s working part time minimum wage Marnie Jan 2012 #40

and how much do your tax haven investors pay, Mittens? wordpix Jan 2012 #43

Has he got money tucked away in tax havens too? Rosa Luxemburg Jan 2012 #45

"Island tax havens factor into Romney's business success" LA Times, 2007 wordpix Jan 2012 #46

He has proposed getting rid of TheFarseer Jan 2012 #47

OWS Johnny2X2X Jan 2012 #48