Romney Tax Returns Show $45 Million Income

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52. full article for press: Romney’s Tax Returns Show $21.6 Million Income in ’10

Mitt Romney’s campaign released hundreds of pages of tax documents on Tuesday morning, providing an inside glimpse into his sprawling investments, both in the United States and abroad, in an effort to dampen the attacks on his wealth that have become a central focus of the Republican presidential nominating battle.

Mr. Romney and his wife, Ann, had an effective federal income tax rate in 2010 of 13.9 percent, paying about $3 million in taxes on an adjusted gross income of $21.6 million, the vast majority of it flowing from a myriad of stock holdings, mutual funds and other investments, including profits and investment income from Bain Capital, the private equity firm Mr. Romney retired from in 1999.

That rate will rise to 15.4 percent for 2011, when the couple expects to report an adjusted gross income of about $20.9 million.

Both rates are much lower than the rates paid by either President Obama or Newt Gingrich, Mr. Romney’s Republican rival, who released his tax returns last week. Mr. Romney’s own tax proposals would cut his federal income taxes by about 40 percent — but Mr. Gingrich’s proposal, which would abolish capital gains taxes, would almost entirely eliminate them.

full: http://www.nytimes.com/2012/01/25/us/politics/romneys-tax-returns-show-21-6-million-income-in-10.html?pagewanted=all