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Tuesday, January 24, 2012

Mitt Romney's tax rate: 13.9 percent

Posted By on Tue, Jan 24, 2012 at 6:32 AM

Mitt Romney released a couple of years of tax returns last night.

He's rich. He gives a lot of money to the Mormon church. His income tax rate on his $21 million in income in 2010 was 13.9 percent. (Over two years, he paid $6.2 million in taxes on $45.2 million income.) He's a great beneficiary of the Republican tax policy of taxing work not wealth. Dividends and capital gains get a preferential low tax rate. (And it really has boosted the economy, hasn't it?) If you get most of your income from work, your rate is a good deal higher.

Take a look at your own tax return some time and divide your gross income by your federal tax bill and see if you pay more, proportionately, than Mitt Romney. The harder you work and the less you make, the more likely it is that you do. (I was at 23 percent last year.)

More here from the New York Times. His holdings have included money in Switzerland, Bermuda and the Cayman Islands.

My instant take is that this isn't much of an issue for Romney in the Republican primary. He's always been rich. And unlikable to the majority of Republican primary voters.

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