Mitt Romney Is the 0.006 Percent?
EmailMitt Romney is a rich man. But exactly how rich, when compared with the rest of us?
Had he made more than $10 million in 2009, Romney’s income would have ranked in the top 0.006 percent of U.S. earnings. He made more than twice that in 2010 and 2011.
Romney’s current rank is impossible to calculate, as the most recent Internal Revenue Service statistics are available only for tax years 2009 and before. The 0.006 percent figure is calculated from the number of U.S. tax filers (8,274) who made more than $10 million in 2009 out of about 140 million total tax returns filed that year. (That number is significantly lower than the total U.S. population, due in large part to joint filings.) The IRS does not break down income strata above $10 million in its yearly findings.
Romney made $21.7 million in 2010, and $20.9 million in 2011, according to 2010 returns and 2011 estimates released today by his presidential campaign, almost all of it from investments.
Given that the IRS has no statistics for tax year 2010, it’s impossible to know where Romney currently ranks, and top earnings fluctuate year to year. In 2008, for instance, 13,480 people made more than $10 million, more than 5,000 more than in 2009. In 2007, 18,394 were in the $10 million club.
In 2009, the average U.S. income was $54,000 for all filers, single and joint.
Romney paid an effective tax rate of 13.9 percent in 2010, and while that figure has become the topic of much discussion during the past several weeks of the campaign, it’s actually higher than the average rate paid by Americans. The average U.S. tax filer paid an 11 percent effective rate in 2009, according to a breakdown of IRS statistics by the Tax Foundation.
UPDATE: A previous version of this post misrepresented Romney’s percentile by two decimal points.
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Who is the math whiz that wrote this article? It is true that 8,274/140,000,000 = 0.00006. However, when you state this number as a “percent”, you multiply the answer by 100. That makes Romney the 0.006%.
As for his wealth, BIG DEAL!! He walks the walk as a taxpayer. All I can tell you is that the rest of the top 0.006% are too chicken to run for a tough job like president. So at least he is willing to give his most valuable resource: his time.
Posted by: Matt | January 24, 2012, 3:46 pm 3:46 pm
I don’t begrudge Mitt Romney his money. John Kennedy was very rich but he never defended the interests of the rich over the interests of the poor and middle class as Mitt does. John Kennedy and his brothers never forgot their poor Irish roots.
Romney’s problem is he feels entitled to all that money and the benefits it buys. He thinks because he’s rich he’s smarter than the rest of us. He has nothing in common with hard working average Americans who live paycheck to paycheck. If they lose their home they can’t run to 14 of their other homes.
Romney is the GOP establishment candidate and will get the nomination. The GOP can’t see that the majority of average Americans (republicans, democrats or independents) will never vote for him.
Posted by: tmferretti | January 24, 2012, 3:48 pm 3:48 pm
Good Lord ABC! You’re all over the guy! Think you could find any elementary school classmates or perhaps a babysitter or two?
Posted by: newcountryman | January 24, 2012, 4:05 pm 4:05 pm
ABC news and MSM–do you realize that everyone knows the narrative? Everyone one gets it. We know you are all a bunch of leftists. So, enough with this non-story. Mitt Romney was successful in the United States–gasp!!! Lets be envious of him, but instead of that envy turning into something that motivates us to do better, lets tear the “1 percenters” down because we’ve allowed our own self loathing to turn into hate! Listen, do you want this guy running the country or a communitty organizer? I cannot believe this is even a debate. From a member of the 99% who looks in the mirror to find the source of success and failure.
Posted by: Brad | January 24, 2012, 4:08 pm 4:08 pm
So Mitt gave a lot to charity, so does Warren Buffet and Bill Gates. Why do you republicans think thats a prerequisite to be President.
I can assure you when you lose your job Mitt won’t let you live in one of his mansions. If you republicans can’t fight for your own interests get the hell out of the game.
Posted by: tmferretti | January 24, 2012, 4:23 pm 4:23 pm
America needs poor, failed loser man for President. Not successful winner.
Posted by: Evil Foreigner | January 24, 2012, 4:27 pm 4:27 pm
TM….. No Gates made up his own charitable foundation so he wont have to pay taxes on ordinary income Buffet does the same.
Posted by: Lizzie | January 24, 2012, 4:36 pm 4:36 pm
I see ABC corrected their elementary school decimal math error in the story title. What a hoot!
Posted by: newcountryman | January 24, 2012, 4:43 pm 4:43 pm
Romney gave 15% to charity; Obama 1%…
Biden gave $369…
Posted by: Yep I said that | January 24, 2012, 5:12 pm 5:12 pm
11-14% is absolutly wrong for taxes.He and all others should pay an equal amount. I am a contractor and I pay 52% of my income to the gvernment and make less than $30000 a year. That means $15000 went to the government. My brother owns a bussiness ans he w-2 $102000 in 2011 and 61% goes to the government. Then on top of that the company still has to pay another $9000. So that would bring the total to 74%. This is outrageous and a very serious topic to me. The only people keepind me and the rest of the middle class down is our own government. Makes me SICK to pay my taxes. For what!!!
Posted by: mark | January 24, 2012, 5:23 pm 5:23 pm
Mark (5:23 PM); Do you mean total tax burden? i.e. Federal Tax + State Tax + S.S. on a 1099 +property tax + city tax income tax (like in N.Y.)? Sounds really high to me……even if you live in a high tax state like N.Y. or CA. You couldn’t possibly survive on $30,000 in NY city.
Posted by: newcountryman | January 24, 2012, 5:43 pm 5:43 pm
Mark……… Nothing wrong with 14%…. He paid what was required…….. He also paid 31-35% on EARNED income…Thats what counts………. His investments were unearned income and TAXED at the correct amount……….. Talk to congress about changing the tax laws……. They made it, they change it EVERY year !!!!!!!!!!!!!!!!!
Posted by: John W | January 24, 2012, 6:43 pm 6:43 pm
I wonder what Gate, Buffet and the like show on their tax return as taxable income and their effective income tax as compared to their total worth! Why does nobody of all the people in here ask these serious questions about other people who use loopholes only the super-rich can afford the hord of lawers needed to figur out. I really wonder what is the objective of this “conversation”?
Oh…
Posted by: oh ooh | January 24, 2012, 6:49 pm 6:49 pm
Where’s ABC’s story about how much Mitt Romney has paid in charitable income? Romney has paid 15% to Obama’s 1%. You won’t find that story here, of course, because Obama has ABC in the back of his pocket with all the rest of the liberal media.
Posted by: Tammy O | January 24, 2012, 6:54 pm 6:54 pm
I am sorry folk as a smart republican Mitt Romney cant fool me. Mitt Romeny only cares for Mitt romney is such a scamer and so NOT authentic.. I love capitalism but I dont like capitalism when is from the man who made money from the back of thers…. As a christian I cannot support Mitt Romney hes a liberal in hidding!
Posted by: Mark | January 24, 2012, 7:35 pm 7:35 pm
What is going on with ABC and unbiased reporting? We watched David Muir’s report on Romney’s income and taxes paid this evening and came away with a “bad taste in our mouth”! Muir listed the facts but failed to connet the dots when it came to the fact that Romey’s income was mainly from investments, not income earned through employment and that taxes were paid on the investment income prior to paying Federal Income Tax. Ommision of facts or carefully worded reporting certainly make us question ABC. We have been loyal followers for 30 + years but that will come to an end if we can not rely on getting all the facts, presented in a fair and unbiased manner.
Posted by: Lynn | January 24, 2012, 7:51 pm 7:51 pm
Good for Romney. I want to be part f the 0.00003 percent
Posted by: Ralph | January 24, 2012, 8:06 pm 8:06 pm
Heck, my wife and I give more to charity than Biden or Obama.
Posted by: newcountryman | January 24, 2012, 8:34 pm 8:34 pm
Aren’t all of the presidential candidates rich? Why is everyone attacking Romney?
Posted by: Amy | January 24, 2012, 8:59 pm 8:59 pm
c’mon people……..are you really going to tell me he doesn’t remind you of Duck Phillips?
Posted by: Tangled Web | January 24, 2012, 9:03 pm 9:03 pm
OK…everyone who paid the Federal Government more than 6 million dollars over the past two years, please comment on how unfair this is and why Romney should pay more. Everyone else…shut up. Who cares what he made, he paid over 6 million in taxes in two years. This is supposed to be the country that celebrates success. By the way if no one is counting, he did pay taxes on his INCOME, not investments, years ago. He is actually being taxed twice(if not more) on the same dollar!! If we taxed the richest 1% all 100% of their income, we still would not make a dent in this debt nightmare!!!
Posted by: Marc | January 24, 2012, 9:06 pm 9:06 pm
“He is actually being taxed twice(if not more) on the same dollar!” Posted by Marc. No, he’s not and yet this lie gets repeated and repeated. He is being taxed not on the money he made before but on NEW income made by ‘investing’ his wealth. Romney made $42,000,000 in NEW money over the last two years and it is that NEW income that is being taxed. And anyone who thinks that these investments are helping to create jobs has also swallowed a lie. ‘Investors’ like Romney buy stocks from other ‘investors’. Not a penny of those proceeds went to the company whose stock was traded and no new jobs were created. When Romney sold the stocks to make his $42,000,000 in gains, he again sold to ‘investors’ and he pocketed the money. Again, not a penny went to the company and not a single job was created.
Posted by: WilliamDawesJr. | January 24, 2012, 10:01 pm 10:01 pm
Why is Romney’s income a subject of controversy? He made his money honestly and he paid his taxes in accordance with the tax code. I fail to see the problem. Now Gingrich, that’s an entirely different issue. here’s a guy who played the system even when what he did was in clear opposition to the ideals he claims he supports. Then he comes on with a lot of bluster and the fools eat it up.
Posted by: john locke | January 25, 2012, 1:07 am 1:07 am
“Romney’s problem is he feels entitled to all that money and the benefits it buys”????? If he’s not entitled to the money he made from A: working hard or B: investing wisely, who is???? Am I not entitled to the money I earn? He paid the taxes that were due and that’s all I care. Change the laws if you don’t like the result they produce, but, don’t blame someone for then following those laws. I guarantee you there are a lot of people taking money from the government they did not earn, so why are they entitled to Romney’s money and the benefits it buys?
Posted by: Don M | January 25, 2012, 2:20 am 2:20 am
Way to create more class warfare ABC, never mind the risk he took to make his money, no just focus on the money which of course is evil, never mind the fact he gives 10% to charity, no he’s a millionaire so we must take as much as we can from him. And yet the main stream press still claims they are not in bed with Obama.
Posted by: hkdakota | January 25, 2012, 5:57 am 5:57 am
Leaving us to believe that Obama is in the 99%. Sorry, abc, but you fail at that. Do you know that those media watch sites are laughing profusely at your coverage of Romney versus four years ago and your coverage of Obama. Not just the coverage, but your wording of what you chose to cover or not cover.
You have rightfully earned the title of All Barack Channel
Posted by: kris | January 25, 2012, 9:15 am 9:15 am