Mitt Romney Paid $3 Million In Taxes in 2010, Reports Show
EmailTAMPA, Fla. – Mitt Romney took in $21.7 million in income in 2010 and paid $3 million in taxes, a tax rate of just under 14 percent, according advanced copies of the returns that were provided to several newspapers.
The tax returns were first reported by the Wall Street Journal and Reuters early Tuesday morning.
In an initial review of the reports, ABC News’ tax expert Steve Frushtick notes that based off of the reported tax rate, it appears as though the vast majority of Romney’s reported income is not based off of a salary, but rather from investments. Individuals bringing in a similar income to Romney’s 2010 earnings in the form of a yearly salary would pay a higher tax rate.
Frushtick gave an example using the third baseman for the New York Yankee’s, Alex Rodriguez. If Rodriguez earned the exact same income as the former Massachusetts Governor, he would pay $5.3 million in taxes- a rate of 24%, because his earnings were collected in the form of a yearly salary.
The returns also show that Romney gave away $3 million in charitable donations in 2010, including $1.5 million to the Mormon Church, according to reports from the outlets who received an advanced copy. Frushtick explains that Romney could pay a lower tax rate if he were to increase that amount.
Romney’s full 2010 tax return will be released later Tuesday, as will an estimate of his 2011 returns.
The campaign’s decision to release the documents comes after weeks of assertions by Romney himself that he would wait until April to release them.
On Sunday, Romney changed course, announcing on Fox News Sunday that he would release them and that they had “made a mistake for holding off as long as we did.”
During a press conference in Tampa on Monday, Romney was asked what went into the decision to release the returns on the same day of the State of the Union address.
“The reason that they’re being released that day is that the trustee of my trust, that invests our family funds is available that day,” said Romney.
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I am a blue collar republican working in the coal mines WY, pay your taxes MR ROBNEY!! As we coal miners pay ours, we do not look for loop holes or some Island were we evade our taxes.
Posted by: Clifford | January 24, 2012, 2:27 am 2:27 am
A successful businessman who pays the taxes he owes. And 1.5 million to charity outside his church. Successful and benevolent. I won’t have expected less.
Posted by: free_2_choose | January 24, 2012, 3:04 am 3:04 am
Romney has no problem donating $3 Mil, because he knows he should be paying higher taxes. The way he sees it that money, is that it’s not his money any ways, might as well give it away, and make himself look good in the process. That’s also why he had no problem losing $10k to Perry. This is what the republicans are all about (protecting millionaires like him). The difference between Romney and a regular republican is that Romney shows signs of a conscious.
Posted by: JohnDoeTaxpayer | January 24, 2012, 4:09 am 4:09 am
Does that income show the millions hiding in offshore accounts as well?
Posted by: James Brady | January 24, 2012, 4:45 am 4:45 am
He paid his taxes and he used the legal loopholes provided to him like all the rest of them do. Obam gave $600, 000 to charities and did the same thing. If you people want to knock tax evaders how about Obam’s original administration? 5 of them resigned for not paying, but Turbo Timmy is still in it for the big haul. What Mitt did is all legal, so if it outrages you people go get the ones Obam picked for his so called administration of failures. Never heard a single word out of a single one of you over poor vetting and these tax evaders. Don’t be hypocrites now, speak up so the whole country knows.
Posted by: specialty57 | January 24, 2012, 5:52 am 5:52 am
LOL! ….. I knew, when he said two weeks ago, “it’s somewhere around 15%”, that it was actually less than that. …………. LOL!…. you have to give the guy credit, he’s not stupid. Only the minions are.
Posted by: Forrest Gump is DEFINITELY a Republican | January 24, 2012, 6:42 am 6:42 am
SPECIALTY57 | JANUARY 24, 2012, 5:52 AM, SAID:
“If you people want to knock tax evaders how about Obam’s original administration?…. (whine, whine, whine)”
========================================
LOL! …… the usual, “but, but, what about…”
My 10 year old also argues like this.
Posted by: Forrest Gump is DEFINITELY a Republican | January 24, 2012, 6:46 am 6:46 am
Well, I guess from Romney’s 14% tax rate and his use of off-shore accounts that he won’t champion a change in the tax structure for millionaires, as justice, fair play and concern for our national debt certainly warrants.
Posted by: Librarian53 | January 24, 2012, 6:55 am 6:55 am
X republican, Man you of all people are good about talking about whining.” But,but, what about——BUSH. Let me stick up some of my wore out charts to show you what Bush did. It is ok obam did it because BUSH did it”. If Obam said the sun would not shine today, you as far up the chute you are, would run to Walmart and buy a flashlight.
Posted by: specialty57 | January 24, 2012, 7:26 am 7:26 am
SPECIALTY57 | JANUARY 24, 2012, 7:26 AM…
You’re right, we can thank G.W. Bush for being the reason that Romney paid “under 14%” taxes on $21.7 million.
You’re also right, that G.W. Bush….that “smaller government” Republican (really not)….is the guy that brought us bigger government with the unanswered (“How do we pay for it, other than by borrowing?”) MEDICARE Part D program, the unpaid for Iraq War, and the unpaid for new federal department, the DEPARTMENT OF HOMELAND SECURITY……….. all while cutting taxes for people like Romney.
So, Specialty57, thanks for reminding me why I’m also an “ex-republican”, like the previous poster.
Posted by: Steve in AL | January 24, 2012, 7:48 am 7:48 am
W O W !
That’s a lot more than what GE paid.
Posted by: Noz | January 24, 2012, 9:20 am 9:20 am
“My 10 year old also argues like this.” – Forest Gump is a successful Repub.
Your 10 year old is pretty smart because the argument SPECIALTY57 makes is a good one.
Posted by: Noz | January 24, 2012, 9:26 am 9:26 am