Clinton Tax Returns Show Modest Use of Tax Deductions

Months of speculation about whether Bill and Hillary Clinton had paid their fair share of taxes on their rising fortunes were answered today.

The release of the couple's tax returns revealed they had paid $33 million in taxes on the income they have earned since 2000.

The Clintons paid their taxes at an average rate of 31 percent, making modest use of tax deductions — unlike many taxpayers at their income level, say tax experts.

The couple earned $109 million in gross income, including $40 million in earnings from their books and $51 million in fees from former President Clinton's paid speeches.

The returns also show that the 31 percent tax rate was applied to the $15 million in supplementary income the former president earned from his partnership in an international investment fund based in the Cayman Islands.

Click here for a link to all the Clinton tax returns.