Romney paid 14% effective tax rate in 2011
September 21st, 2012
02:05 PM ET
2 years ago

Romney paid 14% effective tax rate in 2011

New York (CNNMoney) – Mitt Romney made $13.7 million last year and paid $1.94 million in federal income taxes, giving him an effective tax rate of 14.1%, his campaign said Friday.

His effective tax rate was up slightly from the 13.9% rate he paid in 2010.

FULL STORY

Filed under: 2012 • CNNMoney.com • Mitt Romney • Taxes
soundoff (77 Responses)
  1. Bessy

    No where near enough. When we take a deduction ( annual distribution required by law ) from our IRA, they hold back 20% for taxes. We are retired and living on SS, so. He is definetly not paying his fair share.

    September 21, 2012 03:10 pm at 3:10 pm |
  2. Obama Mama

    The wealthy do not keep this country afloat, they nearly sank us for their greed in the banking debacle.
    Obama is willing to pay more, (remember the Warren Rule Bill), congress would not pass that bill. He also just passed and said he would the bill that says the people serving us can no longer use insider trading to get wealthy while in office. Gee but when it got to the republican congress office part of the bill was changed and Cnn caught the part that had been deleted the one that said the family members could not use the insider infomation. Eric Cantor "I don't know how that happened," palease.
    If you want to blame someone on the hill, look no farther than the republican congress. 10% approval rating. Bye Bye republican congress.

    September 21, 2012 03:11 pm at 3:11 pm |
  3. Larry L

    @23 from Texas

    He pays no more, and no less than the law says he should.
    ---------------------------------------------------

    Really? Romney's unwillingness to show his other returns makes me believe he broke the law, got his lawyers to plea bargin a settlement, paid his fine and now covers it up. What else would make him hide those returns? He got busted being a tax cheat.

    September 21, 2012 03:12 pm at 3:12 pm |
  4. Fair is Fair

    rs

    Rick McDaniel-
    On a percentage basis- Mr. Romney pays far less in taxes than anyone left in the so-called middle class- the very group he intends to RAISE taxes on while cutting his own (and in fact, Mr. Obama's too) if elected. As a nation we cannot "afford" the rich, if they keep wanting bigger and bigger tax cuts that the rest of us must offset.
    Back to Eisenhower's top tax rate- 85%
    -----
    When you go to the grocery store to but a box of cereal, do you think that the "rich" should pay more for the cereal than you do? Why should it be that way for the federal government? Oh yeah.... "to each according to his needs, from each according to his ability". Karl Marx would be so proud.

    September 21, 2012 03:13 pm at 3:13 pm |
  5. Fair is Fair

    truth hurts

    paid $1.94 million in federal income taxes
    ==============================

    OUCH!! Can you imagine how many thousands of tax freeriders he is paying for with that massive federal tax payment?!!
    -------
    Another way to look at it.... if you pay $1... ONE DOLLAR.... in federal income tax, you pay more than 80 million taypayers COMBINED. And yes... instead of demonizing someone who paid close to $2 MILLION in taxes, they should be thanking him for doing MORE than his "fair share".

    September 21, 2012 03:18 pm at 3:18 pm |
  6. Facts don't Lie

    October Surprise a few weeks early, eh?

    September 21, 2012 03:20 pm at 3:20 pm |
  7. Sniffit

    "The man paid just about 2 million dollars in taxes to the IRS plus to gave 30% to charity I am sure when you add up what Obama and Biden gave, it is a lot more."

    Not the issue. It's about the rate, how it's calculated and how he avoids it, not the barbones aggregate amount paid. Thanks for playing.

    "Maybe because they are NOT income from wages Einstein!!!"

    Yes they are. For the most part, Mittens made his money from investing other peoples' money. He just got to take advantage of a very very stupid loophole that the wealthy on Wall Street purchased for themselves that lets them count an investment manager's share of his client's capital gains as capital gains as well, nistead of calling it the regular income that it really represents.

    September 21, 2012 03:31 pm at 3:31 pm |
  8. The Real Tom Paine

    -truth hurts

    Thomas Baxter – 14% is still less than the 15.3% in payroll taxes (at the normal rate) that most workers and their employers pay and that is before they even begin to add the rate that they pay in income taxes. Therefore, unless you make millions in capital gains or carried interest and your working you almost definitely pay a higher tax rate than Romney since he pays almost nothing in payroll taxes on his 13 million of income.
    ==========================================================================================
    Maybe because they are NOT income from wages Einstein!!! That has only been the tax law forever!! When are the clueless lefties ever going to learn the tax code and why things are taxed the way they are? That money DRIVES OUR ECONOMY!!! Taxe it at high raqtes and it goes to another country. Is THAT what you want? Totally ignorant and clueless.
    *******************************************
    We know its investment income, idiot, and that people living off of investments are taxed at a lower rate. Since we all know that is the case, why would he shift it offshore if there was little or no chance of it being taxed at a higher rate? He has already shifted it to another country: the question is why? Do the clueless, mouthbreathing righties think that is ok? Do they ever questions his intent? He is taking advantages of loopholes in the tax code, something that most people never get the chance to do. Its amazing that he things its a big deal to be paying .4% more in tax from one year to the next: is that just for the benefit of the American public, so he can appear to be a tad more generous? The fact that he has been so reluctant to discuss a routine matter in politics, soemthing his father initiated, is only one of many things about Romney that are disturbing. By the way, I don't care how much he makes, but he lies, and is evaisive. That's why McCain did not want him in 2008.

    September 21, 2012 03:33 pm at 3:33 pm |
  9. bob

    Oh my gosh, he's getting robbed. You slackers leave your mitts off mitten's daddy's money.

    September 21, 2012 03:38 pm at 3:38 pm |
  10. ZimChick007

    My husband had to provide 5 years worth of history and tax returns to sponsor my citizenship. Surely MORE should be required if one is applying for the position of POTUS!

    September 21, 2012 03:40 pm at 3:40 pm |
  11. Ray E. (Georgia)

    Aw Gee Man,
    I see Romney is SUCESSFUL!! I see the Peasants are already telling us they paid more in Taxes. Well that means you are sucessful too!. Now think carefully. Do you want a sucessful man in the White House or a Community Organizer that has no Track Record except trying to seperate sucessful people from their money? Do you really want a man that got his Education in Vaudville who keeps repeating the same Mantra, WITH YOUR MONEY AND MY BRAINS, WE WILL GO PLACES. Think carefully now. There will be a test later.

    September 21, 2012 03:42 pm at 3:42 pm |
  12. Sniffit

    "When you go to the grocery store to but a box of cereal, do you think that the "rich" should pay more for the cereal than you do? Why should it be that way for the federal government? Oh yeah.... "to each according to his needs, from each according to his ability". Karl Marx would be so proud."

    You win the grand prize for single biggest analogy fail on the CNN Ticker EVER. Congratulations.

    September 21, 2012 03:44 pm at 3:44 pm |
  13. The Real Tom Paine

    -Fair is Fair

    rs

    Rick McDaniel-
    On a percentage basis- Mr. Romney pays far less in taxes than anyone left in the so-called middle class- the very group he intends to RAISE taxes on while cutting his own (and in fact, Mr. Obama's too) if elected. As a nation we cannot "afford" the rich, if they keep wanting bigger and bigger tax cuts that the rest of us must offset.
    Back to Eisenhower's top tax rate- 85%
    -–
    When you go to the grocery store to but a box of cereal, do you think that the "rich" should pay more for the cereal than you do? Why should it be that way for the federal government? Oh yeah.... "to each according to his needs, from each according to his ability". Karl Marx would be so proud.
    ****************
    If we use your idiotic analogy, yes, if the Rich are buying 10-20-times more cereal. Comparing purchasing cereal with income derived from investments is a stretch on a good day, and you don't have many. You really are flailing, aren't you?

    September 21, 2012 03:44 pm at 3:44 pm |
  14. Bill

    @Dean

    Get a grip.

    September 21, 2012 03:46 pm at 3:46 pm |
  15. truth hurts

    Obama Mama - The wealthy do not keep this country afloat, they nearly sank us for their greed in the banking debacle.
    =======================================================================================
    Really?!! I hadn't heard all of those mortgages going into default were from rich people simply refusing to pay their mortgages!!! BWAHAHAHAHA!!!! Keep the insane lefty comments coming!! Makes you look like the imbeciles we all know you are.

    September 21, 2012 03:50 pm at 3:50 pm |
  16. truth hurts

    Would it make all you whiners happier if he invested ALL his moey in TAX FREE municipal bonds to help fund the nations projects, but paid no taxes in the process?

    Think of all the tax free riders that would have to pay to ride!! Oh, the horror!!

    September 21, 2012 03:55 pm at 3:55 pm |
  17. Sniffit

    "I hadn't heard all of those mortgages going into default were from rich people simply refusing to pay their mortgages!!!"

    That's not what collapsed the economy, Captain Shallow.

    September 21, 2012 03:57 pm at 3:57 pm |
  18. mb

    And the crook still pays a lower % then I do. And Im a 1 income middle class family. I have a problem with this. The GOP stance on low taxes for the rich is a crock of you know what, and economist will even tell you tax cuts for the rich don't create jobs.

    September 21, 2012 03:59 pm at 3:59 pm |
  19. The Real Tom Paine

    -truth hurts

    Obama Mama – The wealthy do not keep this country afloat, they nearly sank us for their greed in the banking debacle.
    =======================================================================================
    Really?!! I hadn't heard all of those mortgages going into default were from rich people simply refusing to pay their mortgages!!! BWAHAHAHAHA!!!! Keep the insane lefty comments coming!! Makes you look like the imbeciles we all know you are.

    *********************
    Who felt there was money to be made on those mortgages, and the high interest rates? Any attempt to look at the greed that was in play there? Nope, of course not. All too eager to worship at the alter of Mammon, like a true rightie flunkie.

    September 21, 2012 04:01 pm at 4:01 pm |
  20. Malory Archer

    My effective tax rate was 23.9% in 2011 and when we start paying the full FICA again, it'll be 25.9% – and I don't make anywhere near $13 million dollars.

    September 21, 2012 04:02 pm at 4:02 pm |
  21. The Real Tom Paine

    -Ray E. (Georgia)

    Aw Gee Man,
    I see Romney is SUCESSFUL!! I see the Peasants are already telling us they paid more in Taxes. Well that means you are sucessful too!. Now think carefully. Do you want a sucessful man in the White House or a Community Organizer that has no Track Record except trying to seperate sucessful people from their money? Do you really want a man that got his Education in Vaudville who keeps repeating the same Mantra, WITH YOUR MONEY AND MY BRAINS, WE WILL GO PLACES. Think carefully now. There will be a test later.
    **************************************
    Really? Hwo did Romney make his money then? By separating successful people from their money. Do you really think business is this place where the virtuous always win( and by virtuous, the ones who ahve the most money)? Are you really that naive to think its that simple?

    September 21, 2012 04:04 pm at 4:04 pm |
  22. kpc

    He & His rich backers need to Pay More – A LOT MORE! And that Republican Majority needs to get the heck out of the Congress too...all they do is hold the country hostage. He got "Caught on Camera" "Exposed" for how he really feels! Now he's out there trying to get the Latin Vote with his Spanish speaking Son????? – He must be hoping somebody didn't see it. I bet he had a stroke when that video came out....I'm Glad!!!!!

    September 21, 2012 04:06 pm at 4:06 pm |
  23. Rudy NYC

    Fair is Fair – wrote

    So much for Rudy NYC's conspiracy theory.
    ----------------–
    Big sigh of relief, eh? LOL. He released it on a Friday afternoon. You know that means that he is trying to bury it in the news cycle. He could have taken another $1.3 million in deductions. He still reneged. This was done for show.

    September 21, 2012 04:15 pm at 4:15 pm |
  24. rs

    Fair is Fair-
    Don't be rediculous. Prices for goods and services are one thing- and Mr. Romney's vast wealth ensures he'll never have to worry about what he buys. We're talking taxes. He makes more than thirteen million dollars a year. If I pay 35% (and actually more) why shouldn't he? Or are you just a fan of giving plutocrats a break?

    September 21, 2012 04:23 pm at 4:23 pm |
  25. Max

    Splashing mud

    Romney is simply 'splashing mud' to the wall hoping that at least some of it will stick, but none is sticking. He's grasping after the last straws he can find to sustain his campaign. The sooner he realizes his campaign is really a 'calamity', the better it is for our country. He must now just step aside and hand the presidency to Obama, or has he already done that? Or, will he continue splashing mud?

    September 21, 2012 04:27 pm at 4:27 pm |
1 2 3 4