Mitt Romney released his tax returns today, revealing that he made a combined $42.6 million in 2010 and 2011, mostly through capital gains. Because the bulk of his wealth was made through investment, Romney only paid $6.2 million in taxes, which translates into a 13.9 percent tax rate in 2010 and an estimated 15.4 percent rate in 2011. Those rates place him in the same tax bracket as a couple making $70,000 a year. Romney's taxed income was mostly held in a blind trust, with an undisclosed amount held in the Grand Caymans and other overseas financial institutions (including a Swiss bank account that was closed in 2010 after an investment advisor said it could become politically embarrassing).
- The Summers Memo The New Yorker
- Political Push Moves a Deal on Mortgages Inches Closer The New York Times
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