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Mitt makes $58,500 a day, pays 14 or 15 percent in taxes

 

You’d be smiling, too, if THIS was your situation:

Mitt Romney offered a partial snapshot of his vast personal fortune late Monday, disclosing income of $21.7 million in 2010 and $20.9 million last year — virtually all of it profits, dividends or interest from investments.

None came from wages, the primary source of income for most Americans. Instead, Romney and his wife, Ann, collected millions in capital gains from a profusion of investments, as well as stock dividends and interest payments.

The couple gave away $7 million in charitable contributions over the past two years, including at least $4.1 million to the Church of Jesus Christ of Latter-day Saints. Romney’s family has for generations been among the Mormon Church’s most prominent members.

The Romneys sent somewhat less to Washington over that period, paying an estimated $6.2 million in federal income taxes. According to his 2010 return, Romney paid about $3 million to the IRS, for an effective tax rate of 13.9 percent.

For 2011, Romney estimates that he will pay about $3.2 million, for an effective rate of 15.4 percent. That’s in line with his earlier estimates, but sharply lower than the rates paid by President Obama and Romney’s closest Republican rival, Newt Gingrich.

ADDENDUM: To put Romney’s riches in perspective, he makes enough in one week to put him in the top 1 percent of annual incomes in America.

UPDATE: Greg Sargent SEES the timing of Romney’s release of this tax info as politically opportune for President Obama:

I’m not sure the Obama campaign could have scripted this more perfectly. In a remarkable bit of good timing, President Obama is set to deliver a State of the Union speech focused on income inquality and tax unfairness on exactly the same day that Mitt Romney will reveal that he made over $40 million in the last two years — all of it taxed at a lower rate than that paid by middle class taxpayers…

As Chuck Todd put it this morning: “If Team Obama could have picked any day to have Romney release his tax return, today might have been the day they’d pick.”

 

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20 Comments

  1. Jealous, eh Pat? At least we know there aren’t any rich democrats out there, and even if there where one or two, I’m sure they pay lots more taxes (wait, John Kerry and his wife are waaaay richer, and pay about the same rate). Hmmm…

    And I remember this rich democrat family once, all inherited money from the father/grandfather. Now what was their name? Was it Kennedy?

  2. Terry: So what?

    If you’ve got a point to make, make it.

    Your efforts to pick a fight with me are pretty lame.

  3. You mean your post “Mitt makes $58,500 a day, pays 14 or 15 percent in taxes” is just meant as a little factual information for your readers? It’s not here to stir anyone up or anything, right? Get real, Pat. You only post garbage like this to get the wingnuts all foaming at the mouth… so hypocritical of you.

  4. Terry: And since you’re “all foaming at the mouth,” I guess that makes you one of those “wingnuts.”

    Oh, and how clever of you to discern that this avowedly liberal blog aims to stir people up. Imagine that! Boy, nothing gets by you, does it?

    Since my efforts manage to stir you up, I guess my mission is accomplished (even if my intent is no longer a secret, thanks to you spilling the beans here).

  5. Terry: One other thing:

    According to the unofficial protocols of the political blogosphere, the term “wingnuts” applies only to right-wingers. You seem to have applied it to left-wingers in your comment about my goal in publishing this post about the Mittster’s obscene wealth. That’s a no-no.

    Conservative bloggers have their own snarky term for left-wingers, but I forget what it is. (Seriously. They do have their own word, and I really don’t remember what it is. I’m getting old.)

  6. “Romney paid 42 percent of 2011 income in taxes and charity”
    http://www.washingtonpost.com/blogs/right-turn/post/romney-paid-42-percent-of-2011-income-in-taxes-and-charity/2012/01/24/gIQAGe4qNQ_blog.html

    Contrast that to what Gore and Kerry have contributed to charity, I don’t recall Kerry being lambasted for not paying his “fair share”.

    Well I guess that isn’t 100% correct, there was that sales tax on that small boat he purchased.

    If we eliminate charitable giving and give it all to the government would that be fair?

  7. Do Mitt’s charitable contributions include charities in Luxembourg and the Cayman Islands? Just asking.

    And how about Switzerland? He had a Swiss bank account, which he closed in 2010 when he geared up his presidential campaign.

  8. You’re wrong again, Pat. Oh, and the word you seem to have forgotten- it’s “WINGNUT”.

    “Wingnut” (sometimes “wing-nut”) is used in United States politics as a political epithet referring to a person who holds extreme, and often irrational, political views. According to
    Merriam-Webster, it is “a mentally deranged person” or “one who advocates extreme measures or changes : radical.”[1] In American politics, the term is more often aimed at members of the political right than those of the political left.[2] The New York Times’ David M. Herszenhorn has defined a “wing nut” as “a loud darling of cable television and talk radio whose remarks are outrageous but often serious enough not to be dismissed entirely.”[3]

    http://en.wikipedia.org/wiki/Wingnut_(politics)

  9. Pat can we to assume you advocate confiscating all of Mitt’s money? Do you advocate the government dictation where a person can invest?

    Why don’t you get off your lazy butt and see if he contributed to Luxembourg and the Cayman Islands rather than make your typical baseless accusations.

    I suppose if Mitt donated zero dollars to charity he’d carry the same admiration that you have for John Kerry.

  10. Pat (beat me up for dictation) oops

  11. Wilson: What’s with your weird obsession with John Kerry? He’s not running for president.

    You can get pretty flaky sometimes.

    Oh, by the way, I didn’t make any “accusations” about Mitt contributing to charities in Luxembourg or the Cayman Islands. I merely raised a snarky question just to annoy people like you. It worked.

    Now, what else about John Kerry do you have to share with us?

  12. “Now, what else about John Kerry do you have to share with us”?

    He just got in a big fistfight with his rich buddies over who gave the least to charity last year, and got two black eyes and a broken nose.

    http://www.thepostgame.com/blog/dish/201201/senator-john-kerry-more-beaten-white-house-nhl-stars

  13. Terry: Don’t give up your day job for a career in comedy.

    You’re funny only when you don’t mean to be.

  14. I just brought up one of your lib. heros to annoy you and it worked. I just used him since I am quite certain you voted for him and you didn’t care what he paid in taxes.

  15. wilson: You’re a genius. All by yourself, you figured out that I voted for John Kerry over George W. Bush. (And less than four years after that, most Bush voters wished they had done the same thing, but you probably don’t realize that.)

    Yeah, by the time Bush left the White House, he was one of the most unpopular presidents in American history. I don’t think that would have happened with John Kerry.

    But, hey, I bet you’re still glad you voted for Bush. You probably also still think Saddam Hussein was involved in 9/11.

  16. We have come to a very odd and sad point in history when a man is criticized for working hard, earning a fortune and paying his legally required taxes. Oh yeah, I forgot to mention his having donated millions of dollars to church and charity and serving as and elected official.

    He should be held up as a hero and an example for all Americans.

  17. Well, I see you don’t find any issues with Kerry’s financial situation. Yes we had 4.7% unemployment, then the democrats took the house and it was all downhill.

    You probably think Sarah Palin’s son trig is really Bristol’s child just like Andrew Sullivan who you think so highly of that you recently posted and article his article from Newsweek.

  18. wow I need to proof read

  19. Best line I heard about Kerry’s broken nose and black eyes (courtesy of Mark Steyn): “This was the result when John Kerry asked his wife for an increase in his allowance.” ROFL

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