Tax returns for U.S. Republican presidential nominee Mitt Romney and his wife Ann show the couple had $13.7 million in gross income last year. The MSM has pointed out that on a basis of gross income and Federal Income withholding, the couple paid an effective tax rate of 14.1%.
Of course, that's only part of his tax picture. His Adjusted Gross Income (AGI) is far less. That's the part each of us pays taxes on. His AGI was $9 million, on which he paid an effective rate of 21.5% Federal Income Tax. In fact he paid $1.94 Million in Federal Income Taxes, or more than two and half times as much to the Federal government than Obama reported in total income.
But, Federal income tax isn't the only tax Romney paid. He also paid Self-Employment tax, Social Security tax, Medicare tax, State Income Tax, Federal Unemployment Taxes, Real Estate Taxes, Corporate Income Taxes, Foreign Taxes, and others. This adds up to more than $3.5 Million in taxes, or more than 26% of his Gross Income, or 39.5% of his Adjusted Gross Income.
Romney has reportedly donated $4 Million (29.2% of Gross, 44% of Adjusted Gross Income) to charity, though he did not deduct all of that on his Federal Income Tax Return. When this is added to the taxes he paid, he gave away 55.15% of his gross or 83.93% of his Adjusted Gross Income in 2011. On my quick scan of his tax return, I found $7.6 Million that Romney paid out in taxes and charitable donations, or more than 9x the total reported income of Obama.
And those numbers don't include the Corporate Taxes paid prior to receiving the money in their personal accounts.
Barack Obama and his wife Michelle released their 2011 return last spring, showing nearly $800,000 in income. They paid more than $162,000, an effective tax rate of 20 percent and reportedly $172,000 to $175,000 (21.8% of Gross) to charitable organizations.
In nearly every category, including Federal Income Tax, State Income Tax, and Charitable Donations, Romney has paid more than Obama reported in income.
Obama has not however included Federal benefits in his income. These benefits include the use of Air Force 1, Marine 1, and the Presidential Bus and Limosine, along with the Secret Service Details for vacations to Hawaii, Spain, and other exotic locations, or golfing excursions around the world. Nor has he included those costs when campaigning or fundraising in Germany or California. These costs are paid out of the taxes Americans, including you and Mitt Romney pay, and far surpass the Romney income. Nor has he included the costs of dinners and balls he hosted at the White House for friends and political supporters, such as Warren Buffett, also paid out of your tax dollars.
Romney's full tax return 2011: http://www.scribd.com/doc/106593733
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