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NYT: Romney likely paying 15 percent tax rate - the rest of you mere mortals probably pay 25 percent



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It's good to be Romney. From the NYT:

Much information about Mr. Romney’s wealth is not known publicly. Federal law does not obligate him to disclose the precise details of his investments. He has declined to release his tax returns, and his campaign last week refused to say what tax rate he paid on his Bain earnings.

But since Mr. Romney’s payouts from Bain have come partly from the firm’s share of profits on its customers’ investments, that income probably qualifies for the 15 percent tax rate reserved for capital gains, rather than the 35 percent that wealthy taxpayers pay on ordinary income.
How much is Romney worth? A lot.
Mr. Romney is among the wealthiest candidates ever to run for president, with a family fortune that his campaign has estimated at $190 million to $250 million. In the years since he left Bain, much of his wealth has migrated into investments outside the company or into family trusts, including an additional $100 million set aside for his five sons.

But the family’s Bain holdings are still considerable: in his 2011 disclosure, Mr. Romney reported Bain assets between $12.4 million and $60.9 million, which provided between $1.5 million and $9.3 million in income. The blind trust for his wife, Ann, held at least another $10 million, generating income of at least $4.1 million. Because the campaign is required to provide only a minimum value for some Bain assets now held by Mrs. Romney, the total could be far more.


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