Mitt Romney’s Tax Returns: He Earned $42.5 Million, Is Paying $6.2 Million In Taxes

Source: MSNBC

Republican presidential candidate Mitt Romney released tax records on Tuesday indicating he is paying $6.2 million in taxes on a total of $42.5 million in income over the years 2010 and 2011.

Bowing to increasing political pressure to provide more detail about his vast wealth, the former private equity executive released tax returns indicating he and his wife, Ann, paid an effective tax rate of 13.9 percent in 2010. They expect to pay a 15.4 percent rate when they file their returns for 2011.

Romney’s 2010 returns show the candidate is among the top 1 percent of taxpayers.

Romney’s tax rate is below that of most wage-earning Americans because most of his income, as outlined in more than 500 pages of tax documents, flows from capital gains on investments.

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