Oh Geez, Mitt Romney Pays The Same Tax Rate As Someone Making Between $17,000 And $69,000

Mitt Romney TSASource: Getty Images

Mitt Romney’s tax records are out and he and his wife, who filed jointly, paid 13.9% in 2010 and an estimated 15.4% in 2011.That is within expectations, but jarring when you consider the Romneys’ net worth is estimated between $190 and 250 million.

And then compare that to the tax rates for ordinary Americans and things look even more damaging for the would-be nominee.

According to the 2011 IRS Tax table, the Romneys pay the same ~15% tax rate as joint-filers making between $17,000 and $70,000.

From the 2011 IRS Tax Table:

IRS 2011 Tax Table

Photo: IRS

Of course, that 15% rate excludes applicable deductions, but is the federal rate only. It excludes state and locals taxes, whereas the Romneys’ 13.9-15.4% is their total effective tax rate.  

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.