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:
[credit provider=”IRS” url=”http://www.irs.gov/pub/irs-pdf/i1040tt.pdf”]
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.