New Insights on Mitt Romney’s Tax Returns   2 comments

Why Romney’s Effective 2010 Income Tax Rate is only 10.7 Percent

www.MRobinson.com

January 31, 2012

By Attorney Morris N. Robinson, CPA, LL.M.

BOSTON. Successful families manage to replicate themselves by transmitting their heritage, values, and wealth to the next generation. The next generation always receives what is left of the family fortune after inflation and income, gift, and estate taxes. Successful families, therefore, give more than passing attention to their overall effective tax rates.

Over the past few days, Attorney Morris N. Robinson reviewed the 2010 income tax returns of Mitt and Ann Romney and of various Romney family trusts including their private charitable foundation. He found that, contrary to published reports, the effective United States income tax rate on Mitt and Ann’s total 2010 income of $28 million was only 10.7 percent – and NOT 13.9 percent as reported by the press. Even if so-called Mitt Romney’s “carried interest” income, discussed below, is taxed at 35 percent (the highest regular tax) instead of at 15 percent, his overall effective tax rate rises to only 17.2 percent.

Mitt Romney’s 2010 income tax returns offer the general public insight as to how a very wealthy entrepreneur controls his overall effective income, gift, and estate tax rates. All techniques are completely legal. Many of these techniques are easily available to all Americans. These techniques acquire their impressive tax-saving power through thoughtful coordination by highly-competent tax attorneys, investment advisers, and tax accountants.

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2 responses to “New Insights on Mitt Romney’s Tax Returns

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  1. Pingback: Mitt and Ann Romney’s $100 Million Trust for their Five Sons «

  2. I do not drop many remarks, but i did some searching and wound up
    here New Insights on Mitt Romneys Tax Returns |.
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