Posted by: mulrickillion | January 18, 2012

Romney Says His Tax Rate Is Around 15 Percent

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Mitt Romney held a rally at Florence Civic Center in Florence, S.C., on Tuesday. James Estrin/The New York Times.

By Nicholas Confessore, David Kocieniewski, and Ashley Parker, Jan 17, 2012 — Under growing pressure from rival Republicans to release his tax returns, Mitt Romney said on Tuesday that he paid a tax rate approaching 15 percent on his millions of dollars in annual income but said he would not make public his full return until April. . . .

His income during the last decade has included millions of dollars from Bain Capital, which has continued to pay Mr. Romney a share of the firm’s corporate buyout and investment profits since he left the firm. That income, too, would likely be taxed at 15 percent, because of federal regulations that treat fees to private equity and hedge fund managers as investment income.

As a candidate, Mr. Romney has also advocated for tax policies that would significantly benefit people who, like him, derive most of their income from investments.

Assuming Congress does not act to extend the Bush-era tax cuts, the rate for capital gains income is set to return to 20 percent for the 2013 tax year, while the rate for dividend income will jump to 39.6 percent. But in his economic plan, Mr. Romney calls for making permanent the Bush-era tax cuts on capital gains and dividend income, keeping them both at the current rate of 15 percent.

Romney Says His Tax Rate Is Around 15 Percent – NYTimes.com

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