The verdict? Nothing surprising. He paid $1.9 million in taxes in 2011 and made $13.7 million, which amounts to a 14.1 percent effective tax rate. Directly dividing the figures, the rate is something like 13.87 percent. If 14 percent sounds low, you would be right. Most people that I know pay an income tax rate of 20-25 percent, depending on the state in which they live, but Romney isn’t most people. Most of his income comes from long-term capital gains, not income taxes, the latter of which, is taxed at a lower rate.
The Romneys also donated about $4 million to charity, which amounts to be 30 percent of their income. The couple claimed only $2.25. According to this article from NBC News:
That means the Romneys voluntarily paid a higher tax rate than they were legally required, which the campaign said they did in order to stay consistent with Romney’s pledge to never play less than a 13 percent tax rate.
Never pay less than 13 percent? Really? I don’t see how you could look a lower- to middle-class voter square in the face and claim that you are being so humble as to declare you are going to pledge not to pay at least 7 percent less than most Americans pay and be taken seriously. How about a pledge that you are going to be pay your fair share to society, a la Warren Buffet, and pay 30 percent? Nah, that wouldn’t be right. Romney needs the money. Long live trickle down economics.