Making It Rain! Money Mitt Romney Tax Return Shows He Made $25 Milli In Foreign Income
Mitt Romney accumulated more than $25 million in foreign income between 2005 and 2010, according to an analysis of his 2010 tax return. That time span includes years during his reign as governor of Massachusetts, and while he was a presidential candidate.
As reported by the HuffPost:
The 2010 return lists foreign tax payments Romney made dating as far back as 2000. The payments averaged at $37,000 a year, through 2004. But then, in 2005, his foreign tax bill shot up to $333,149 and stayed high for the next three years, before lowering in 2009, as the financial crisis hit.
In 2010, Romney’s foreign tax bill was measured at $67,173 for a declared foreign income of $1,525,982. That’s a 4.4 percent rate. After expenses, and other types of deductions Romney declared a net foreign income of $392,000, making his net tax rate 17 percent.
Romney has still declined to release his earlier tax returns.
Romney was elected governor of Massachusetts in 2002 and served a four-year term, during which time he took no paycheck from the state. He began running for president while still governor and continued until early 2008.
Instead, Romney has transferred $170,000 worth of Sensata stock he owns to a charity he controls, a move that gave him a tax deduction.
The Obama campaign has made Bain’s off shoring efforts a top campaign issue, releasing a brutal ad overlaying Romney’s outsourcing record atop a rendition of “America the Beautiful.”