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Dissecting Romney's Tax Returns

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  • Description

    FBN's Tracy Byrnes crunches the numbers on Mitt Romney's tax returns.

  • Duration 2:41
  • Date

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This transcript is automatically generated

Well under intense pressure GOP presidential contender Mitt Romney releasing his tax -- -- finally.

Guess what Tracy Byrnes is being crunching the numbers so Tracy I guess give us a 2010 numbers how much did mr.

Romney -- How much did -- pay and what is his tax rate just a few questions.

-- 200 pages in a better income tax and Sharon asked OK so you got -- is adjusted gross income came in at 21 point six.

Million he paid three million dollars in tax on that brings is -- tax rate.

To about thirteen point 9% keep in mind the majority of his income -- come from capital gains and dividends.

Those are taxed at 15% much slower than many wagers.

Yeah its investment income we should point out not.

But earned income are so as he donated the -- and because we should -- as well he had donated as much as he paid in taxes and donated a lot of money didn't.

He sure did -- and here right almost to the dollar did he donate.

Two.

It's different charities -- one point five of the three million he donated went to the church of latter day saints.

He has -- -- Mormon for a very long time very dedicated -- as a matter of fact -- about 10% of his income.

Back to the church so you know I asked this is this is kind of what we wanna see people do rate make money and give back.

He gave this is -- Uncle Sam unfortunate.

-- -- united gimme a lot of comparisons -- I mean how does Romney is effective tax rate compared to other Americans but that's the crazy -- right.

When the 50% of taxpayers their average effective tax rate is only twelve point 4% so Mitt Romney actually and his wife actually paid a little bit more.

Unfortunately when you look at the higher upper -- here's where he's -- get beat up of the little bit the one per centers pay about 24%.

That's -- effective tax -- but again they have wages.

Mitt Romney does not one thing to remind everyone -- 40%.

Of filers do not pay any federal income tax.

So -- out -- 1% there's are certainly carrying the burden as we all know.

-- that's going to be the headline is Mitt Romney and twentysomething.

Million but only paid 1413%.

But the bottom line is he's done nothing wrong this is what the way the tax code is set up right.

Absolutely and and you know what slammed the tax don't slam the Romney's they filed everything.

Many will bring up they trusts that the blind trust they have now in the caimans.

But all that money filters through it is reported on his US tax return trust me I went through the schedule that saw myself.

Is there everything is on the up and up -- -- he isn't a -- waiting or of the eight -- the tax system he just happens to be victim of -- right now.

-- -- playing with within the rules as they say RF Tracie burns thank you for going through.

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