As excerpted from USA Today:
It’s impossible to pin down specifics about his finances without the tax returns, because the amount Romney deducted from his taxes, the length of time he held investments and other variables are unknown. However, tax law experts who examined Romney’s most recent federal financial disclosure report for USA TODAY estimated he earned between $9.8 million and $38.8 million in 2010, with roughly half of the money taxed at a rate lower than that paid by many Americans.
“It’s dividends, capital gains and maybe a little tax sheltering” that enabled Romney to get the lower rate as a wealthy investor, estimated Martin Press, a tax expert at the Gunster law firm in Florida who was among those who reviewed Romney’s disclosure for USA TODAY.
Average taxpayers, and even high-income earners such as doctors and lawyers, don’t qualify for such money-saving breaks on their wages and other non-investment income, added Press, saying, “This is the way our tax system is set up.”
Read the entire story: Romney confirms he gets a big tax break
