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Mitt Romney paid $3 million in federal taxes in 2010

The Republican presidential candidate agreed to make his tax returns public after pressure from rivals.

January 23, 2012|Staff and wire reports
  • Mitt Romney talks to the press after holding a round table on housing issues in Tampa, Fla., Jan. 23, 2012.
Mitt Romney talks to the press after holding a round table on housing issues… (Emmanuel Dunand / AFP/Getty…)

Republican presidential candidate Mitt Romney reportedly paid about $3 million in federal income taxes in 2010 on income of $21.7 million.

Romney's tax returns show most of his income came from investments. He also gave nearly $3 million combined to charitable causes and the Mormon Church, helping reduce his effective tax rate to less than 14%.

The former Massachusetts governor agreed to make public his 2010 federal tax returns, and his estimates for 2011, after opponents on both the left and right charged that he was hiding his income and assets. The issue has dogged his campaign in recent weeks and contributed to his loss to Newt Gingrich in Saturday's South Carolina primary.

Gingrich and his wife, Callista, paid $994,708 in federal taxes on gross income of $3,142,066 in 2010, according to copies of the couple's return. The 31.5% tax rate paid by the Gingriches is more than double the amount that Romney reportedly paid on his much larger income.

On the campaign trail, Romney touts the investments he led in big-growth companies such as Staples and Sports Authority, which now have tens of thousands of employees. His opponents, including his GOP competitors, have portrayed him openly as a greedy Wall Street "financial engineer" who made huge profits even when workers at firms he acquired suffered.

Romney's taxes were first reported early Tuesday in the Wall Street Journal and the Washington Post, which received advance copies of the candidate's return.

Romney's campaign plans to discuss his returns in depth with reporters Tuesday.

The Associated Press contributed to this report.

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