Nearly Half of Romney's 2011 Income Earned From Foreign Sources, Reports Tax Attorney Robert L. Sommers
Attributed to Mitt Romney's published tax return found on The Boston Globe website. Romney's 2011 foreign investment strategy nets huge dividends and capital gains.
San Francisco, CA (PRWEB) October 25, 2012
Rather than investing to generate jobs and growth in the U.S. economy, Mitt Romney's 2011 tax return reveals that he received $6.0 million of income on foreign investments, amounting to 44% of his $13.7 million income total. His return included Form 8938, listing the income by type (dividends, royalties, capital gains and interest) and dollar amount. Foreign capital gains of $4.5 million were taxed at the favorable 15% federal rate, thereby potentially reducing Romney's tax bite by $900,000. Romney received $1.5 million in foreign dividends, taxed at regular rates, and held approximately $6.0 million in cash.
As tax attorney Robert L. Sommers noted, “Once again, middle-class taxpayers are subsidizing the global investments of the ultra-rich, this time through this generous and unnecessary loophole.”
View the whole article at http://www.sommers-taxapedia.com
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