by InvestorPlace Staff | August 20, 2012 9:46 am
Not long after the Mitt Romney and Barack Obama camps sparred over the release of more of Romney’s tax returns, Republican vice presidential nominee Paul Ryan released his own tax returns.
These returns reveal that Ryan paid a higher effective tax rate on his income than Romney did over those two years. In 2010, Ryan paid an effective rate of 15.9%, earning $215,417 and paying $34,233 in taxes. In 2011, Ryan’s rate rose to 20%, with taxes of $64,7664 on income of $323,416.
Romney, by comparison, paid a 13.9% tax rate in 2010 and expected to pay a 15.4% rate in 2011. In 2010, Romney and his wife reported $21.7 million in income. In 2011, the Romneys earned $20.9 million.
According to financial disclosure reports released to Congress, Ryan has assets worth between $2 million and $7.7 million. Perhaps it’s not surprising, but less than half of Ryan’s income came from his congressional salary of $153,359. The remainder is made up by investments, trusts, royalties, and property he owns.
According to an income calculator on theWall Street Journal’s web site, Ryan’s 2011 income puts him in the top 3% of all Americans. Not surprisingly, Romney’s $20.9 million income in 2011 put him in the top 0.1% of all Americans.
— Benjamin Nanamaker, InvestorPlace Money & Politics Editor
The opinions contained in this column are solely those of the writer.
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