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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