Mitt Romney Makes 26% of His Money Abroad and Pays 2.4% to Foreign Governments

More

Most news coverage of Republican presidential candidate Mitt Romney's 2011 tax return focused on the low, 14.1% effective tax rate he paid in the US. But that's nothing compared to the rate Romney paid to foreign governments for the $3.5 million, or 26% of his income, that he earned overseas.

Foreign income is generally subject to tax in the US, as well, but taxes paid abroad can be subtracted from the US bill. Romney has substantial investments parked in countries known for their low investment taxes. Here, we deconstruct page 16 of Romney's mammoth 816-page return, which shows that he paid a 2.4% tax rate to foreign governments last year...

romeny-tax-rate-abroad-calculation4.jpgThanks to David J. Kautter, Managing Director of American University's Kogod Tax Center, for help with this analysis.

>

Jump to comments
Presented by

Ritchie King

Ritchie S. King is a reporter and visual journalist at Quartz, focusing on infographics and interactive features.

Get Today's Top Stories in Your Inbox (preview)

Is Technology Making Us Better Storytellers?

How have stories changed in the age of social media? The minds behind House of Cards, This American Life, and The Moth discuss.


Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

Is Technology Making Us Better Storytellers?

The minds behind House of Cards and The Moth weigh in.

Video

A Short Film That Skewers Hollywood

A studio executive concocts an animated blockbuster. Who cares about the story?

Video

In Online Dating, Everyone's a Little Bit Racist

The co-founder of OKCupid shares findings from his analysis of millions of users' data.

Video

What Is a Sandwich?

We're overthinking sandwiches, so you don't have to.

Video

Let's Talk About Not Smoking

Why does smoking maintain its allure? James Hamblin seeks the wisdom of a cool person.

Writers

Up
Down

More in Business

Just In