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...

Thanks to David J. Kautter, Managing Director of American University's Kogod Tax Center, for help with this analysis.