Romney is crazy rich. Doesn't-have-to-worry-about-money-ever-again rich.
As we all know by now, he paid an effective tax rate of 14.1% for his 2011 income. He even over-paid so his taxes so his effective rate wouldn't seem ever more ludicrous.
14.1%.
Here are the current marginal rates for married couples filing jointly:
10% on taxable income from $0 to $17,400, plus
15% on taxable income over $17,400 to $70,700, plus
25% on taxable income over $70,700 to $142,700, plus
28% on taxable income over $142,700 to $217,450, plus
33% on taxable income over $217,450 to $388,350, plus
35% on taxable income over $388,350.
And yet he's kind of crowing about his 2011 return because he, in fact, didn't pay zero taxes. Good for you, Mr. Romney. He only paid the same rate as the second lowest tax bracket even though he earned significantly more.