All the well-known candidates in this year’s Presidential race are millionaires, but Mitt Romney is rich even by their standards. The chart above compares the top estimates of the wealth of the various 2012 candidates. The next chart compares him with wealthy candidates of the recent past.
At the same time, as the two bottom charts show, Romney’s effective tax rate is one of the lowest of recent candidates, along with John Kerry’s. The reason Romney’s and Kerry’s tax rates were so much lower than all the rest is that they get their income from capital gains. If you put your money to work, you’re taxed at a lower rate than if you put yourself to work.
Romney’s tax plan, if enacted, would keep his effective tax rate low. He proposes continuation of the Bush tax cuts and reduction of the corporate income tax rate.
Click on How rich are these guys? on the Gold Is Money web forum for the source and background of the top chart.
Click on Romney is richest candidate in a decade in the Wall Street Journal for the source and background of the second chart.
Click on How Romney’s Tax Rate Stacks Up to Recent Presidential Candidates on the Talking Points Memo web log for the source and background of the third chart. Click on Romney: Actually, I Kind of Pay 50% Tax for more from TPM.
Click on Tax rates of presidential candidates, in one chart for the source and background of the bottom chart in the Washington Post.
