Zeroing In On Romney's Tax Filings
Professor Joseph Bankman is quoted in the following article by Meta Gold and Tom Hamburger of the Herald-Tribune on the issues of income inequality highlighted by Mitt Romney's tax history.
Republican presidential candidate Mitt Romney and his wife, Ann, paid $3 million in federal taxes in 2010 on nearly $21.7 million of income derived from a vast amounting to an effective tax rate of 13.9 percent, according returns released by his campaign Tuesday.
In addition, the Romneys expect to pay $3.2 million on $20.9 million of income for the 2011 tax year, for an effective rate of 15.4 percent.
"For the average person, it raises the issue of why some of the wealthiest people in the world are taxed at some of the lowest rates we have," said Joseph Bankman, a professor of tax law at Stanford Law School. "Here is someone who kind of personifies income inequality."