Update: The New York Times was able to find approximately $710,000 in earned income over the two years below. Total FICA taxes paid: about $42,000 on income of $42 million.
Mitt Romney offered a partial snapshot of his vast personal fortune late Monday, disclosing income of $21.7 million in 2010 and $20.9 million last year — virtually all of it profits, dividends or interest from investments.
Social Security and Medicare are financed through the FICA (Federal Insurance Contributions Act) tax, which applies only to payroll income. All other forms of income -- the capital gains, interest and dividends referenced above -- are excluded.None came from wages, the primary source of income for most Americans. Instead, Romney and his wife, Ann, collected millions in capital gains from a profusion of investments, as well as stock dividends and interest payments.
If all income were included, as we argued for here, Romney would have paid $3.3 million in 2010 and $2.8 million in 2011.
|From Talking Points Memo|