LOS ANGELES (LALATE) – Mitt Romney’s net worth, Swiss Bank account, and effective federal income tax rate were detailed in new financial documents issued this week. Mitt Romney’s work at Bain Capital made him a very rich man. It also prompted the establishment of a Swiss Bank account, documents now reveal to news.
First, Mitt Romney’s net worth is valued at $202 million. The vast majority of his wealth derives from his trust, IRA and cash on hand. That amounts to more than $147 million. While CNN reports that Romney’s net worth is close to $202 million, Romney has since told news it might be as high as $250 million.
Second, more details about Romney’s annual income are revealed in new documents released this month to news. Romney made thirty-eight million dollars in 2006. But Romney and his wife made $42.7 million in the last two years. They paid fourteen percent federal income taxes on that income.
News reports claim that Romney’s fourteen percent is his effective federal income tax rate. Moreover, reportedly more than eighty percent of Americans have an effective federal income tax rate lower than Romney. The rate does not include payroll tax.
Romney’s earnings came primarily from investment income, including capital gains and dividends, claim news. But CNN previously reported that Romney still gets income “from Bain as a retired partner”.
Finally, Romney had a Swiss Bank account. But when he decided to run for President, he closed it. The account is detailed on the 2010 tax return. It remains unclear when it was opened. But the idea reportedly stemmed from a Romney lawyer in Boston.