Just How Loaded Is Mitt Romney?

1. Romney has invested or kept money in which of the following countries?

Cayman Islands

Bermuda

Switzerland

All of the above

Romney has invested more than $13 million in funds based in the Cayman Islands and founded a shell company in Bermuda, both well known offshore tax havens. He kept $3 million in a Swiss bank account until 2010. Sources: ABC News and LA Times

Explanation

Romney has invested more than $13 million in funds based in the Cayman Islands and founded a shell company in Bermuda, both well known offshore tax havens. He kept $3 million in a Swiss bank account until 2010. Sources: ABC News and LA Times

2. Romney's effective tax rate in 2010 was 13.9 percent. If you earned $21.7 million, your tax rate would probably be a lot higher. Why?

Romney’s income from his career in private equity is not considered regular income but capital gains.

Capital gains are taxed at 15 percent while regular income is taxed at a top rate of 35 percent.

Bain Capital and other private equity firms have spent millions keeping this tax loophole open.

All of above

Answer: d) The carried interest loophole that keeps Romney’s taxes low will cost the federal government an estimated $10 billion in earnings over the next decade. Sources: Mother Jones 1 and Mother Jones 2

Explanation

Answer: d) The carried interest loophole that keeps Romney’s taxes low will cost the federal government an estimated $10 billion in earnings over the next decade. Sources: Mother Jones 1 and Mother Jones 2

3. Romney has said that he made "not very much" from speaking fees. Just how not very much did he earn in 2010 and 2011?

$6.39

$6,390

$63,900

$639,000

Source: Politico

Explanation

Source: Politico

4. Which of the following did Mitt Romney say?

“The 1 percent is doing fine. I want to help the 99 percent.”

“I don’t worry about the top 1 percent.…I worry about the 99 percent.”

All of the above

Sources: Think Progress, Politico, and Talking Points Memo

Explanation

Sources: Think Progress, Politico, and Talking Points Memo

5. Romney earns more in a year than what percentage of Americans?

99 percent

99.5 percent

99.9 percent

99.9975 percent

According to economist Emmanuel Saez, Romney’s 2010 income put him in the 0.0025 percent of all earners. Source: Wall Street Journal

Explanation

According to economist Emmanuel Saez, Romney’s 2010 income put him in the 0.0025 percent of all earners. Source: Wall Street Journal

6. Romney and his wife Ann own as much as $1 million worth of:

Gold and horses

Antique guns and baseball cards

American Girl dolls and purebred cats

Stamps

The Romney’s gold and horses are worth between $500,000 and $1 million. Source: CNN

Explanation

The Romney’s gold and horses are worth between $500,000 and $1 million. Source: CNN

7. In 2010, Romney's investments brought in around a 7 percent rate of return. During that time, the US economy grew about:

1 percent

2.9 percent

5.5 percent

7 percent

Source: Mother Jones

Explanation

Source: Mother Jones

8. In 2010, Mitt Romney earned as much as how many typical American households?

4.3

43

433

4,333

Romney reported an adjusted gross income of $21.7 million, 433 times the median household income of approximately $50,000. Source: Washington Post

Explanation

Romney reported an adjusted gross income of $21.7 million, 433 times the median household income of approximately $50,000. Source: Washington Post

9. Speaking to Univision, Romney claimed if you did the math, his actual tax rate was…

“…a lot like yours, amigo.”

“…a lot higher than I’d like.”

“…closer to 45 or 50 percent.”

“…only worth discussing in quiet rooms.”

Romney suggested that the taxes paid by Bain somehow made his effective tax rate higher: “One of the reasons why we have a lower tax rate on capital gains is because capital gains are also being taxed at the corporate level. So as businesses earn profits, that’s taxed at 35 percent, then as they distribute those profits as dividends, that’s taxed at 15 percent more. So, all total, the tax rate is really closer to 45 or 50 percent.” Source: Think Progress

Explanation

Romney suggested that the taxes paid by Bain somehow made his effective tax rate higher: “One of the reasons why we have a lower tax rate on capital gains is because capital gains are also being taxed at the corporate level. So as businesses earn profits, that’s taxed at 35 percent, then as they distribute those profits as dividends, that’s taxed at 15 percent more. So, all total, the tax rate is really closer to 45 or 50 percent.” Source: Think Progress

10. Romney's IRA is worth at least how many times more than the average American's IRAs?

Twice

29 times

298 times

2,981 times

Romney’s IRA is worth as between $20.7 million and $101.6 million. The average balance of an American’s IRAs is around $69,500. Sources: Reuters and EBRI

Explanation

Romney’s IRA is worth as between $20.7 million and $101.6 million. The average balance of an American’s IRAs is around $69,500. Sources: Reuters and EBRI