Just How Loaded Is Mitt Romney?
Test your knowledge of the Republican frontrunner's personal finances.
- 1.
In 2010, Mitt Romney earned as much as how many typical American households?
- A.
4.3
- B.
43
- C.
433
- D.
4,333
Correct Answer
C. 433Explanation
Romney reported an adjusted gross income of $21.7 million, 433 times the median household income of approximately $50,000. Source: Washington PostRate this question:
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- 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?
- A.
Romney’s income from his career in private equity is not considered regular income but capital gains.
- B.
Capital gains are taxed at 15 percent while regular income is taxed at a top rate of 35 percent.
- C.
Bain Capital and other private equity firms have spent millions keeping this tax loophole open.
- D.
All of above
Correct Answer
D. All of aboveExplanation
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 2Rate this question:
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- 3.
Speaking to Univision, Romney claimed if you did the math, his actual tax rate was…
- A.
“…a lot like yours, amigo.”
- B.
“…a lot higher than I’d like.”
- C.
“…closer to 45 or 50 percent.”
- D.
“…only worth discussing in quiet rooms.”
Correct Answer
C. “…closer to 45 or 50 percent.”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 ProgressRate this question:
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- 4.
Romney and his wife Ann own as much as $1 million worth of:
- A.
Gold and horses
- B.
Antique guns and baseball cards
- C.
American Girl dolls and purebred cats
- D.
Stamps
Correct Answer
A. Gold and horsesExplanation
The Romney’s gold and horses are worth between $500,000 and $1 million. Source: CNNRate this question:
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- 5.
In 2010, Romney’s investments brought in around a 7 percent rate of return. During that time, the US economy grew about:
- A.
1 percent
- B.
2.9 percent
- C.
5.5 percent
- D.
7 percent
Correct Answer
B. 2.9 percentExplanation
Source: Mother JonesRate this question:
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- 6.
Romney has invested or kept money in which of the following countries?
- A.
Cayman Islands
- B.
Bermuda
- C.
Switzerland
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
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 TimesRate this question:
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- 7.
Romney’s IRA is worth at least how many times more than the average American’s IRAs?
- A.
Twice
- B.
29 times
- C.
298 times
- D.
2,981 times
Correct Answer
C. 298 timesExplanation
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 EBRIRate this question:
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- 8.
Romney has said that he made “not very much” from speaking fees. Just how not very much did he earn in 2010 and 2011?
- A.
$6.39
- B.
$6,390
- C.
$63,900
- D.
$639,000
Correct Answer
D. $639,000Explanation
Source: PoliticoRate this question:
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- 9.
Romney earns more in a year than what percentage of Americans?
- A.
99 percent
- B.
99.5 percent
- C.
99.9 percent
- D.
99.9975 percent
Correct Answer
D. 99.9975 percentExplanation
According to economist Emmanuel Saez, Romney’s 2010 income put him in the 0.0025 percent of all earners. Source: Wall Street JournalRate this question:
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- 10.
Which of the following did Mitt Romney say?
- A.
“The 1 percent is doing fine. I want to help the 99 percent.”
- B.
“I don’t worry about the top 1 percent.…I worry about the 99 percent.”
- C.
“When you have a president encouraging the idea of dividing America based on 99 percent versus one percent, and those people who have been most successful will be in the one percent, you have opened up a wave of approach in this country which is entirely inconsistent with the concept of one nation under God.”
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
Sources: Think Progress, Politico, and Talking Points MemoRate this question:
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