That comes to a total of $6.2 million in taxes on a two-year income of $42.5 million.
Tax records released by the Romney campaign today show most of his income comes from capital gains, which is taxed at a lower rate than a salary. The top income rate for capital gains is 15 percent while average wage earners pay 35 percent.
Romney reluctantly and belatedly released the tax information after losing the South Carolina primary on Saturday. The tax return issue was cited as one reason voters turned away from him and voted for former Speaker of the House Newt Gingrich.
“Anyway you look at it, $6.2 million is a lot of money to pay Uncle Sam in taxes,” financial consultant William Rogers told Capitol Hill Blue. “However, the returns show that the rich who can relay on gains from investments have an advantage over ordinary Americans.”