If the Ryan plan had been in effect in 2010, Romney’s tax rate would have been 0.82% instead of 13.9%.
Paul Ryan's budget plan, which Mitt Romney has endorsed and now fully embraced by putting Ryan on the ticket, would eliminate all taxes on capital gains, dividends, and interest and lower the top marginal rate on earned income from 35% to 25%. Romney's 2010 income included over $21 million from capital, and he would pay no taxes on that. He had $0.6 million income from author and speaking fees that would have been taxed, but at a rate lower than his actual 2010 rate. Altogether his effective federal tax rate would have been 0.82%. Matthew O'Brien has the story at The Atlantic. Hat tip Mark Thoma. Can Romney/Ryan possibly win the November election without publicly disowning this tax proposal?