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Sunday, July 22, 2018

Romney financial filing shows… he’s still mighty rich

Romney is undoubtedly a member of the mega-rich,according to disclosure forms he filed with US authorities.

Written by Agencies | Washington | Published: June 2, 2012 10:19:46 am

Republican Mitt Romney is not the wealthiest American to run for president,but he is undoubtedly a member of the mega-rich,according to disclosure forms he filed with US authorities.

The Romney campaign pegged his net worth at between $190 million and $250 million – not quite the billionaire status of Ross Perot,who sought the White House in the 1990s,but mighty wealthy nonetheless.

The Federal Election Commission released Romney’s public financial disclosure report,stamped as received at 0200 IST ,presumably timed for minimal news exposure heading into the weekend.

The FEC filing showed a wide range,between $83 million and $255 million,because candidates are allowed to characterize their assets in very broad terms.

Romney listed deposits in Goldman Sachs,for example,as between $5 million and $25 million. Several other assets were listed at between $1 million and $5 million.

The campaign said a more accurate range was between $190 and $250 million,adding that a trust for Mitt and Ann Romney’s five children was valued at “roughly $100 million.”

Forbes magazine published an extensive analysis of Romney’s fortune last month,concluding the unofficial Republican presidential nominee was worth some $230 million.

His biggest piece of the pie,$91 million,is in debt securities,according to Forbes.

Next comes Romney’s $52 million in stakes in dozens of funds belonging to Bain Capital,the private equity firm he founded and then headed for several years,the magazine said on its website.

Romney revealed in January that he had reported income of USD 21.7 million in 2010 from investments and USD 20.9 million in 2011,and in 2010 paid just over USD 3 million in taxes,or 13.9 per cent,a much lower rate than many


President Barack Obama,whom Romney is challenging in November’s election, released his tax returns in April,showing he earned nearly USD 800,000 last year,and paid a federal tax rate of about 20.5 per cent.

Salaried US workers can fork over as much as 35 per cent of their earnings in federal taxes.

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