Help me figure this out. Romney earned $13.7 million and paid $1.94 million in t... | Hacker News

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finiter on Nov 11, 2016 | parent | context | favorite | on: Peter Thiel To Join Trump Transition Team

Help me figure this out. Romney earned $13.7 million and paid $1.94 million in taxes. That's 14% (1.94/13.7), but you're saying doesn't account for the charitable donations. So then the formula would be 1.94/(13.7-4), right? A 20% rate?

ericd on Nov 11, 2016 | [–]

That would be the top federal tax rate on long term capital gains, so sounds correct.

jacobr1 on Nov 11, 2016 | | [–]

presto: the top cap gains rate is 20% once you hit the 39.6% tax bracket (for income).

presto8 on Nov 11, 2016 | | | [–]

The top federal rate on long term capital gains is 15%.

smsm42 on Nov 11, 2016 | [–]

That sounds good, yes.

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