A new study shows Mitt Romney had higher taxes in his lifetime than President Barack Obama did when he took office.
The new analysis of tax returns from the Tax Policy Center shows Romney had a total of $4,744,076 in taxes during his career, including $1,066,929 in taxes paid in 2017.
It’s not clear how much Romney’s taxes would have been if he didn’t have to file as a “pass-through” person, or a person who is allowed to deduct the value of their employer’s wages.
The Center did not include a “tax credit” in its analysis.
The Tax Policy center analyzed tax returns of every U.S. president since 1881, using information from the Internal Revenue Service.
The tax returns show that Romney’s tax rate was 9.1 percent, with an effective rate of about 40 percent, while Obama’s tax was just 2.8 percent.
Romney, a billionaire businessman, was the Republican presidential nominee in 2016 and ran for president again in 2020.