Not working, not breaking a sweat, yet making a cool $13.696 million in Adjusted Gross Income

Romney Paid 14.1% U.S. Tax Rate on $13.7 Million in Income - Bloomberg: "Republican presidential candidate Mitt Romney paid $1.9 million in taxes on $13.7 million of income in 2011 for a 14.1 percent rate, according to tax returns he released today.

Romney and his wife, Ann, make most of their income from investing an estimated $250 million fortune, and much of that income is taxed at a top rate of 15 percent, rather than the top rate of 35 percent for wages. In 2011, Romney reported no income from wages, $6.8 million from capital gains and $3 million from taxable interest."

The Romneys donated more than 29 percent of their income to charity, including more than $1.1 million in cash to the Church of Jesus Christ of Latter-day Saints.

The investment tax breaks could have kept Romney’s tax rate below 13 percent, which last month he said was at least what he had paid over the past decade. To stay above that level for 2011, Romney didn’t claim all of the deductions for charitable contributions that he could, according to a blog post by Brad Malt, a partner at Ropes & Gray LLP in Boston who manages Romney’s investments.

“He has been clear that no American need pay more than he or she owes under the law,” Michele Davis, a campaign spokeswoman, said in a statement. “At the same time, he was in the unique position of having made a commitment to the public that his tax rate would be above 13%. He directed his preparers to ensure that he is consistent with that statement.”

One in 17,000

Romney, 65, is a former Massachusetts governor and co- founder of Bain Capital LLC, the Boston-based private equity firm. His returns, which include three trusts, reflect the wealth and income profile of a small fraction of U.S. taxpayers with investments around the world. In 2009, according to the Internal Revenue Service, about 1 in 17,000 households reported adjusted gross income exceeding $10 million.