Here's how much Hillary Clinton pays in taxes

AP Democratic presidential candidate Hillary Rodham Clinton speaks during a campaign event Sunday, July 26, 2015, at Iowa State University in Ames, Iowa.

WASHINGTON (AP) — Democratic presidential candidate Hillary Rodham Clinton and her husband, former President Bill Clinton. earned nearly $142 million between 2007 and 2014, according to eight years of federal income tax returns released by her campaign on Friday.

The returns show that the Clintons paid an overall federal tax rate of 35.7 percent during those years.

The bulk of the Clintons ' income came from speeches delivered to corporate and interest groups by Bill Clinton and later by  Hillary   Clinton after she resigned as secretary of state in early 2013.

In a statement released by her campaign, Hillary   Clinton said the couple has paid nearly $44 million in federal  taxes on $141.9 million in income since 2006, and donated nearly $15 million to charity.

"We've come a long way from my days going door-to-door for the Children's Defense Fund and earning $16,450 as a young law professor in Arkansas — and we owe it to the opportunities America provides," she said.

Clinton's statement did not comment on the specifics of her earnings. Last May, financial disclosures released by her campaign reported that the couple had earned more than $30 million from speeches and book royalties since January 2014.

Hillary Clinton campaign

The Associated Press has estimated the Clintons made nearly $50 million in

earnings from speeches alone since 2000.

The Clintons donated 11.4 percent of their income to charity in 2014, according to her tax return. This year, the  Clintons boosted personal donations to their global family charity, the Clinton Foundation, to between $5 million and $10 million.

Clinton used the occasion to reinforce her call from earlier this month for tax code reforms that would tighten restrictions on corporate profits and tax benefits for wealthy Americans. The federal tax code, she said, is "full of loopholes that allow the wealthiest Americans and most powerful corporations to game the system and avoid paying their fair share."

She has vowed, if elected, to revive a push in Congress to institute the so-called Buffett rule, named for billionaire investor Warren Buffett, which would impose a minimum tax rate of 30 percent on anyone making more than $1 million a year.

Clinton also reaffirmed her pledge to close the "carried interest" loophole in federal taxes if elected president. Carried interest, or the share of profits from an investment fund paid to the fund manager, is taxed as the lower capital gains rate of 15 percent instead of as ordinary income, which could range between 20 and 36.9 percent.

She has also advocated for raising the tax on capital gains to as much as 28 percent for short-term investments.

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Source: www.businessinsider.com

Category: Taxes

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