Mitt Romney: Is $247 Million Enough to Buy the Presidency?

by Deena Shanker

What's in the book?

The life and times of Mitt Romney, in one convenient little book.

    • Introduction
    • Mo’ Money Mo’ Problems: How Much Money Does Mitt Have And Where Is It All Hiding?
    • How Did Mitt Get So Rich?
    • Campaign Financing After Citizens United
    • Super PACs: The New Way Campaigns Are Financed
    • Who Is Funding Romney’s Campaign?
    • Sources and Further Reading
    • And More!



Thanks to Citizens United, campaign finance is drastically different in the the current electoral climate. 2012 will mark the first election since 1972 in which presidential candidates do not accept matching government funds. Both parties’ candidates will be able to raise and spend as much money as they possibly can.

Candidate Mitt Romney's staggering wealth and the record campaign expenditures predicted for this election makes him an influential player in this new era.


Deena Shanker is a writer living in San Francisco. After moving to the west coast from New York City in the fall, she is loving San Fran's beautiful weather, colorful architecture, and never-ending vegetarian food options. She loves visiting the beach with her dog, Barley, and eating cheese (also sometimes with Barley). She is a graduate of the University of Pennsylvania Law School and Barnard College.


Estimates of the Romney fortune range from $200 million on the low side to about $264 million on the higher end of the spectrum. According to The Atlantic, if elected Romney would become the wealthiest President in the last half century, with a net worth equivalent to double the amount of the last eight Presidents, beginning with Nixon and ending with Obama, combined.

Most of the controversy surrounding Romney’s tax return release was not in the high dollar amount of his earnings, but in the relatively low amount he paid in taxes, which came out to approximately $3 million. Because of the way Romney earns his income -- profits from investments made through hedge funds when he was at Bain Capital -- his net tax rate was shown to be 13.9%. In contrast, the highest earners in this country getting regular paychecks pay about 35% of their income to the government.

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