Raimondo releases tax returns, revealing family’s 2011 income
April 30th, 2012 at 5:00 am by Ted Nesi under Nesi's Notes, On the Main Site
By Ted Nesi
PROVIDENCE, R.I. (WPRI) – Treasurer Gina Raimondo’s family may be in the so-called one percent, but they still pay a higher tax rate than Warren Buffett.
Raimondo and her husband, Andrew Moffit, paid $107,764 in federal income tax and $31,765 in state income taxes last year on their total income of $440,722, according to tax returns disclosed by the treasurer’s office to WPRI.com. Their federal effective tax rate was 24.5%, higher than the 17.7% Buffett paid.
Their state income tax payments included $24,300 to Rhode Island, $5,791 to Massachusetts and $1,674 to New York, due to rules requiring individuals to also pay tax in states where they work but do not live. The figures do not include other payments such as property taxes.
The bulk of the couple’s earnings was made up of Moffit’s $341,336 income from the McKinsey & Co. consulting firm, which he joined in 2000 and where he is currently a senior practice expert in education. Raimondo, a former venture capitalist, reported a $79,261 income as treasurer in 2011.
Raimondo is one of only two general officers who agreed to disclose their 2011 tax bills; the other, Secretary of State A. Ralph Mollis, has not released his yet but says he will. Gov. Lincoln Chafee, Lt. Gov. Elizabeth Roberts and Attorney General Peter Kilmartin all refused to release theirs.
• Related: It takes $331,181 a year to be in the one percent in Providence (Jan. 15)
Tags: andrew moffit, gina raimondo, tax returns
Nesi's Notes covers politics and the economy in and around Rhode Island for WPRI.com. (Twitter: 
[...] of taxes, Treasurer Gina Raimondo paid a 24.5 percent tax rate on her and her husband’s $440,722 of income in 2011. But what if the Buffett Rule had passed? Would she be paying more if capital gains were [...]
Poor thing. Maybe she should’ve used HR Block. Wonder what her tax would’ve been if she only claimed cap gains. She should’ve invested more…with her husband.
Gina Endorses Cicciline! Who do you TRUST?
“The bulk of the couple’s earnings was made up of Moffit’s $341,336 income from the McKinsey & Co. consulting firm, which he joined in 2000 and where he is currently a senior practice expert in education.”
This level of earned compensation is clearly unsustainable, has Raimondo considered breach of this contract?
Sure==devastate the retirees on a fixed income and their families, while you are in the 25% tax bracket.
Let them eat cake…………………….
I see Rhode Island’s finanical mental midgets are going to comment. If you idiots knew to save money, do your research on investments you would be making more money that is earned from capital gains which has a lower tax rate to give people incentive to save and invest. You people better learn money is a tool.