Raimondo releases tax returns, revealing family’s 2011 incomeApril 30th, 2012 at 5:00 am by Ted Nesi under Nesi's Notes, On the Main Site
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)