Mitt Romney and his wife, Ann, paid $1.94 million in federal taxes on last year's income of $13.7 million, for an effective tax rate of 14.1 percent, his campaign said Friday.
http://www2.ljworld.com/news/2012/sep/21/romneys-paid-194-mi...
He also gave $4 million to charities.
Somehow everybody always forgets this part - when you donate to charity, this is deduced from the taxable income, usually, but is not accounted for in tax rate calculation. Which means, if I earned tons of money and donated it all to charity - I'd pay 0% taxes, so people would say "why this fatcat doesn't pay any taxes even though we are paying a lot, he must be doing some shady things!".
Is it somehow objectively fair that Romney can give an extra ~$1.3 million dollars to some cause other than the US government? Of course not.
(I don't think it is the largest problem with the tax code, but I'm not real certain it is a good thing, the rules for determining whether a charity qualifies to receive deductible contributions effectively add a lot of complexity to the tax code)