Thursday, January 19, 2012

Romney Reveals His Tax Rate Is ‘Probably Closer to 15 Percent

Mitt Romney revealed for the first time today that his effective tax rate is “closer to 15 percent,” suggesting that he pays less in taxes than many middle income Americans despite being worth an estimated $250 million.

“What’s the effective rate I’ve been paying? It’s probably closer to the 15 percent rate than anything,” Romney said during a press conference after an early morning rally. “Because my last 10 years, I’ve…my income comes overwhelmingly from some investments made in the past, whether ordinary income or earned annually. I got a little bit of income from my book, but I gave that all away. And then I get speakers fees from time to time, but not very much.”

According to his personal financial disclosure report released in August, Romney was paid more than $370,000 for speaking appearances in the 2011-2011 filing period.

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