Romney insists he paid at least 13% in taxes
Republican presidential contender Mitt Romney told reporters yesterday that he paid at least 13% in taxes in the past 10 years but refused to release any more of his tax returns.
“I did go back and look at my taxes and over the last 10 years I never paid less than 13%,” said Romney. “I mean, the most recent years they’re 13.6% or something like that. So I pay taxes every single year.”
(Note: Romney reported an income of $21.66 million in 2010 and paid $3 million or 13.9% in taxes that year. Romney’s tax rate is at least 11% lower than individuals earning between $35,350 and $85,650 a year, who pay about 25% in taxes.)
Romney’s admission came after Sen. Harry Reid (D-Nev.) accused the former Massachusetts governor of not paying taxes for 10 years. Reid, who called on Romney to release his prior tax returns, based his allegation on information provided by a “credible” source whose identity remains anonymous.
“When it comes to answering the legitimate questions the American people have about whether he avoided paying his fair share in taxes or why he opened a Swiss bank account, Romney has shut up. But as a presidential candidate, it’s his obligation to put up, and release several years’ worth of tax returns just like nominees of both parties have done for decades,” said the Democratic Senate Majority Leader. “It’s clear Romney is hiding something, and the American people deserve to know what it is. Whatever Romney’s hiding probably speaks volumes about how he would approach issues that directly impact middle-class families, like tax reform and the economy.”
Calling his opponents’ attacks “small-minded”, Romney said Reid’s charge is “totally false” and challenged him to identify his anonymous source.
Obama campaign offers Romney ‘deal’ on tax return disclosure
This morning, Obama campaign offered Romney a deal on his tax return disclosures.
In an open letter, Jim Messina assured that if Romney releases his complete tax returns for 2007-2012 the Obama campaign will not press for additional disclosures.
“This request for the release of five years, covering the complete returns for 2007-2012, is surely not unreasonable. Other Presidential candidates have released more, including the Governor’s father who provided 12 years of returns,” Messina wrote. “In the Governor’s case, a five year release would appropriately span all the years that he has been a candidate for President. It would also help answer outstanding questions raised by the one return he has released to date, such as the range in the effective rates paid, the foreign accounts maintained, the foreign investments made, and the types of tax shelters used.”
- WhatTheFolly.com: Romney’s tax controversy shines spotlight on tax code that favors wealth over wages
- CNN.com: Video of Mitt Romney speaking to reporters about his tax returns on Aug. 16, 2012
- BarackObama.com: Letter from Jim Messina to Matt Rhoades on Romney’s tax returns
- Reid.Senate.gov: Sen. Harry Reid’s statement on Romney’s tax return
- News.Yahoo.com: 2012 Federal Income Tax Brackets (IRS Tax Rates)