Mitt Romney Revealed Paying $3M in Taxes in 2010

Mitt Romney Revealed Paying $3M in Taxes in 2010

The former Massachusetts governor and 2012 Republican presidential candidate Mitt Romney revealed his tax returns for 2010 and his estimates for 2011 during a discussion with business leaders in Salem, N.H. on June 27, 2011 based on the recently released campaign ending weeks of scrutiny and speculation of his wealth and how much taxes he pays.

After Romney’s campaign released a preview of the documents to several media outlets early morning of Tuesday showing that Romney earned more than $42 million for the past two years, and paid $6 million in taxes during that time period -- a tax rate of just under 14 percent, a full release of the documents is expected to come out in the open, too.

This revelation would likely bring negative speculation as to the amount of wealth the former governor has which could eventually affect his race of the presidency since the top concerns among voters are unemployment and economy.

"We made a mistake for holding off as long as we did," Romney told the press in a Fox News interview last Sunday.

Romney’s hesitancy about revealing his taxes would hurt his candidacy in the South Carolina primarily.  His reluctance destroyed his stand as a leader, specifically in terms of economic leadership among South Carolina voters who disclosed that economy is their most important priority.

As expected, presidential candidate Newt Gingrich and other republican candidates attacked Romney for not disclosing this important information. Romney himself found difficulty in answering questions thrown to him on why he wouldn't disclose information about his wealth and taxes, particularly during debates last week which even elicited boos from the crowd at one point.

Based on the financial declaration with the Office of Government Ethics, Romney's net worth revealed to be between $190 million and $250 million, which made him one of the richest presidential candidates in 2008.

Posted by James Fried on Wednesday January 25 2012, 4:12 AM EST. Ref: Google. All trademarks acknowledged. Filed under Featured News, Nation. Comments and Trackbacks closed. Follow responses: RSS 2.0