Mitt Romney Releases Tax Returns, Paid 13.9% Tax Rate in 2010, Had a Swiss Bank Account

Mitt Romney released his 2010 tax returns and estimates for 2011 and paid just 13.9% tax rate in 2010, as well as had a Swiss bank account. Wow, the lifestyle of the rich and hypocritical, wouldn’t you say? Mitt Romney’s net worth is estimated to be between $190 million to $250 million and he is among the wealthiest Americans ever to seek the presidency, Reuters reports. Not only do we have a draft dodger among the current Republican candidates, we also have a tax dodger. Mitt Romney’s taxes should consume the news cycle for Tuesday.

Republican presidential candidate Mitt Romney released tax records on Tuesday indicating he will pay $6.2 million in taxes on a total of $42.5 million in income over the years 2010 and 2011.

Bowing to increasing political pressure to provide more detail about his vast wealth, the former private equity executive released tax returns indicating he and his wife, Ann, paid an effective tax rate of 13.9 percent in 2010. They expect to pay a 15.4 percent rate when they file their returns for 2011.

Romney’s tax rate is below that of most wage-earning Americans because most of his income, as outlined in more than 500 pages of tax documents, flows from capital gains on investments.

Under the U.S. tax code, capital gains are taxed at 15 percent, compared with a top tax rate of 35 percent for wage earners.

Romney released the tax returns after a week in which his chief rival for the Republican presidential nomination, former House of Representatives Speaker Newt Gingrich, questioned whether Romney was hiding information about his finances and cast him as being out of touch with most Americans. Source

If you think the 2010 tax return showed a goldmine, I would have much preferred to see the tax returns when he worked at Bain Capital. His campaign counsel Ben Ginsberg, was asked why Romney was not releasing tax records for the years in the 1980s and 1990s in which Romney made his fortune at private equity firm Bain Capital, and said the two years covered by the tax returns should give a broad picture of Romney’s financial situation, Reuters reports. Enough said, he’s hiding a heck of a lot. I’m sure that will tick off the Occupy Wall Street movement even more.

There is absolutely nothing wrong with being rich. In fact most rich people are worth emulating because they pulled themselves up by the bootstraps, but you must pay your fair share of the taxes and not hide behind loopholes, which the IRS needs to do away with. Mitt Romney has a serious problem, he cannot connect with the middle class. He comes across phony and packaged. Well, this Swiss bank account and the 13.9% tax rate are definitely going to work against him in the eyes of blue collar workers. Mitt Romney is proof that the tax code in this country needs to be fixed. Paying a 13.9% tax rate is highway robbery at the expense of the middle class. Mitt Romney has an enormous perception problem that is fast becoming insurmountable.