Wednesday, January 18, 2012

Romney one of the wealthiest people to ever run for U.S. president pays a much lower Tax rate than most Americans

Republican Mitt Romney acknowledged Tuesday that his income tax rate is "probably closer to 15 percent than anything," suggesting that one of the wealthiest people to ever run for U.S. president pays a much lower rate than most Americans.

His comment, a day after Romney agreed for the first time to release his tax returns -- but not until April when they are generally filed -- added fuel to his Republican rivals' calls for him to be more transparent about his finances.

It also drew fire from the Democratic White House and other critics, who said it reflected how Romney, whose estimated net worth is $270 million, is out of touch with the experiences and concerns of typical Americans.

Romney, a former private equity executive and Massachusetts governor, seemed to feed that narrative on Tuesday. He said that he gets speaker fees "from time to time, but not very much."

Annual campaign financial disclosure forms indicate that he was paid more than $374,000 in speaker fees from February 2010 to February 2011. Read More