Romney under fire for estimated 15% tax bill

MITT ROMNEY just cannot get on the same page as working people, as his latest revelation of his taxes showed he is paying a lower tax rate than many workers because he lives primarily on income from investments rather than from paycheques.

Romney said yesterday that he would finally release his tax returns in April if he won the nomination, but he also revealed the rate he thinks he’s paying.

“What’s the effective rate I’ve been paying? It’s probably closer to the 15% rate than anything,” Romney told reporters in Florence, South Carolina, according to Politico.

The top tax band for families making less than $100,000 (€78,458) a year is 26.5%, the Washington Post noted last year, as it reported that many millionaires pay less than 24%. In this case, Romney is referring to the 15% dividend tax, which he pays on the returns from investments that now support him.

Romney continued: “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.”

In response, New York Times reporter Mike Barbaro tweeted: “Romney’s ‘not very much’ in speaking fees last year came to $375,000 [€294,215] alone put him in top 2% of American households, data shows.”

So if income from the dividends overwhelms that, it means Romney is making a huge amount of money.

Last Friday, Business Insider pointed to a report by Wealth-X that estimated Romney’s net worth at “at least $250 million [€196m],” making him the third-richest candidate to seek election to the White House.