Mitt Romney doesn't want to reveal all of his tax returns, but he has admitted to paying no less than 13 percent of his yearly income. Although most millionaires tend to fall in a much higher tax bracket, Romney managed to only owe a small portion of his gross income, and once again responded to the undying inquiries into his finances. “Every year, I've paid at least 13 percent,” he said Thursday (Aug. 16).
Romney has pegged the interest into his taxes “small-minded” in the scope of bigger issues, and refuses to release more than the required two years of income taxes for fear of bi-partisan scrutiny.
In response to his admission, Ben LaBolt, a spokesman for the president said Romney's word is not good enough. “We would say: ‘Prove it, Governor Romney.'”
While he has paid his taxes, the figures just don't seem to add up. In 2011 President Obama and his wife fell into a tax rate of 20.5 percent on an income of over $1 million, and shelled out just above 20.5 percent last year. It is estimated that a household making a minimum of $100,000 a year would give nearly 10 percent of their income to federal taxes. In 2010 Romney's income was $21.6 million.
However, since much of his money came from investments, the amount is taxed at a lower rate, but 13 percent is nothing short of a bargain.
Last month, Romney said he hadn't “calculated” whether or not he ever paid less than 13.9 percent in taxes. “I'm happy to go back and look, but my view is I've paid all the taxes required by law.”
Given his net worth, which is estimated at $200 million, he has been seen as being out of touch with middle-class voters, which may hinder his bid for the presidency.
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