Ever wonder why Mitt Romney is so hesitant to do the right thing and release his tax returns? Well maybe the reason has something to do with his tax rate – a rate the Republican frontrunner admits is “probably” less than 15%.
Meanwhile, middle class America pays a rate of 38%.
GOP presidential front-runner Mitt Romney on Tuesday said he probably pays a tax rate of about 15 percent.
Romney, who has come under pressure from Republicans and Democrats alike to release his tax forms, said most of his income is in long-term capital gains, which is hit with a 15 percent rate.
“It’s probably closer to the 15 percent rate than anything, because my last 10 years, I’ve — my income comes overwhelmingly from investments made in the past, rather than ordinary income, or rather than earned annual income,” Romney said during a press conference in Florence, S.C. “I get 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.”