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Mitt Romney Admits His Tax Rate Is Probably 15 Percent

On January 17, 2012, in 2012 Elections, by Ezra Grant

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.”

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