tax rate Archives

Mitt Romney Admits His Tax Rate Is Probably 15 Percent

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.”

More On The Debt Ceiling From President Obama

President Obama again spoke directly to the American people to let them know what he expects on the upcoming vote to raise the Debt Ceiling. Republicans, who approved massive spending under George Bush, are now willing to put the country into default, to now pay the bills incurred under their spending spree.

President Obama signaled his willingness to cut spending, if Republicans will agree to raising the tax rate on millionaires and billionaires.

To get there, I believe we need a balanced approach. We need to take on spending in domestic programs, in defense programs, in entitlement programs, and we need to take on spending in the tax code — spending on certain tax breaks and deductions for the wealthiest of Americans. This will require both parties to get out of our comfort zones, and both parties to agree on real compromise.

I’m ready to do that. I believe there are enough people in each party that are willing to do that. What I know is that we need to come together over the next two weeks to reach a deal that reduces the deficit and upholds the full faith and credit of the United States government and the credit of the American people.

President’s address below.