Under Pressure, Romney Releases Tax Info

January 24, 2012 by staff 

Under Pressure, Romney Releases Tax Info, Under mounting pressure from rivals, US Republican White House candidate Mitt Romney released tax documents disclosing his multi-million-dollar income Tuesday, according to the Washington Post.

Romney — a former venture capitalist and among the richest individuals ever to run for president — reported income of $21.7 million in 2010 and $20.9 million last year, virtually all of it from investments, the Post reported.

The Romney family has given away $7 million in charitable contributions since 2010 — mostly to the Mormon Church — and paid just $6.2 million in federal income taxes during the same period, the Post reported.

Romney paid $3 million in 2010 for an effective tax rate of 13.9 percent and estimates he will pay $3.2 million for his income last year, a rate of 15.4 percent — far less than former House speaker Newt Gingrich, his chief Republican rival, or Democratic President Barack Obama.

Rival candidates have been hammering Romney — a former Massachusetts governor and on-again off-again frontrunner — to release his tax returns in line with other presidential candidates past and present.

Romney had hinted he would release them following the April filing deadline for 2011, but appeared to have changed course following his crushing loss to Gingrich in Saturday’s South Carolina primary.

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