Mitt Romney released his tax returns today, revealing that he made a
combined $42.6 million in 2010 and 2011, mostly through capital gains.
Because the bulk of his wealth was made through investment, Romney
only paid $6.2 million in taxes, which translates into a 13.9 percent
tax rate in 2010 and an estimated 15.4 percent rate in 2011. Those
rates place him in the same tax bracket as a couple making $70,000 a
year. Romney's taxed income was mostly held in a blind trust, with an
undisclosed amount held in the Grand Caymans and other overseas
financial institutions (including a Swiss bank account that was closed
in 2010 after an investment advisor said it could become politically
embarrassing).

Comparatively, President Barack Obama paid a 25 percent tax rate, and
Newt Gingrich paid 31 percent on his income.  None of Romney's
earnings—$21.7 million in 2010 and $20.9 million last year—came from
wages, which is the primary source of income for most people in the
U.S. "I pay all the taxes that are legally required and not a dollar
more. I don't think you want someone as the candidate for president
who pays more taxes than he owes," Romney said when challenged on his
tax returns by moderator Brian Williams during last night's debate.

- The Balanced Sheet

-- 
-Laye
==============================
"With fair speech thou might have thy will,
With it thou might thy self spoil."
--The R.M

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