Mitt Romney Tax Returns - Who Cares?
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Mitt Romney Tax Returns - Who Cares?
Romney, who initially declined to release his tax returns, has faced a barrage of criticism from his rivals over the issue in recent weeks. He decided to release his returns this week after a stunning loss in South Carolina Saturday, but said during a debate last night he will only release information for the past two years.
Republican presidential candidate Mitt Romney paid about $3 million in federal income taxes in 2010, having earned more than seven times that from his investments. Those earnings, $21.7 million, put him among the wealthiest of American taxpayers. Romney's campaign said Tuesday he followed all tax laws.
At the same time, Romney gave nearly $3 million to charity — about half of that amount to the Mormon Church — which helped lower his effective tax rate to a modest 14 percent, according to records his campaign released early Tuesday.
Ginsberg defended that decision, pointing out that opposition researchers for President Obama would love to use the information. Suggesting the rival camp had dialed in to the conference call, Ginsberg said there were “26 people from the Chicago area listening in, and I think that sort of sums up the state of play.”
The returns revealed investments in Fannie Mae and Freddie Mac, as well as off-shore money.
Brad Malt, the director of the Romney’s blind trust, said he had total control of the decision making when it came to investing in the beleaguered mortgage providers —which Romney has continually criticized — as well as a decision to open a bank account in Switzerland.
“Gov. Romney doesn’t have anything to do with these investments,” Malt said, adding he closed the Swiss bank account in 2010 because it wasn’t making much money and politically, “it wasn’t worth it.”
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