Mitt Romney's Tax Return Question

Transcript by http://www.newsy.com

BY CHRISTINA HARTMAN


His critics say -- mad at the 1 percent? How 'bout the .001 percent?

GOP frontrunner Mitt Romney's got a taxing dilemma: To release or not to release his tax returns?

It all started at Monday's Fox News debate.

ROMNEY: "If that's been the tradition, I'm not opposed to doing that. Time will tell. ... I have nothing in them that suggests there's any problem and I'm happy to do so. I sort of feel like we are showing a lot of exposure at this point."

On Tuesday -- that stuttered response got a little more specific when the former Massachusetts governor was asked about his effective tax rate. Here's the video from HLN:

ROMNEY: "It's probably closer to the 15% rate than anything, because my -- the last ten years, I've -- my income comes overwhelming from investments made in the past rather than ordinary income..."

15 percent. How's that stack up? The Christian Science Monitor reports...

"In 2010, Barack Obama paid ... an effective tax rate of 25 percent. ... Texas Gov. Rick Perry ... paid 23.4 percent..."

Romney has not had a regular paycheck since 1999 -- like he said, he's been making most of his money from investments. That means he pays at a lower rate than most American wage earners. According to the Associated Press -- after all federal taxes, the average American household pays close to 20 percent on average. Now Romney's GOP opponents are moving in for the kill over Romney's 15 percent.

PERRY: "This is a job interview. You need to know everything about us. You need to know what my returns look like. ... Including Mitt."

Romney says he'd be willing to release his returns around April, though he hasn't said how many years back he'll go. Still -- smart timing, notes Time's Adam Sorenson.

"Romney might have hoped to delay his tax disclosures until April to soften the political impact--the nomination race will be wrapped up by then and the general election won't yet be in full swing."

Then again, Politico's Reid Epstein suggests the political damage might already be done -- especially because Romney said in the same interview he makes money from speaking engagements, but, quote "not very much." Media did some digging, and turns out that 'not very much' is about $375,000 a year.

"The awkwardness with which Romney is handling the question ... is proving to be a serious distraction, and a contrast to the generally smooth fashion by which his campaign has dispatched most controversies..."

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[rpdlwsk]

MITT IS A LIAR! We need to stop lying behind the cross, using churches to hide behind, using smoke tactics for evading truth! RON PAUL! RON PAUL! RON PAUL!

[DillonDee1]

Mitt needs to release 12 tax returns like his dad did!

But he wont cause he's a tax cheat!

[sirjamez41]

You people are idiots. He already paid 50% in taxes on that money when he earned it NOW he pays a double tax at 15% (wow thats really fair stupid ass tax lovers) on the interest he earns. Stop hating rich guys who WORKED and made their own cash freaking crybabys. Get a fucking job and grow up. This is America and crybabys can go to France or fuck off!

[DillonDee1]

I'm surprised by the incorrect statements below --

Barack has now released 9 yrs of tax returns!

People arent bitching b/c Mitt is a millionaire but b/c he pays a lower tax rate than most in the middle class!

[josephc28]

@jancivil Many of the members of Congress are multimillionaires, and some of the wealthiest are democrats. You want some names. How about Jay Rockefeller? John Kerry? Diane Feinstein? Nancy Pelosi? Herb Kohl? Ever heard of Kohl's department stores? He also owns the Milwaukee Bucks NBA team. These are just a few of the wealthiest democrats in Congress. No, my argument about Romney's wealth is quite valid. Most of the millionaires in Washington were there long before Romney was even heard of.

[josephc28]

@DillonDee1 Who cares? As long a his money was made legitimately. I'm much more concerned with what they are doing with OUR money in Washington, not their own personal money.

[josephc28]

@777geeza What exactly can Obama rip Romney apart on? He certainly cant talk about Romney's healthcare plan in Massachusetts considering Obama, Pelosi, and most of the other democrats pretty much rammed Obamacare down our throats. At least when Romney passed his healthcare plan, it passed with bipartisan support in Massachusetts.

[jancivil]

@josephc28 which congressperson has more money than Romney?

just in terms of the people's perceptions, there may be a point where someone is too rich to run for POTUS. Unless they can show themselves as especially magnanimous and generoous in spirit, which he demonstrates the opposite of. Also his voice shaking and stammering answering these questions is noticed on a gut level by anyone. That you'd make such a generalistic argument is suspect to me, you don't get it? REALLY?

[777geeza]

Obama will rip Romney apart. Where Newt would rip Obama apart.

[777geeza]

Vote Newt.

[777geeza]

Romney is a fake liar.

[DillonDee1]

Obama has actually released 8 of his tax reurns - something Romney wont do cause most show a tax rate below 5%