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January 18, 2012

Romney Claims Tax Rate of 15%; $360K in Speaking Fees "Not Very Much" 
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Republican presidential hopeful Mitt Romney has agreed to release his
income tax returns following calls from rival candidates. During a
campaign stop in South Carolina, Romney also revealed his tax rate is
likely around 15 percent because most of his income is derived from
investments.

Mitt Romney: "What’s the effective rate I’ve been paying? It’s
probably closer to the 15 percent rate than anything. 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. I
got a little bit of income from my book, but I gave that all away. And
then I get speaker’s fees from time to time, but not very much."

Romney's 15 percent tax rate on investment income contrasts with the
higher tax rates most Americans pay on their income from labor.
According to the Congressional Research Service, investment income of
the kind Romney earned was the single, largest contributor to an
increase in income inequality between 1996 and 2006. Romney's assertion
that his speaking fees amount to "not much" also could end up providing
fodder to opponents who call him out of touch with most Americans.
According to financial disclosure filings, Romney earned more than
$360,000 dollars in speaking fees over the 12-month period ending last
year.



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