Tuesday, January 24, 2012

TAXES: Romney paid $3 million in 2010

The Hill's Meghashyam Mali writes.

Mitt Romney paid a 14 percent income tax rate, totaling $3 million in federal taxes in 2010 according to reports.

The disclsoure comes after pressure from both Democrats and Republicans for the former Massachusetts governor to release his tax returns.

Most of Romney's income in 2010 came from investments and the candidate donated nearly $3 million to charitable groups and the Mormon church. Romney earned $21.7 million in income that year as first reported by the Wall Street Journal and Washington Post.

Romney's campaign has said they will release his full tax returns for 2010 and an estimate for 2011 on his website Tuesday.

In a way, it might be good for Romney that there was so much controversy over his returns. No one thought there'd be anything scandalous, but his failure to release them looks like it was probably a bigger deal than the returns themselves.