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Mitt Romney's Tax Returns: Insights and Controversies

Mitt Romney, born March 12, 1947, in Detroit, Michigan, is the son of former Michigan Governor George Romney. He founded Bain Capital and pursued the Republican presidential nomination in 2008 and 2012. In January 2012, Romney released his tax returns, revealing a tax rate of 13.9% on an income of $42.5 million, significantly lower than most Americans. Much of his earnings come from capital gains, taxed at 15%. Controversy arose over his offshore accounts, fueling attacks from rivals like Newt Gingrich during the South Carolina primary.

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Mitt Romney's Tax Returns: Insights and Controversies

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  1. Mitt Romney Tax Return By: Malcolm Thomas

  2. Who is Mitt Romney? • Born on March 12th, 1947 in Detroit Michigan he was the son of Michigan Governor George Romney ( Ran 3 times and won all three; his mother ran once for the senate and lost) • Mitt founded the investment firm Bain Capital • He ran for Republican presidential nomination in 2008 but lost to John McCain; In June 2011 Romney announced his bid for 2012 Republican presidential nomination • He is of the Mormon faith; received his undergraduate at BYU and also attended Harvard school of Law and Business

  3. Tax Returns • On January 24th Romney released his tax records indicating that he will pay $6.2 million in taxes on a total of $42.5 million in income from 2010- 2011 • That is a mere tax rate of 13.9 percent

  4. What’s the Big Deal? • The fact is that Romney’s tax rate is below that of most working Americans • It is true that that most of his income does stem from capital gains on investments and capital gains are taxed at 15 percent • Also it has been revealed that Romney holds a significant amount of money in the Grand Cayman Islands and in a Swiss Bank account • This is an area in which his rival nominees attacked him; Newt Gingrich questioned whether or not he was hiding anymore information about his finances from the public • These attacks helped Gingrich upset Romney in the South Carolina primary

  5. Article • http://www.reuters.com/article/2012/01/24/us-usa-campaign-romney-taxes-idUSTRE80N06U20120124

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