GOP Presidential Primary

Romney paid $3M in income tax in 2010

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

The disclosure 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. 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.

{mosads}Romney’s campaign has said it will release his full returns for 2010 and an estimate for 2011 on his website Tuesday.

Previously, Romney had given vague answers on how many years of returns he would disclose and when he intended to do so. Romney’s Republican rivals had hit him on the issue, claiming that the GOP front-runner had something to hide. He initially suggested he would release them in April, but reversed course Sunday morning in an effort to put the issue to rest.

During Monday’s GOP debate in Florida, Romney promised that there would be “no surprises” in the returns.

He also said he would only release two years of tax forms, drawing a distinction with his father, former Michigan Gov. George Romney (R), who shared 12 years of returns while running for president, establishing a standard for candidates disclosing their finances.

“I agree with my dad on a lot of things, but we also disagree,” said Romney during the Monday debate. 

“Going out with 12 years of returns is not something I’m going to do. I’m putting out two years, which is more than anyone else on this stage. I think it’ll satisfy the interest of the American people … I think that’s the right number.”

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