Mitt Romney's campaign released hundreds of pages of tax documents this morning, providing an inside glimpse into his many investments, in an effort to dampen the attacks on his wealth that have become a main focus of the Republican presidential nominating battle. Romney had an effective federal income tax rate in 2010 of 13.9 percent, paying about $3 million in taxes on an adjusted gross income of $21.6 million. For 2011, Romney estimates that he will pay about $3.2 million, for an effective rate of 15.4 percent. That’s in line with his earlier estimates, but sharply lower than the rates paid by President Obama and Romney’s Republican rival, Newt Gingrich. The revelation that Romney pays a significantly lower tax rate than most wealthy Americans underscores his image as a multimillionaire financier, an image that some Republicans believe would hurt his chances in the general election.
Source: CNN
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