Tuesday, 24th of January 2012
Taxing time for Mitt
US Presidential hopeful Mitt Romney has tried to defuse the growing row over his income tax bill by going public on how much he expects to pay.
According to Romney’s campaign team he’ll pay about $6.2m (£4m) in taxes on income of $42.5m in the last two years. That’s a tax rate of 13.9% in 2010 and an expected rate of 15.4% in 2011.
Early favourite for the Republican nomination, Romney has seen his lead slip away after attacks from rival Newt Gingrich. Gingrich has been using Romney’s wealth as a stick to beat him with and it’s been working.
Clearly Romney’s going to struggle to play the ‘man of the people’ card after this little episode but by being so candid his campaign team are clearly hoping to defuse the ticking bomb that has threatened to derail his election hopes.
Time will tell whether the electorate admire his openness or resent his wealth.
It’s an important point in the race, for reputations and perceptions will play a large part in deciding who ultimately ends up in the White House.
