GOP presidential hopeful Mitt Romney finally released his tax returns for 2010 and 2011. It’s not remotely surprising that he paid an effective tax rate of just 14% on $43 million dollars because all of that income was from capital gains. It’s also not surprising that he has bank accounts in Switzerland and the Cayman Islands, places that are nothing but tax shelters for the wealthy.
The tax code is not his fault. That he paid just 14% in taxes speaks to how broken the tax system is in America and less about what kind of person Romney is. Never the less, don’t be surprised to hear a slew of stories about how this continues to paint the narrative of Romney as out of touch with hard-working, wage earning Americans. Which he probably is.