[F]or the past 10 years, Romney has likely been paying a lower tax rate than most middle class voters. If this is the case, that information could be devastating to Romney’s presidential bid. – Business Insider

 

Grace Wyler | Dec. 22, 2011 | Business Insider

 

 

EXCERPTS:

Although candidates are not legally required to release their tax returns, it has become common practice for both party’s presidential nominees to do so. If Romney makes it to the general election and sticks by his decision, he would be the first post-Watergate candidate not to release his returns.

 

Romney’s campaign team has clearly decided that the political risk of releasing the returns outweighs the potential problems of not doing so. No one knows for sure what the documents would say, but by the candidate’s own admission, the bulk of Romney’s retirement income from Bain has been from capital gains, which are subject to 15% tax rate.

 

If Romney sails through the convention as he plans, the Democrats aren’t going to let this one go so easy. Within hours of Romney’s comments today, the DNC had already launched a cheeky new microsite — whatmittpays.com.

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