Mitt Romney the GOP frontrunner who will likely get the Republican nomination for President has been under fire for not releasing his tax returns. His GOP rivals along with pundits have been putting pressure in Romney to reveal what he paid in taxes on his immense wealth since he is running for president.
Romney previously said he was legally obliged to release his income tax forms and did not state whether he would. However, it has been a tradition for a candidate to the release their forms, especially if they will be in charge of developing future tax legislation for businesses and individuals.
In a Tuesday morning rally, Mitt Romney admitted to a small crowd that his tax rate is “probably” 15 percent. This is significantly lower than the average middle class family. A family earning $60,000 annually pays an effective tax rate of 30 percent. With the assistance of a tax attorney anyone can get advice on how to reduce their yearly tax bills.
Romney who once worked venture capitalist is abler to pay a lower tax rate because his income comes from investments. Tax lawyers can outline the way to take advantage of the lower tax rate on capital gains.
Romney has bee heavily criticized for his work at Bain Capital and has been called a vulture capitalist. His opponents also claim he is out of touch with the average American because he is so wealthy.
There
are a number of ways to reduce your annual tax bills, investments are one way, but
a tax attorney can also clarify the available
loopholes and tax breaks available to the middle-class and wealthy alike.
