The GOP candidate's off-shore accounts will be used to tar him during the campaign, but it could have been a lot worse.
Mitt Romney had a Swiss bank account. You're welcome, Democratic National Committee.
The Republican presidential contender, who released his tax forms Tuesday morning under pressure from his fellow candidates and the media, avoided some of the embarrassing pitfalls that can come with opening one's financial portfolio for public inspection. But in doing so, Romney handed Democratic opposition researchers a trove of new data that will surely show up in attack ads this fall, if he's lucky enough to be the GOP nominee.
Romney's tax forms show he made $21.7 million in 2010 and paid $3 million in federal taxes, a rate of just under 14 percent. The majority of Romney's income came from investments -- $12.6 million in capital gains, $3.3 million in interest and $4.9 million in regular dividends. The 2011 estimated forms show Romney made a total of $20.9 million last year, including $4.1 million in taxable interest, $3.1 million in dividends and $10.7 million in capital gains. Romney will pay about $3.4 million in taxes this year.
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Those details, and previous public disclosure forms he has filed during his career in politics, hint at the vast investment portfolio Romney has under his control, holdings that his political rivals will use to underscore charges that Romney is out of touch with average Americans.