Romney's release of his federal tax details for 2010 and 2011 came the morning that President Obama was preparing to deliver his State of the Union address, a speech in which he was expected to make the increasing gap between the superwealthy and everyone else a major topic of the evening.
Republican presidential candidate Mitt Romney, seen at a weekend campaign event in Ormond Beach, Fla., released 2010 tax returns showing he is among the top 1 percent of taxpayers.
Credit Charles Dharapak / AP
In releasing details of his tax burden for the past two years, Mitt Romney offered a small window into a vast wealth. The tax records show that the former Massachusetts governor made $42.6 million over the past two years and because most of it came from capital gains, he paid $6.2 million in taxes.
That means that in 2010, his tax rate was 13.9 percent, and in 2011, it's expected to be 15.4 percent, lower than many Americans who pay taxes on wages.
All right, so Romney has gone on the attack in Florida, and he'll also be answering a lot of questions today about those taxes that he is releasing. As we heard from Mara, it turns out over the last few years, the effective tax rate Romney has paid is just under 15 percent.
Now, Newt Gingrich has been pressing Romney to publicly disclose the documents. And the former House speaker released his own tax returns, to dramatic effect, during a debate last Thursday.
Former Massachusetts Gov. Mitt Romney and former House Speaker Newt Gingrich debate at the University of South Florida in Tampa on Monday.
Credit Chip Somodevilla / Getty Images
On Tuesday, it is likely the presidential campaign's focus will shift to Mitt Romney's tax returns, which show him making $42.5 million in 2010 and 2011. That number may be bigger than he can finesse by saying in essence: Don't hate me because I'm successful.
Aiming to reset the narrative after Saturday's bruising loss in South Carolina, Mitt Romney said he would release his 2010 tax returns on Tuesday. The former Massachusetts governor made the commitment last night in an interview with Fox News.