Mitt Romney Tax Returns - Paid 13.9% Rate In 2010

Newt Gingrich may have just won the GOP nomination for president. Mitt Romney just released his tax returns for 2010. He paid $6.2 million in taxes on income of $45.2 million, which is a 13.9% tax rate. Who is this guy representing exactly?

From Reuters:

From Reuters:

Republican presidential candidate Mitt Romney released tax records on Tuesday indicating he will pay $6.2 million in taxes on a total of $45.2 million in income over the years 2010 and 2011. Bowing to increasing political pressure to provide more detail about his vast wealth, the former private equity executive released tax returns indicating he and his wife, Ann, paid an effective tax rate of 13.9 percent in 2010. They expect to pay a 15.4 percent rate when they file their returns for 2011.

Romney's tax rate is below that of most wage-earning Americans because most of his income, as outlined in more than 500 pages of tax documents, flows from capital gains on investments.

Under the U.S. tax code, capital gains are taxed at 15 percent, compared with a top tax rate of 35 percent for wage earners.