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Romney's 15 Percent Tax Rate

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    Chris Stirewalt and Power Play Panel discuss whether or not Romney should disclose taxes.

  • Duration 7:02
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What's effective right -- -- it's probably closer to the 15% rate -- -- -- -- -- the last ten years I've.

My income comes overwhelmingly from from investments.

I didn't realize until today the governor Romney -- about 15% so we're now calling my 15% flat tax -- the Mitt Romney flat tax.

-- And our principle is why shouldn't you be allowed to pay the same percentage he does.

I was -- -- back and forth on the campaign trail.

Former Massachusetts governor Mitt Romney -- reporters in Florence, South Carolina and then later in the day yesterday former house speaker Newt Gingrich -- -- South Carolina business and industry political education committee.

-- in Columbia, South Carolina this power play welcome back Internet and welcome back praise be that we can have with this Fred Barnes of the weekly standard and -- Weytman.

Who knows a lot of stuff about the red team OK gentlemen.

The 15% tax rate I have to imagine that.

Somewhere David Axelrod.

When they send him the clip when his -- sent -- the clip.

Out in Chicago.

Mitt Romney say oh yes I do pay about 15% tax rate.

Did cartwheels probably got from his ass in did -- -- -- because.

The front -- the -- far the clear front runner the clear favorite in the Republican nominating process -- as the president would say a lower tax rate than Warren Buffett's secretary right.

I guess -- look look I don't think this great president.

-- be decided.

On the basis of who -- that at a higher rate and Obama we -- look.

Obama and his wife -- 25% and Mitt Romney sat down at that 50% and look it's explainable easily.

Because most it is incumbent come from investments and then the capital gains tax rate is 15% of the dividends tax rate is 15%.

And then that's been most of his income should -- Volunteer to pay -- 35%.

I don't I don't think so -- Warren Buffett.

Has not concluded that well I'd I'd I'd -- it -- A lower rate than my secretary but I wanted to pay at a higher rate over the sent an extra check -- he doesn't do that.

You know this at the moment this is one of these issues and at the moment today.

Looks like it's gonna hurt Romney -- -- he.

Releases tax -- I think you're gonna find at least one thing you can find.

Enormous charitable contributions as has enormous and not just of the Mormon Church but in a large -- there and that.

Helps explain why -- it this.

-- -- if he can say that look I only paid 15% of federal income tax but I gave away.

This many tens of millions of dollars or whatever that might charitable contributions -- this enormous.

That that may help him.

But I that being said as much Americans may.

Dislike the idea and be class warfare those kinds of things that we think that they will be a little annoyed that Mitt Romney plays such -- such a low rate.

No I don't know I think Romney was flat footed in his answer I think he should listen -- -- release my tax returns in two weeks from now I think I was a resume their release of April.

My 2010 returns -- -- but I'll put him out there you know what.

-- Americans don't want to elect a failure thinking hey this isn't just any.

I think that's -- say to the American people I -- a higher rate.

When I earned the initial income right now I'm paying 15% lower rate on the interest or Port Authority -- So when he lays it out this is -- I took risk I was successful.

And you know what I also gave back I put his charitable contributions up against the vice president and the president and put them a little bit on the.

Remember you guys remember win the clintons release their tax for the first time and when -- release their tax returns.

And it was revealed that they they took deductions even for donating the use under its residue of the president's views underpants and the Salvation Army I don't know what happened -- -- only -- -- you know -- AM and Al Gore -- even worse he cracked they had a charitable contributions I think even more than he did.

-- -- -- -- -- I think I think you guys will agree with me on this but let's test.

I think that right now the assumption of how effective the class warfare argument is going to be that Republicans maybe overstating this a little bit and in their concerns.

Just because of this.

President Obama's most significant weakness is that Americans think that he he and his policy prescriptions have been too little.

They think that the is gone too far and if you see -- Washington Post ABC news poll out today people do not think that it's working they don't like his policies they think he's too liberal.

If he runs a class warfare thing.

Doesn't the red team stand to advantage when they say see we told you this guy is out of the mainstream he is he's not a traditional American capitalist pentagon.

Yeah no I agree with that it didn't end but.

Both for the moment Chris.

Obama has gained from -- you -- the Gallup poll every day that it.

Which is even now -- at times in the last several months Obama's been there ten points underwater.

That he's -- Well why -- he's been pretty -- -- nobody's attacking him every now and some of these Republican debates tries to get it a word about Obama.

But they're banging each other over the head that this debate on Monday being a good example so it won't be like that when there's a Republican nominee.

And they can respond that way.

And not only is Obama too liberal but the facts on the ground.

That I -- He's been successful only on one thing -- that was the Chrysler and General Motors auto -- those companies are doing well.

Everything else isn't doing well unless you drive -- -- I'm Brad and the question question for you.

Is the president is going to soon very soon be up on the error.

With his first reelection Lance.

He's gonna have all of this time however quickly the Republicans do this do they still won't there's still won't be a nominee until at least April if Romney were to run the slate.

From here on -- the nomination still isn't done until April the president already has a quarter billion dollar.

War chest that that he's got.

How have what do the Republicans need to do to try to overcome.

-- -- advantage well one thing is we should be suckered in to our own class war warfare that we're engaging against ourselves.

We should do is point -- deficiencies in the president's record this president has a record is no longer George Bush to blame.

And if we stick to the issues if we stick to the fact that Americans are not better off today than they were four years ago which is the next big -- it's gonna come out.

Summer the fall where do you think the countries in the right track wrong track 70% the fox poll two days ago showed us the 62%.

And independence.

I totally dissatisfied with prisoner angry with a press.

And at the end of the day as we all know independents are key.

To a victory in November and we have to find a way to get those independents looking at us and away from this president just like to -- now.

-- like men and Fred Barnes they are Smart now you are smarter thank you very much for being with us today gentlemen we'll hope to see you soon okay.

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