FLORENCE, South Carolina—Republican front-runner Mitt Romney made waves today when he admitted that he pays a lower income tax rate than many middle-income American families. But his rare press conference here will be remembered for a gaffe reminding voters once again how truly wealthy the former private equity executive is.
Romney told reporters that he pays about a 15 percent effective tax rate on his earnings, saying he makes most of his income from investments — with a little more from speaking fees. "Not very much," he said.
But Romney made $374,327.62 off speaking engagements in a 12 month period before he announced his run for the White House. Democratic Super PAC American Bridge notes that amount is over seven times the median income in the United States.
With Romney's effective tax rate an issue throughout the election year, this gaffe is stealing the show, and is the subject of this new American Bridge video.