Running for President of the United States requires you to be 35 years old and a natural born citizen. But nowadays, you better be able to reply to the media’s and other candidates’ requests to “show me the money.” Current presidential candidate and former Massachusetts Governor Mitt Romney learned that the hard way.
With a net worth as high as $250 million, his fellow Republican candidates and Democratic critics said his reluctance to release his past federal income tax returns meant he was hiding something from the American people.
After a successful career in business finance, Romney tends not to talk about his wealth comfortably. So his opponents keep hitting him on it. After being hammered about it in a nationally televised debate, Romney bowed to political pressure and promised to release them.
When the documents were released, his 2011 rate was 15.4 percent with a 13.9 percent rate for 2010. That’s lower than the rates people pay making far less money. Only the future will tell whether that becomes an issue further into campaign season.
In the public eye, Romney took a little bit of heat. But you don’t have to be in the public eye to take heat from the IRS for owing back tax debt.
Owing the IRS back tax debt can mean worse things than losing a presidential election. If you owe back tax debt to the IRS, make sure to hire a tax attorney to help you avoid a wage garnishment or bank levy, and to resolve your tax debt as favorably as possible.
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