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Mitt Romney’s Wealth Raising Concern Ahead of South Carolina

Mitt Romney

Mitt Romney has experienced some setbacks lately ahead of the South Carolina primary. South Carolina could be pivotal for the ex-Massachusetts Governor so he can convince conservatives that he is their guy.

Romney has been hit with several issue as of late.

The first was that he admitted recently that some of his investments are in the Cayman Islands. The Cayman islands are a tax haven for a lot of wealthy businessmen.

The second issue is that when asked about the tax rate that he pays he said that him and his wife pay around 15% of their income in federal withholding. That would put them in a lower tax bracket than most American workers. It didn’t help that when asked how much money he made form speaking fees his reply was “Not Much”. It turned out that last year alone he made more than $370,000 is speaking fees.

The third issue is that with Rick Perry now out of the race, the conservative vote may be able to unite behind either Newt Gingrich or Rick Santorum. Until recently, Romney has banked on the ability to take between 20% and 30% of the vote(comprised of moderates) in any State and let the rest of the votes be split between the other candidates. With a unified Conservative opposition Romney may have more headaches.

Polls have Gingrich neck and neck in South Carolina. Governor Perry dropping out of the race today and endorsing Newt Gingrich might just help him edge out Romney in the first Southern State.

Romney has also been hounded to release his tax returns to show his true wealth. He has vowed to do it but not until April, long after the primaries could be over. Critics are pressuring him to do it now.

Do you think all of this bad press will hurt Mitt Romney or do you think he has the Republican nomination wrapped up.

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