Factbox: Romney tax returns get tough reviews on cap gains

(Reuters) - Republican presidential candidate Mitt Romney on Tuesday released his 2010 tax returns and estimates for his 2011 taxes, a week after he said he would "probably" release returns in April.

The following is a round-up of reaction to the tax disclosures. Republicans defended lower tax rates, while analysts said the taxes may open Romney to attack from President Barack Obama.

Republican presidential hopeful Newt Gingrich, speaking Monday night at the candidates' debate, said Romney's release of the returns was "the right thing to do."

Gingrich said, "My position is not to attack (Romney) for paying a 15 percent marginal rate. So I'm prepared to describe my 15 percent flat tax as the Mitt Romney flat tax. I'd like to bring everybody else down to Mitt's rate, not try to bring him up to some other rate."

House of Representatives Speaker John Boehner, in a statement released on Tuesday, said "We all know that there's a reason we have low rates on capital gains - that's because it spurs new investment in our economy and allows capital to move more quickly."

William Smith, managing director with CBIZ MHM, an accounting firm in Bethesda, Maryland, said:

"He's certainly involved in a lot of offshore activity. It doesn't mean there's anything illegal about it, but it's a little disingenuous if you're up stumping for 'We've got to create jobs in this country.'

"What are you saying when you're stumping to become president of the United States and what are you doing when it's your own money?"

Smith estimated Romney saved $1 million in 2011 with the extension of the President George W. Bush tax cuts on qualified dividends and capital gains.

"I could live comfortably off his tax savings alone."

Rich Zito, partner and co-founder of Flynn Zito Capital Management LLC, in Garden City, New York, said:

"Some people are sort of miffed about the fact that (Romney) only paid 15 (percent) when perhaps they pay more.

"At the end of the day, he still paid $3 million in taxes, that's probably much more than almost everybody."

Zito said, "What if we 'fix' it (the tax code), so everybody feels a little better that he's paying a higher percentage, but what does that do to the economy? What does that do to businesses trying to raise money?"

"From a political standpoint, Mitt could have waited until tomorrow to release (the returns). He's going to take a hit tonight from President Obama," in the State of the Union speech.

"If I were the president, I would make a comment about it and say it's unfair when a multi-millionaire, one of the wealthiest guys around, pays 15 percent."