I live in New York City. My effective tax rate is 29.7%. Romney stated that his effective tax rate was about 15%. I understand that NYC is a high tax place, and I also understand that someone who is "solidly....lower middle class" may pay an effective rate of 15%. I make about $375K/year. That is CHUMP change to someone like Romney, although it may seem like a lot. But the fact of the matter is that the average middle class American will not easily accept that someone who made $20MM in a year paid 15% ETR, even if they paid the same. Romney knows this, and this is why he won't release those returns. I'm sure they're perfectly legit and within the law. But they're bad press, and he knows it. He's a victim of legit loopholes for the rich.