Romney saved $1.2 million in taxes because current tax law allows capital gains (money from investments) is taxed at a lower rate than wage income, which most Americans pay.
During an interview with WLWT-TV, today, GOP Vice Presidential nominee Rep. Paul Ryan defended Romney's low tax rate by saying Romney was a "successful businessman," reports ThinkProgress.org.
Rep. Ryan said: "Point number two is this money creates jobs. When people invest in riskier propositions, meaning invest in businesses, they don’t know if they’re going to succeed or not. So you want to have more capital that goes to more businesses, especially small businesses like this one, so more people can go back to work. That creates economic growth. You know what we learned about Mitt Romney in his tax returns? He’s a successful businessman. That’s a good thing."