ABC's Class Warfare: 'Just How Rich Is Mitt Romney and Is He Paying His Fair Share?"

... I called my style shrink, interior designer Elizabeth Martin. My roommate in boarding school, she had transformed our 12-foot-square dorm room into a Paris-style pied-à-terre. This time around, Beth did what any friend with a passion for Oly furniture and David Hicks textiles would do—grabbed her swatches and jumped on a plane.

We started with a whimsical color—fuchsia—inspired by my princess-obsessed daughters, Elliott and Harper. So the first thing you see when you walk through the front door is a pink settee paired with a black-and-white nude by Lucian Freud.

7am tease

GEORGE STEPHANOPOULOS: Breaking overnight, the long-awaited tax returns from Mitt Romney finally revealed. Our team poring over the numbers. We have got the latest on how this will shake up the campaign. So, just how rich is Mitt Romney and is he paying his fair share of taxes?

7:02

ROBIN ROBERTS: But, let's get right to those brand new developments overnight. Mitt Romney releasing his 2010 tax returns and our reporting team has been poring through the numbers. ABC's John Berman is here with what we are learning. So, hat is the headline here?

JOHN BERMAN: The headline, Robin, really, is Mitt Romney makes a whole lot of money. More than $42 million over the last two years. He was reluctant to put out these numbers. Now we have seen them. Now, we know what he made. And at last night's debate, we learned more about what he's made of. Mitt Romney earned more than $42 million over the last two years. [Dollar sign sound.] Earning in a day, roughly, what the median American makes in a year. But, he gave away a lot, too, more than $7 million to charity over two years, including, initial reports say, more than $4 million to the Mormon church. His tax bill, more than $6 million over two years. But through complicated accounting, listing most of the money made as capital gains and not income, his effective tax rate, about 14 percent, the same as someone making $70,000 a year. Reports say he also listed off shore accounts in the Cayman Islands, first reported by ABC's Brian Ross and a closed account in Switzerland.

MITT ROMNEY: I pay all the taxes that are legally required and not a dollar more.

BERMAN: In the debate overnight, Romney tried to turn the focus from his wallet to Newt Gingrich's resume, a blistering attack on his time as Speaker.

ROMNEY: In the 1990s, he had to resign in disgrace from his job as Speaker.

BERMAN: Newt Gingrich staged his own document dump overnight, one of his consulting contracts with mortgage giant Freddie Mac, worth hundreds of thousands of dollars to his company. Mitt Romney pounced, trying to tag Gingrich as a corrupt insider.

ROMNEY: I don't think we can possibly retake the White House if the person who is leading the party is the person who is working for the chief lobbyist of Freddie Mac.

BERMAN: Romney did not let up.

ROMNEY: You have congressman saying you lobbied them with regards to Medicare Part D. At the same time, your center was taking contributions.

NEWT GINGRICH: You just jumped a long way over here, friend.

ROMNEY: Well, another area of influence peddling.

GINGRICH: No. No. Let me very clear, because I understand your technique, which you used on McCain. You used on Huckabee. You used consistently. Okay? It's unfortunate and it's not going to work very well because the American people see through it.

BERMAN: Now, it does seem this intramural blood bath is taking its toll on both sides. Our new poll shows unfavorable views of Mitt Romney have sky-rocketed 15 points in two weeks, far outpacing those who view him favorably. Newt's favorability dropped six points since November, too. Meantime, President Obama is enjoying his highest favorability numbers in well over a year. George?