Romney's reluctance to release his tax records had ignited speculation that the former Massachusetts Governor had continued earning revenue from Bain Capital - a multi-billion dollar private equity company of which he was once the CEO - even after 2002.
However, according to his 2011 tax returns, Mr Romney spent last year "struggling to make ends meet" after getting by on just a menial, basic food plan for almost 14 months. Additionally, records indicate that the 65-year-old was also forced to foreclose on a two-bedroom bungalow in the town of Canton, Massachusetts.
"The only reason I didn't release the tax documents sooner is that I was concerned about what everyone would think of me," said Romney, seemingly choking up before a crowd of 500 supporters. "The truth is, I am just like all those poor people I supposedly have a hard time relating to."
"I just... I'm in a really tough place right now," he continued, before fighting back tears.
It is not yet known what today's revelation will mean for his White House prospects, but aides were quick to dispel any suggestions that Mr Romney was planning to suspend his campaign.
"Mitt will fight on," said campaign spokesman, Daniel Mackenrod. "After all, winning the presidency would mean that he and his family would actually have a place to live."
"That's ultimately what it comes down to."
Meanwhile, Mr Romney and his wife Ann were photographed this morning checking into a homeless shelter, where they were each fed a bowl of noodles and a mug of lukewarm coffee.