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Romney paid 14 per cent in US taxes in 2011

Other News Materials 22 September 2012 02:17
Republican presidential candidate Mitt Romney on Friday bowed to pressure over the release of his income tax records, announcing his 2011 tax return would be posted at his campaign website.
Romney paid 14 per cent in US taxes in 2011

Republican presidential candidate Mitt Romney on Friday bowed to pressure over the release of his income tax records, announcing his 2011 tax return would be posted at his campaign website, DPA reported.

The tax data show that his income in 2011 was 13.9 million dollars and that he paid 1.9 million dollars in taxes on that sum - about 14.1 per cent, Romney's campaign said Friday.

Romney's income in 2011 came mostly from investments, which are taxed at a lower rate than income from wages. The tax return shows that he also donated 4 million dollars to charity in 2011.

The campaign said a more detailed tax return for the year would be posted in greater detail at his campaign website at 3 pm (1900 GMT).

A notarized letter from auditor PricewaterhouseCoopers certifying that Romney paid an average of 22 per cent in income tax over the past 20 years will be released with the tax return.

Democrats have demanded Romney, who was the chief executive of the a private equity firm Bain Capital for several years during that time span, release his income tax returns going back 10 years. Democratic leaders have charged that Romney paid no taxes at all.

Democratic television ads also have charged that Romney has bank accounts in offshore tax havens.

Romney previously released his tax return for 2010. It showed that he earned 21 million dollars and paid 14 per cent in taxes. The highest earners in the US pay an income tax rate of 35 per cent, but investment income and capital gains are taxed at a lower rate.

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