January 24, 2012

US Republican hopeful Mitt Romney 'pays 13.9% tax'

US Republican presidential candidate Mitt Romney has said he expects to pay about $6.2m (£4m) in taxes on income of $42.5m in the last two years.

That makes for a tax rate of 13.9% in 2010 and an expected rate of 15.4% in 2011, his campaign said.
His income places him among the top earners in the US and his taxes have become a campaign issue.
Mr Romney was an early favourite in state primaries but lost the latest, in South Carolina, to rival Newt Gingrich.
Mr Gingrich released his tax figures on Saturday, saying he paid nearly $1m last year, a rate of about 31%.
Mr Romney has been attacked by his rivals as a wealthy businessman who cut jobs. He is a multi-millionaire with three homes and lives mainly on income from his investments, for which only 15% tax is payable.
On Monday, before he released his income and tax figures, he defended his record.
"I pay all the taxes that are legally required and not a dollar more. I don't think you want someone as the candidate for president who pays more taxes than he owes.''

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