WASHINGTON – Republican presidential candidate Mitt Romney paid $1.9 million in taxes on more than $13 million in income in 2011 for an effective tax rate of 14.1 per cent, his campaign said yesterday ahead of the promised release of the full return later in the day.
Fighting back against Democratic claims he paid little or no taxes in earlier years, the Romney campaign also plans to release a letter from accountants saying he paid an average effective federal tax rate of 20.2 percent over the 20-year period ending in 2009.
Democrats have questioned whether Mr Romney paid taxes in at least some of those earlier years. Despite heavy political pressure, Mr Romney has refused to release his earlier returns.
President Barack Obama and his Democratic allies have used Mr Romneys refusal to release more returns as evidence that he is an out-of-touch millionaire.
Mr Romney earns the majority of his income from investment profits, dividends and interest, which is taxed at a lower rate than wage income, which is taxed at a top rate of 35 per cent.
Mr Romney released his 2010 return in January, which showed he paid an effective tax rate of 13.9 per cent, and promised to release his 2011 return before the election. A summary of the 2011 return said Mr Romney donated about $4 million to charity in 2011, amounting to nearly 30 per cent of their income.
– (Reuters)