Mitt Romney Paid 14.1% In Tax In 2011

by
staff
Republican presidential candidate Mitt Romney has released his much-anticipated 2011 tax return, which shows he paid a rate of 14.1%.

Republican presidential hopeful Mitt Romney talks to the press after holding a round table on housing issues in Tampa, Florida, January 23, 2012. Florida will hold its Republican primary on January 31, 2012

Republican presidential candidate Mitt Romney has released his much-anticipated 2011 tax return, which shows he paid a rate of 14.1%.

Mr Romney paid $1.9m (£1.1m) in taxes in 2011, on $13.7m of income.

The private equity tycoon has already released his 2010 tax return, for which he paid about $3m, a 13.9% rate.

The top rate of income tax in the US is 35%, but Mr Romney lives mainly on income derived from his investments, for which only 15% tax is payable.

Critics, including President Barack Obama, whom Mr Romney will challenge for the White House in November, have called on him to release more tax returns.

Mr Romney's 2011 tax rate of 14.1% compares with a previous estimate of 15.4% for the year by his aides.

The campaign says it is also planning to release a letter from his accountants with a summary of his returns from 1989-2009, which it said would show he paid an effective average of 20.2% over the period.

Friday's release comes as Mr Romney seeks to shift the campaign's focus in recent days away from remarks he made at a private donor dinner.

In the video secretly recorded earlier this year, he disparages Obama voters, saying they pay no income tax.

Mr Romney's critics say he should follow the example of his father, former Michigan Governor George Romney, who released a dozen years of tax returns during his own unsuccessful run for president in 1968.

But the former Massachusetts governor has said he is following 2008 Republican White House candidate John McCain's example of releasing two years of taxes.

Mr Obama's 2011 tax return showed he paid an effective rate of 20.5%, on an income of $789,674.

As he released his 2010 return in January this year, Mr Romney said he had paid "all the taxes that are legally required and not a dollar more".