Romney releases his 2011 tax return

 

Republican presidential candidate Mitt Romney released his long-promised 2011 tax return, capping a rough week dominated by a leaked, secretly recorded video of his remarks on the poor that threatened to draw an even sharper contrast between the multi-millionaire and the average US voter.

The tax release gave no hint that Mr Romney would give in to pressure to release many more years of tax forms that would provide insights into his sprawling finances.

Mr Romney, one of the wealthiest candidates ever to seek the presidency, earned almost $13.7m (£8.4m) last year and paid more than $1.9m (£1.2m)  in taxes - an effective tax rate of 14.1 per cent.

By comparison, President Barack Obama's tax return shows he earned nearly $790,000 (£490,000) last year and paid an effective tax rate of almost 21 per cent.

In the US, wages are taxed at a higher rate than investments, which make up the bulk of Mr Romney's income.

The tax rate Mr Romney paid last year is lower than that of millions of middle-income Americans, but it is more than he had to pay, since he limited tax deductions on the more than $4m he and his wife gave to charity.

Mr Romney spent the week trying to get past the furore over his remarks in the leaked video, which shows him telling wealthy donors that nearly half of the US does not pay income taxes, supports Mr Obama and is dependent on government.

"My job is not to worry about those people," Mr Romney said in the video, released this week on the website of Mother Jones magazine.

That led to even more criticism from some fellow Republicans over the workings of the Romney campaign. The race for the election remains tight, but Mr Obama holds a slight lead in recent polls and has pulled ahead in cash on hand for the crucial final campaign push.

Romney campaign officials said he and his wife, Ann, filed the tax return with the Internal Revenue Service, after receiving an extension. Most Americans faced a tax filing deadline of April 17 this year.

AP

Independent Comment
blog comments powered by Disqus
Top stories
News in pictures
World news in pictures
UK news in pictures
UK news in pictures
More stories
       
Independent
Travel Shop
Lake Como and the Bernina Express
Seven nights half-board from £749pp Find out more
Dubrovnik and the Dalmatian coast
Seven nights half-board from only £859pp Find out more
Prague city break
Three nights from only £199pp Find out more
 
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

FX Options Front Office Java / C# Developer

£500 - £600 per day: Orgtel: FX Options Front Office Java / C# Developer - Ba...

Project Manager - Front Office - Regulatory IT

£600 - £700 per day: Orgtel: Project Manager - Front Office - Regulatory IT C...

Lighting Design Engineer

£33000 - £35000 Per Annum: The Green Recruitment Company: The Green Recruitmen...

Are you an Primary NQT looking for your first role in Essex?

£21000 - £22000 per annum: Randstad Education Chelmsford: NQTs required now fo...

Day In a Page

'To farm I have to rape the countryside. It’s got to be wrong': The true effect of the badger cull

The true effect of the badger cull

'To farm I have to rape the countryside. It’s got to be wrong'
Theatre review: Daniel Radcliffe gives an admirably honest performance in Michael Grandage's The Cripple of Inishmaan

First night: The Cripple of Inishmaan

Daniel Radcliffe gives an admirably honest performance in Michael Grandage's comedy
Girls Guides drop religious reference but pledge to self and the Queen

Guides drop religious reference but pledge to self and the Queen

After 103 years, organisation changes oath to welcome 'all girls, of all faiths, and none'
Steve Tongue: Joe Kinnear was one of the boys and a breath of fresh air... 21 years ago

Steve Tongue

Joe Kinnear was one of the boys and a breath of fresh air... 21 years ago
Chris Froome: Free from 'pain in neck' after Bradley Wiggins' exit

Chris Froome: Free from 'pain in neck' after Wiggins' exit

Sky's lead rider says he is in fantastic form for the Tour and happy pecking order debate is over
Hannah England: I've got the right times – now to focus on the chess

Hannah England: Keeping Track

I've got the right times – now to focus on the chess
Beards, brawn and body art

Beards, brawn and body art

Meet London’s new batch of male models
Scandi-geeks descend on Nordicana for fan-convention

Scandi-geeks descend on Nordicana for fan-convention

British love of shows such as The Bridge, Borgen and The Killing shows no sign of fading
Behind the rhetoric what is really being done to combat desertification?

The Great Green Wall of Africa,

Behind the rhetoric what is really being done to combat desertification?
Laughter Inc: the cheering growth of the chuckle industry

Laughter Inc

The cheering growth of the chuckle industry
The bad science scandal: how fact-fabrication is damaging UK's global name for research

The bad science scandal

How fact-fabrication is damaging UK's global name for research
To the manor born: The female aristocrats battling to inherit the title

Female aristocrats battle to inherit the title

A passionate protest is gathering pace among the women of Britain's aristocracy, who believe that men should no longer automatically inherit the family pile and title.
Love struck: Photographs of JFK's visit to Berlin 50 years ago reveal a nation instantly smitten

In pictures: JFK's visit to Berlin in 1963

Photographer Ulrich Mack accompanied Kennedy on the entire trip. The results are an astonishing record of a watershed moment.
Eat shoots and leaves: Mark Hix gets creative with fresh peas, mangetouts and sugar snaps

Mark Hix gets creative with English peas

English peas and their offsprings, such as mangetouts and sugar snaps, are great tossed into a salad, says our chef.
Ceviche with a smile: Chef Martin Morales has turned South America's elegant cuisine into one of London's hottest food trends

Chef Martin Morales: Ceviche with a smile

Morales has turned South America's elegant cuisine into one of London's hottest food trends