Romney releases his 2011 tax return
Saturday 22 September 2012
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.
- 2 Russian girl takes her own life after parents find pornography on her computer
- 4 Ball pool for adults opens in London
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Russian girl takes her own life after parents find pornography on her computer
Kim Kardashian on Bruce Jenner's 'story': 'We support him no matter what, and I think when the time is right, he'll talk'
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Ball pool for adults opens in London
Amal Clooney gives excellent response to fashion question at European Court of Human Rights
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Greece elections: Syriza and EU on collision course after election win for left-wing party
Have we reached 'peak food'? Shortages loom as global production rates slow
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
£90 - £140 per day: Tradewind Recruitment: I am currently working in partnersh...
£96000 - £200000 per annum: Recruitment Genius: Looking for a better earning p...
£32000 - £36000 per annum: Recruitment Genius: A rapidly expanding company in ...
Negotiable: Recruitment Genius: A PA is required to join a leading provider of...