Romney bows to pressure over taxes
26 September 2012
Posted by: SAIT Technical
Washington – Republican presidential candidate Mitt Romney on Friday bowed to pressure over the release of his income tax records, announcing his 2011 tax return would be posted on his campaign website.
The tax data show that his income in 2011 was $13.9m and that he paid $1.9m in taxes on that sum – about 14.1%, Romney's campaign said on Friday.
Romney's income in 2011 came mostly from investments, which are taxed at a lower rate than income from wages. The tax return shows that he also donated $4m to charity in 2011.
The campaign said a more detailed tax return for the year would be posted in greater detail on his campaign website.
A notarised letter from auditor PricewaterhouseCoopers certifying that Romney paid an average of 22% in income tax over the past 20 years will be released with the tax return.
Democrats have demanded Romney, who was the chief executive of the private equity firm Bain Capital for several years during that time span, release his income tax returns going back 10 years.
Democratic leaders have charged that Romney paid no taxes at all.
Democratic television ads also have charged that Romney has bank accounts in offshore tax havens.
Romney previously released his tax return for 2010. It showed that he earned $21m million dollars and paid 14% in taxes.
The highest earners in the US pay an income tax rate of 35%, but investment income and capital gains are taxed at a lower rate.