Romney pays 14.1% tax in 2011

by Calum Fuller

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26 Sep 2012

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Republican US presidential candidate Mitt Romney

MITT ROMNEY'S tax returns show he paid 14.1%, below his campaign's previous estimate of 15.4%.

The Republican candidate for the US presidency (pictured) paid about to $1.9m (£1.1m) on $13.7m of income in 2011, reports the BBC.

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

The private equity businessman has already released his 2010 return, which showed he paid approximately $3m, equating to 13.9%.

A letter from PwC – Romney's accountants – pertaining to his returns from 1990-2009 said he paid an effective rate of 20.2% during that time, with the lowest return being 13.66%.

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