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Tuesday, January 24, 2012

MITT ROMNEY'S TAX LIABILITY

'Not a dollar more'
* Mr Romney, Republican claimant to White House,  is a multi-millionaire businessman and former Massachusetts governor with three homes and lives mainly on income from his investments, for which only 15% tax is payable. Earned income is taxed at up to 35%.
* On Monday, before he released his income and tax figures, he defended his tax record.
"I pay all the taxes that are legally required and not a dollar more. I don't think you want someone as the candidate for president who pays more taxes than he owes.''
* On Tuesday, Mr Romney released his 2010 tax papers and estimates for his 2011 taxes, for which he has not yet filed a return.
* He and his wife Ann reported income of $21.6m in 2010 and $20.9m last year, almost all it from investments.
* They gave $7m to charity in the same period, about half of it to the Mormon Church.
* President Barack Obama and his wife Michelle released their tax 2010 tax return in April last year, showing an income of $1.7m. They paid about $450,000 in federal tax, a rate of about 26%.
* Republicans are opposed to any tax hikes, saying they would harm the economy.

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