25 Jan 2012

Romney issues tax information

6:03 am on 25 January 2012

US Republican Party presidential candidate Mitt Romney has revealed he expects to pay about $US6.2 million in taxes on a total income of $US43 million for 2010 and 2011.

That's an effective tax rate of 13.9% for the first year and an expected rate of 15.4% in the second.

Mr Romney released the information in Florida on Tuesday.

He was an early favourite in state primaries but lost the latest, in South Carolina, to rival for House speaker Newt Gingrich.

Mr Gingrich released his tax figures on Saturday, saying he paid nearly $US1 million last year, a rate of about 31%. On the same day he won the South Carolina vote, beating Mr Romney with more 40% of the vote.

Mr Romney is among the top earners in the United States and his tax history has become a campaign issue.

The former Massachusetts governor has three homes. The BBC reports he lives mainly on income derived from his investments, for which only 15% tax is payable. Earned income is taxed at up to 35%.

The next round of the primary election series is in Florida on 31 January.