Romney paid 15% tax on $45m income

Republican candidate for President releases federal tax returns on his 2010 and 2011 earnings.

The Mitt Romney campaign published details this morning of the Republican Presidential candidate's federal tax returns, showing that he expects to pay $6.2 million (£4m) in taxes on income of $45 million (£29m) from the last two years -- tax rates of 13.9 per cent in 2010 and 15.4 per cent in 2011.

The disclosure reveals the extent of Romney's wealth, questions about which have dogged his nomination campaign in recent weeks. Romney and his wife Ann hold around a quarter of a billion dollars in assets, largely derived from Romney's involvement in the private equity firm, Bain Capital. The Washington Post and other newspapers this morning reported the Romneys have a large numbers of offshore investments -- in parts of the world including Bermuda and the Cayman Islands -- with funds from a recently closed Swiss bank account.

The Romneys' incomes of $21.6m in 2010 and $20.9m in 2010 came mainly from investments, which under the US capital gains law are taxed at 15 per cent. The maximum tax rate on earned income is 35 per cent.

At a debate in Florida last night Romney said:

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.

The former Massachusetts governor noted that under rival Newt Gingrich's proposal to reduce capital gains taxes to zero, "I'd have paid no taxes in the last two years."

The Gingrich campaign made a surprising surge in recent weeks; the former Speaker of the House opened up the nominee race with a landslide win in the South Carolina primary. Fifty delegates are at stake on 31 January when four million registered Republican voters will take to the polls in Florida, choosing between the remaining candidates Romney, Gingrich, Rick Santorum and Ron Paul.

Alice Gribbin is a Teaching-Writing Fellow at the Iowa Writers' Workshop. She was formerly the editorial assistant at the New Statesman.

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Liberal Democrats pledge to take Britain back into the European Union

Lib Dem leader Tim Farron is channeling the anger of the 48 per cent. 

The Liberal Democrats took losing 49 seats in the General Election last year with more resignation than you might expect. 

But it turns out there's one thing they'll kick up a fuss about - Europe.

As half of the nation digested the facts of Brexitgeddon, Lib Dem leader Tim Farron stole the show with his refusal to discuss voter breakdown.

He told the BBC: 'I accept the result, but by golly I don't agree with it." 

Now he has pledged to fight the next General Election on a platform taking Britain back into Europe.

Farron, who has accused Labour leader Jeremy Corbyn of "utter spinelessness", will tap into the growing discontent of Remain voters about the referendum result. 

With cries of "we are the 48 per cent", these voters argue such a decisive move should be dependent on more than a 50% majority. By Saturday afternoon, more than 1.6million had signed a petition calling on the Government to implement a rule that if the turnout was less than 75% and the vote in favour less than 60%, a second referendum should be called. 

The petitioners appear to come from university towns like Oxford, Cambridge and York, as well as larger cities. 

Farron said: “For many millions of people, this was not just a vote about Europe. It was a howl of anger at politicians and institutions who they felt they were out of touch and had let them down.
 
"The British people deserve the chance not to be stuck with the appalling consequences of a Leave campaign that stoked that anger with the lies of Farage, Johnson and Gove.
 
"The Liberal Democrats will fight the next election on a clear and unequivocal promise to restore British prosperity and role in the world, with the United Kingdom in the European Union, not out."

There's no doubting Farron's genuine indignation, or the Lib Dem's credentials when it comes to pro-EU pledges. And tapping into the groundswell of pro-EU sentiment is a smart move.

And his clear position makes a stark contrast to Labour's inward angst over immigration, free trade and leadership. 

But as EU leaders demand a quick resolution to Brexit, he may have less and less chance to implement his promise before it's too late.