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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New Digital Editor: Serena Kutchinsky

The New Statesman appoints Serena Kutchinsky as Digital Editor.

Serena Kutchinsky is to join the New Statesman as digital editor in September. She will lead the expansion of the New Statesman across a variety of digital platforms.

Serena has over a decade of experience working in digital media and is currently the digital editor of Newsweek Europe. Since she joined the title, traffic to the website has increased by almost 250 per cent. Previously, Serena was the digital editor of Prospect magazine and also the assistant digital editor of the Sunday Times - part of the team which launched the Sunday Times website and tablet editions.

Jason Cowley, New Statesman editor, said: “Serena joins us at a great time for the New Statesman, and, building on the excellent work of recent years, she has just the skills and experience we need to help lead the next stage of our expansion as a print-digital hybrid.”

Serena Kutchinsky said: “I am delighted to be joining the New Statesman team and to have the opportunity to drive forward its digital strategy. The website is already established as the home of free-thinking journalism online in the UK and I look forward to leading our expansion and growing the global readership of this historic title.

In June, the New Statesman website recorded record traffic figures when more than four million unique users read more than 27 million pages. The circulation of the weekly magazine is growing steadily and now stands at 33,400, the highest it has been since the early 1980s.