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Romney paid 'much lower tax rate than previously thought'

Washington, Tue, 24 Jan 2012 ANI

Washington, Jan 24 (ANI): US Republican presidential candidate Mitt Romney paid 13.9 percent as tax returns in 2010, a much lower rate of tax on his multi-million dollar income than was previously thought.


Romney released his tax returns showing that he and his wife Ann paid 3 million dollars tax on income of 21.7 million dollars in 2010.


The former Massachusetts governor, who has a fortune of about 250 million dollars, said during a televised debate on Monday that he is "proud of the fact that he pay a lot of taxes."


"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," he added.


Last week, Romney said he pays about 15 percent in tax, a much lower rate than most Americans contribute.


According to The Telegraph, the documents also disclosed that Romney gave 7 million dollars in charitable donations over the past two years, including at least 4.1 million dollars to the Mormon Church of Jesus Christ of Latter-day Saints.


The figures showed that Romney's tax rate was almost half that of Barack Obama's, despite the US President's income being much lower.


Obama and his wife Michelle paid 26 per cent tax on 1.8 million dollars in 2010, their tax return showed.


Newt Gingrich, Romney's rival for the Republican presidential nomination, paid 31.6 per cent on 3.16 million dollars earned with his wife, Callista. (ANI)


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