Romney - I've paid at least 13 per cent tax

Mitt Romney has been pressured into detailing his tax records for the last decade. The multimillionaire says he's paid at least 13 per cent each year. Photo / AP
Mitt Romney has been pressured into detailing his tax records for the last decade. The multimillionaire says he's paid at least 13 per cent each year. Photo / AP

White House hopeful Mitt Romney says he has paid at least 13 per cent per year in taxes over the past decade, dismissing obsession over his personal finances as "small-minded".

Romney, a multimillionaire former investor, has been under assault by Democrats for his refusal to release pre-2010 tax returns and, while he kept his composure he sounded irked by a question about his taxes during a fundraising stop.

"I just have to say, given the challenges that America faces - 23 million people out of work, Iran about to become nuclear, one out of six Americans in poverty - the fascination with taxes I've paid I find to be very small-minded compared to the broad issues that we face," he told reporters at an airport near Greenville, South Carolina on Thursday local time.

"But I did go back and look at my taxes, and over the past 10 years I never paid less than 13 per cent. I think the most recent year is 13.6 or something like that.

So I paid taxes every single year," he said.

"Every year I've paid at least 13 per cent and if you add, in addition, the amount that goes to charity, why the number gets well above 20 per cent."

Romney paid an effective tax rate of 13.9 per cent in 2010, according to returns he has released, as his income from investments was taxed as a capital gain rather than under the higher rates applied for salaried income.

Those figures may not sit well with many middle-class Americans who pay a higher rate than Romney because they pay taxes on salaried income more than investment income.

The current highest US individual income tax rate is 35 per cent.

Romney also slammed US Senate Majority Leader Harry Reid for charging earlier this month that Romney went 10 years without paying taxes.

"Harry Reid's charge is totally false," Romney said.

Reid ignited a firestorm when he made his claim, which he said came from an an unnamed source who worked at Romney's former firm, Bain Capital.

Romney has proposed cutting income tax rates by 20 per cent, eliminating tax on investment income, getting rid of the estate tax and cutting the corporate tax rate.

Obama has said the Republican's tax proposal would raise taxes on families with children by US$2000 (A$1900) to pay for his US$5 trillion tax plan that would mostly benefit the wealthy.

- AFP

-AAP

© Copyright 2014, APN New Zealand Limited

Assembled by: (static) on red akl_a5 at 20 Sep 2014 14:43:16 Processing Time: 806ms