Romney releases much-anticipated 2011 tax returnSeptember 22, 2012 - 08:10 AMT PanARMENIAN.Net - Republican presidential candidate Mitt Romney has released his much-anticipated 2011 tax return, which shows he paid a rate of 14.1%, BBC News reported. Romney paid $1.9m (£1.1m) in taxes in 2011, on $13.7m of income. The private equity tycoon has already released his 2010 tax return, for which he paid about $3m, a 13.9% rate. The top rate of income tax in the U.S. is 35%, but Romney lives mainly on income derived from his investments, for which only 15% tax is payable. Critics, including President Barack Obama, whom Romney will challenge for the White House in November, have called on him to release more tax returns. Romney's 2011 tax rate of 14.1% compares with a previous estimate of 15.4% for the year by his aides. The Romneys filed their 2011 return with the Internal Revenue Service on Friday, Sept 21, after applying for an extension earlier in the year. The campaign also released a letter from his accountants with a summary of his returns from 1990-2009, which said he paid an effective average of 20.2% over the period, with the lowest return at 13.66%. Obama's 2011 tax return showed he paid an effective rate of 20.5%, on an income of $789,674. On average, U.S. middle-income families, those making from $50,000 to $75,000 a year, pay 12.8%, according to congressional research. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | SBP instant transfers now available from 190 Russian banks to Armenia To receive money from Russian banks, easywallet users need to go to their easywallet accounts. Armenia's Davit Chaloyan qualifies for Paris Olympics The Armenian boxer qualified for Paris Olympics after a series of successful bouts at the 2nd World Qualification Tournament. Lemkin Institute urges Armenia to respect people’s right to dissent The Lemkin Institute has urged the Armenian government to respect people’s fundamental human right to express their dissent. French-Armenian journalist returns to France after 41-day hunger strike Nicolian said on social media on Sunday, June 2 that he needs to improve his health in order to “continue the fight”. |