Under-pressure White House hopeful Mitt Romney released his last year tax return and a 20-year summary of his payments on Friday, but failed to calm a clamour for more transparency over his finances.
Romney’s refusal to reveal any of his tax returns from before 2010 has led to allegations that the multi-millionaire private equity baron has used sharp accounting practices to protect his fortune from the US tax authorities.
The Republican challenger insists his arrangements are entirely above board, but that he does not want his opponents to pick over the fine detail of a decade of family finances, despite fierce political pressure.
Friday’s fresh data showed that Romney, who faces President Barack Obama in November’s election, paid US$1.9 million in taxes on an income of US$13.6 million last year, an effective rate of 14.1 per cent.
The campaign also released a summary showing that Romney and his wife Ann paid taxes for each year between 1990 and 2009 at an average effective rate of 20.2 per cent, and that the lowest rate for any given year was 13.6 per cent.
Democrats have branded Romney a wealthy plutocrat who is out of touch with everyday Americans, is too secretive about his own income and taxes, and pays a rate lower than the average middle class US tax rate of 15 per cent.