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Romney releases new tax returns but questions remain

Published on Sep 22, 2012 8:56 AM
 
Republican presidential candidate, former Massachusetts Gov. Mitt Romney speaks at a campaign event at the Cox Pavilion on Sept 21, 2012 in Las Vegas, Nevada. Under-pressure White House hopeful Mitt Romney released his 2011 tax return and a 20-year summary of his payments on Friday, but failed to calm a clamor for more transparency over his finances. -- PHOTO: AFP

WASHINGTON (AFP) - Under-pressure White House hopeful Mitt Romney released his 2011 tax return and a 20-year summary of his payments on Friday, but failed to calm a clamour for more transparency over his finances.

Mr 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 United States (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 Mr Romney, who faces President Barack Obama in November's election, paid US$1.9 million (S$2.33 million) in taxes on an income of US$13.6 million in 2011, an effective rate of 14.1 per cent.

 
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