BREAKING NEWS

Romney estimates taxes at $3.2 million for 2011

By REUTERS

APRIL 14, 2012 04:02

WASHINGTON - Republican presidential hopeful Mitt Romney, who on Friday requested an extension to file his 2011 tax forms, estimated his tax liability at $3.2 million for last year, according to the forms.

In filing for the extension, the likely Republican presidential nominee said he had made total tax payments of $3,434,441 for 2011 but estimated his tax liability for the year at $3,226,623.

The forms gave no information about his total income for 2011, but estimates he released in January indicated he expected his family's income for last year to be about $20.9 million.

That would put the tax rate for Romney - a former private equity executive with an estimated net worth of up to $250 million - at about 15.3 percent, a rate far below the top U.S. tax rate on wages of 35 percent.

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