Romney: Overpaying taxes disqualifies president

[July 30, 2012]  JERUSALEM (AP) -- Mitt Romney says that if he paid more taxes than were required, he wouldn't be qualified to be president.

The U.S. presidential candidate tells ABC News that American voters expect candidates to pay "only what the tax code requires." He says he hasn't calculated what percentage of his income was paid in taxes but says that he's been audited.

Romney's vast personal wealth has been an issue in the campaign.

Democrats have criticized him for paying only 13.9 percent of his income in taxes during the one year his taxes have been made public.

Romney says he will release an additional year of returns before Election Day. That has left some questioning whether Romney pays a smaller share than other Americans.

[Associated Press]

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