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posted: 7/29/2012 4:27 PM

Romney: Overpaying taxes disqualifies president

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  • Republican presidential candidate and former Massachusetts Gov. Mitt Romney talks to American businessman Sheldon Adelson, who has said he will donate millions to Romney's campaign, after he delivered a speech in Jerusalem, Sunday.

      Republican presidential candidate and former Massachusetts Gov. Mitt Romney talks to American businessman Sheldon Adelson, who has said he will donate millions to Romney's campaign, after he delivered a speech in Jerusalem, Sunday.
    ASSOCIATED PRESS

 

JERUSALEM -- 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.

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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.

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