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King, Romney Differ on Tax Methodology
10/02/2012 02:47 PM ET  

Using Romney's methodology, independent gubernatorial candidate Angus King paid an average of 15 percent in federal income taxes over the past seven years.

PORTLAND, Maine (AP) _ Figures released by independent U.S. Senate candidate Angus King showing he paid average federal income taxes of 22.2 percent over the last seven years would be different if he'd calculated it the same way as Republican presidential candidate Mitt Romney.

Using Romney's methodology, King paid an average of 15 percent, less than many middle-class Americans.

King's accountant, Scott Small, said he based his calculation on taxable income after personal exemptions and itemized deductions. Romney used an adjusted gross income figure.

Democrat Cynthia Dill called on the three leading candidates to release their tax returns. King, a self-made millionaire, earned more on an annual basis than Dill and Republican Charlie Summers combined.

View King's seven years of tax returns.
 

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