Romney says he pays about 15 pct. in income tax

Republican presidential candidate, former Massachusetts Gov. Mitt Romney, celebrates his New Hampshire primary election win in Manchester, N.H., Tuesday, Jan. 10, 2012. (AP Photo/Charles Dharapak)

January 17, 2012 2:54:13 PM PST
Mitt Romney says he will release his tax returns in April and they will show he pays close to 15 percent of his income in taxes.

The multimillionaire Romney has been under pressure from his rivals for the Republican presidential nomination and others to release the information.

Speaking to reporters Tuesday in South Carolina, Romney said most of his income comes from investments, not regular wages and salary. The tax rate on investment income is 15 percent, much lower than the 35 percent rate applied to wages for those in the highest tax bracket.

He suggested he would release only one year of tax information, for 2011.

Romney had initially said he would not release the tax returns.

The White House is suggesting Romney should release his tax returns, saying it's "established tradition" for presidential candidates to do so.

Responding to a question about Romney's failure so far to release his returns, White House press secretary Jay Carney stopped short of directly calling on the former Massachusetts governor to make them public. But he noted that when Barack Obama was a presidential candidate he released multiple years of his returns.