Barack Obama urged Republicans to let him pay more income tax, after disclosing that he and his wife Michelle paid just 20 per cent on earnings of almost $800,000
While the Obamas' effective rate falls well below America's top rate of 35 per cent, and is lower than many Americans' who earn less, it also highlights that Mr Romney's tax rate is lower still.
Attempting to retake the initiative from Mitt Romney, his presumptive challenger, after a stuttering first week of the general election campaign, the president on Friday published his finances for 2011.
The Obamas' joint tax return showed their income declined by almost $1 million (£629,603) from 2010, largely due to falling sales of Mr Obama's 1995 memoir, Dreams From My Father.
They paid $162,074 in tax on $789,674, or about 20.5 per cent.
A White House statement pointedly said Mr Obama wants to "reform our tax system" to "ask the wealthiest Americans to pay their fair share while protecting families making under $250,000".
While the Obamas' effective rate falls well below America's top rate of 35 per cent, and is lower than many Americans' who earn less, it also highlights that Mr Romney's tax rate is lower still.
Earlier this year Mr Romney, a multimillionaire former private equity boss, estimated he would pay $3.2 million on income of $20.9 million in 2011, or 15.4 per cent.
Mr Obama has put Mr Romney's finances at the forefront of their battle for the White House, calling for loopholes and breaks exploited by millionaires like the former Massachusetts governor to be scrapped. Rules introduced by President George W. Bush limit tax on capital gains and investment returns to 15 per cent.
Mr Obama's "Buffett Rule" – named after the billionaire financier Warren Buffett, who complained he paid a lower rate than his secretary – would ensure couples earning $2 million paid 30 per cent.
Although it would barely dent America's $1.6 trillion budget deficit, and is highly unlikely to be passed by the divided US Congress, Democrats hope it will be supported by voters still struggling to recover from the recession.
Republicans noted Mr Obama would not have been hit by the rule this year, and said there was nothing to stop high earners such as him and Mr Buffett paying extra tax voluntarily.
They were bullish yesterday, after weeks of Democratic optimism about Mr Obama's re-election prospects gave way to the reality of a close and bitter fight until November.
Mr and Mrs Obama and Joe Biden, the Vice President, all had to denounce a Democratic strategist's claim that Mr Romney's wife Ann "never worked a day in her life".
Mrs Romney, 62, raised five sons and survived breast cancer and multiple sclerosis. The strategist, Hilary Rosen, later apologised.
Meanwhile amid worse-than-expected new unemployment benefit claims, one new opinion poll put Mr Romney – who trails in most surveys – ahead of Mr Obama, 46-43.
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