Key won't follow Romney's lead

US politicians might release their tax returns for public scrutiny, but Prime Minister John Key will not be following the example.

"In New Zealand we don't do that," he said when asked if he would follow suit.

He was sure people would be fascinated "but no".

Wealthy Republican presidential contender Mitt Romney released his latest tax return yesterday showing his effective tax rate was 13.9 per cent, lower than most wage earners in the United States, who have a top tax rate of US35c.

Some of his investments are in the tax haven of the Cayman Islands.

Many of his financial affairs, like Mr Key's, are managed by a blind trust.

The disclosure yesterday showed that he and his wife gave more than US$7 million ($8.6 million) to charity over the last two years and his next tax bill is likely to be over US$6 million.

- REUTERS reported that Mr Romney's estimated wealth at US$190 million to US$250 million.

National Business Review has estimated Mr Key's wealth at $55 million which puts him at No 56 on the NBR Rich List.