Romney is releasing his tax information today for 2011 along with a summary for the last 20 years that includes his average tax rate of just over 20%:
FOX NEWS – Mitt Romney’s campaign, in its latest attempt to respond to calls to release more years of tax returns, announced Friday that the Republican candidate averaged a 20 percent effective tax rate for the years in question and never paid less than 13.66 percent.
But the campaign is sticking by the candidate’s vow not to release more than his last two tax returns, which critics have made into a potent campaign issue.
Romney plans to release his final tax return for 2011 on Friday. That document will show the Romneys paid $1.9 million in taxes on nearly $14 million in income, mostly from investments, giving them an effective tax rate of 14.1 percent, the campaign said in a blog post
Here’s the lowdown from Mitt Romney’s website. Note the charitable giving for 2011:
Regarding the newly-filed 2011 Tax Return:
- In 2011, the Romneys paid $1,935,708 in taxes on $13,696,951 in mostly investment income.
- The Romneys’ effective tax rate for 2011 was 14.1%.
- The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income.
- The Romneys claimed a deduction for $2.25 million of those charitable contributions.
- The Romneys’ generous charitable donations in 2011 would have significantly reduced their tax obligation for the year. The Romneys thus limited their deduction of charitable contributions to conform to the Governor’s statement in August, based upon the January estimate of income, that he paid at least 13% in income taxes in each of the last 10 years.
That is a massive amount of charitable giving. I even looked up his 2010 charitable giving and it was over 3 million higher at over 7 million. Dude is a charitable guy. If that doesn’t say something about the man, I don’t know what does.
Here’s the info on his 20 year summary:
Regarding the PWC letter covering the Romneys’ tax filings over 20 years, from 1990 – 2009:
- In each year during the entire 20-year period, the Romneys owed both state and federal income taxes.
- Over the entire 20-year period, the average annual effective federal tax rate was 20.20%.
- Over the entire 20-year period, the lowest annual effective federal personal tax rate was 13.66%.
- Over the entire 20-year period, the Romneys gave to charity an average of 13.45% of their adjusted gross income.
- Over the entire 20-year period, the total federal and state taxes owed plus the total charitable donations deducted represented 38.49% of total AGI.